2020 Annual Report Moving forward together. Our commitment to you. Our purpose We help more and more people e xperience financial well-being How we live it We help millions of We make investing We advance We contribute to people invest to build easier and more sustainable investing a more resilient savings that serve them affordable because our conviction economy that benefits throughout their lives Investing is out of reach for too many people, so is it delivers better more people BlackRock is helping to make investing easier and People deserve financial security across their more affordable for all savers. Our more than outcomes for investors We invest our clients’ money in companies of lifetime. That means meeting expenses today, 1,100 iShares exchange-traded funds (ETFs) simplify all types and sizes, in every region of the world. saving enough for important goals like retirement investing by making it more convenient for people to BlackRock understands that climate risk is These investments provide capital for companies and being prepared for all of life’s moments in access market opportunities anywhere in the world. investment risk that all of our clients face. To help to grow and create jobs, which, in turn, enables between. At BlackRock, the assets we manage on And we have demonstrated our commitment to manage it, we have put sustainability at the center economies and societies to prosper. We use our behalf of our clients — who are pension plans that making investing more affordable for more investors. of our investment approach. We offer more than voice as shareholders to urge companies to focus serve workers from all industries, individuals through In the past five years, iShares has helped save 200 environmental, social and governance (ESG) on important issues that will also impact the financial advisors, nonprofit organizations and investors over $400 million through reductions strategies to help investors meet their goals, from value of their investments, like climate change, academic institutions, insurance companies and in fund fees.¹ screening out specific sectors to proactively the fair treatment of workers and equality. We are governments — represent the futures of millions of supporting positive sustainable outcomes. We also also working through the BlackRock Foundation to people across the world. This is why we work with offer tools and technology to aid investors in better expand financial security for low income groups who such a deep sense of passion and responsibility understanding how climate change may impact their face barriers to economic participation and may be each and every day. investments over time. vulnerable to disruption from climate change. ¹ Cumulative cost-savings figure is calculated by taking the difference between the previous fund expense ratio and the new fund expense ratio from 2015 through 2020, multiplied by the fund assets under management at the time of the fund reduction. Methodology does not account for compounding savings over time. BlackRock Annual Report 2020 3 Delivering for clients We support millions of people around the world Building a global 100+ countries where we serve investment platform clients1 35 million Delivering value for all that meet clients’ specific needs. stakeholders is critical It is why we built our Aladdin with clients at the U.S. retirement savers invest technology and risk management to BlackRock’s long- in our products through their system: to help clients understand 1,2 defined contribution plans term success, but our and manage risk, operate more center clients — who entrust efficiently and make more us to manage assets on informed investment decisions. We support clients when It is why we pioneered the target- they need it most their behalf — are the reason BlackRock exists. date fund, an all-in-one portfolio that automatically adjusts for We have a responsibility different stages of an investor’s 100+ million to put their best interest life. And it is why we use our people use our indexing at the center of every voice as shareholders to urge capabilities globally1 decision we make. companies to focus on important issues — like climate change, the Our clients include people of all fair treatment of workers and 150,000 backgrounds saving for their equality — to better protect the wealth management futures. They are pensions, who long-term value of our clients’ professionals empowered by manage the retirement savings of 1 investments. Aladdin technology teachers, nurses, factory workers and small business owners. They We continue to innovate ahead are educational and nonprofit of clients’ evolving needs. For We use our voice to organizations, who work to example, in 2020 we introduced advocate on clients’ behalf educate students in pursuit of Aladdin Climate to better assess solving social challenges. And climate risks in investment they are insurance companies portfolios and launched LifePath 1,939 and governments, who support Paycheck to provide millions of engagements with people during life’s most difficult American workers with simplified companies on environmental moments and build hospitals, access to lifetime income topics such as climate risk schools and roads to improve their throughout their retirement. and the transition to a low- communities. By investing on our We innovate every day because carbon economy1,3 clients’ behalf, we help more and challenging the status quo and more people experience financial finding new solutions enhances 160,769 well-being throughout their lives. returns, convenience, value and transparency for our clients management and BlackRock has spent the last and helps them achieve their shareholder proposals 33 years helping to provide 1,3 long-term goals. voted better financial futures for our clients. We offer an extensive set of investment strategies, across 1 Source: BlackRock active and index, asset classes, 2 As of November 1, 2020. geographies and exposures, so 3 BlackRock Investment Stewardship data reflects the period from January 1, that we can develop solutions 2020 to December 31, 2020. 4 BlackRock Annual Report 2020 BlackRock Annual Report 2020 5 Delivering for clients Helping clients achieve their long – term goals Spotlight: Building resilience with renewable power BlackRock is unwavering in our sources — both of which are These big numbers have to boosting local service- commitment to working with 270 30 million necessary for long-term financial meaningful on-the-ground related employment. Today, clients to help them reach their well-being. impacts. For example, BlackRock the town continues to benefit goals over the long term. One projects homes invested in the construction from the management of these Our robust portfolio of renewable example of this commitment in of two solar power projects in green projects — from ongoing energy projects gives clients action is our renewable power BlackRock has invested in over Our wind and solar investments Queensland, Australia, in an area sponsorship of community events access to the opportunity platform. BlackRock’s Real Assets 270 wind and solar infrastructure produce enough clean energy to long known for coal mining, but to supplying a printing facility for presented by the global transition team manages one of the largest projects around the world*world¹ power over 30 million homes for which had recently begun to an internet access center. to a net-zero economy. BlackRock renewable power platforms in the one year*year¹ transition to renewable energy. has invested on their behalf in over Capturing the growth opportunity world, and across our strategies, The 240-megawatt portfolio was 270 wind and solar infrastructure in renewable projects such as we have over $11 billion of slated to generate enough clean projects around the world.¹ these helps our clients build invested and committed capital. energy to power around 85,000 36 million 20,000 Collectively these investments portfolios for the future — not Renewables have continued to homes in the region annually. produce enough clean energy only for the next five years but for grow as more of our clients look to cars jobs to power over 30 million homes The project was based in a the next century. They also serve alternative sources of return and for one year, leading to carbon small rural town of about 1,200 a large universe of stakeholders sustainable investments to add Our renewable power projects These investments have emissions reductions equivalent people. Over the nearly two-year by adding resilience to local resilience to their portfolios. At the will reduce carbon emissions supported approximately to removing 36 million cars construction period, BlackRock’s economies and the environment. same time, renewables are playing equivalent to removing 36 million 20,000 jobs*jobs¹ from the road and providing investment led to the creation a key role in helping to solve the cars from the road*road¹ approximately 20,000 jobs.¹ of 550 building jobs, in addition global climate crisis and the shift from fossil fuels to cleaner energy ¹ Source: BlackRock. Metrics estimated over the lifetime of BlackRock’s renewable power assets and funds. Employment figures are estimated using Political Economy Research Institute, ¹ Source: BlackRock. Metrics estimated over the lifetime of BlackRock’s renewable power assets and funds. Employment figures are estimated using University of Massachusetts Amherst, Green Growth, “A U.S. Program for Controlling Climate Political Economy Research Institute, University of Massachusetts Amherst, Green Growth, “A U.S. Program for Controlling Climate Change and Change and Expanding Job Opportunities.” Expanding Job Opportunities.” 6 BlackRock Annual Report 2020 BlackRock Annual Report 2020 7 Helping families navigate a crisis The stresses of working from home during COVID-19 hit families particularly hard, Inspiring employees as parents have juggled their day jobs with childcare, eldercare and finding time for selfcare. And while all working parents are feeling these pressures, research shows that Investing in women are disproportionately carrying this increased burden and millions of women are leaving the workforce as a result.