INDEPENDENT GOVERNANCE COMMITTEE - BlackRock · INDEPENDENT GOVERNANCE COMMITTEE Welcome to our latest report of the BlackRock Independent Governance Committee (IGC) ... 363719_7035_DC

CHAIRMAN’S ANNUAL REPORT TO MEMBERS – APRIL 2018

INDEPENDENT GOVERNANCE COMMITTEE

Welcome to our latest report of the BlackRock Independent Governance Committee (IGC) for workplace pension schemes for the period to 5 April 2018. Please take the time to read the information in this report as this is your update on your pension arrangements with BlackRock and how we oversee your pension savings.

We are very keen to hear from you in relation to your pension arrangement with BlackRock. If you have any comments or feedback on this report or the operation of your pension arrangement, please email us at [email protected]

Don’t forget, you can access your Account at any time via your secure member website – TargetPlan at blackrock.co.uk/targetplan where you can:

`` see the value of your retirement savings`` check which funds your Account invests in`` explore what other investment funds are available`` make changes quickly and easily online`` use myPath – a pension calculator that will help you to work out how much income you might need when you stop

working, set a target and help get you on track to meet that target.

In this report we have included information on:`` our role as IGC`` the latest independent assessment on the value for money offered by BlackRock`` an update on Aegon’s intention to acquire BlackRock’s defi ned contribution business`` an update of investments:

– ethical investments– transaction costs

`` the General Data Protection Regulation (GDPR) and how it affects BlackRock

At the end of the report we have provided more information about the IGC as well as some useful links and addresses.

363719_7035_DC ICG Report_P5.indd 1 28/03/2018 10:20

[ 2 ]

OUR ROLE AS IGC

We would like to start with a reminder of the role of the IGC.

Our role is to act in your interests, both individually and collectively. This can be summarised as follows:

1. To assess the ongoing value for money delivered by BlackRock by assessing, amongst other things:

a) whether default investment strategies are designed and executed in your interest with clear statements of aims and objectives

b) whether the investment strategies offered to you are regularly reviewed by BlackRock to ensure that they are in line with your interests, and changes made where necessary

c) whether fi nancial transactions are processed promptly and accurately

d) the levels of direct and indirect costs and charges borne by you.

We also assess the value of all features provided by the policies for you in our assessment of value for money; for example communications to you, on-line facilities, administration service standards and security of your investments.

2. To ensure that BlackRock complies with the requirements set down by the Financial Conduct Authority (FCA), including the charge on default investment strategies.

3. To consider overall member experience, including:

a) quality of member communication (online, print and telephone)

b) overall member service levels.

4. To challenge BlackRock, and in the future Aegon, if the IGC feels that value for money is not being delivered and, where appropriate to make recommendations to BlackRock for consideration.

Over the last year, we were able to satisfy ourselves that we have no major concerns with the management of your pension arrangements. Therefore we did not escalate concerns to BlackRock or the FCA as we are satisfi ed that service levels for members have been maintained at a high level over a very busy period generally within the industry. We believe that BlackRock offers a high quality pension arrangement and this belief is based not only on our knowledge of the BlackRock provision (itself based on detailed oversight of how and what BlackRock provides – as set out below), but of our collective knowledge of what is available elsewhere in the market.

The following section captures how we have assessed the value for money offered by BlackRock in areas that we have identifi ed as being most critical.


[ 3 ]

THE LATEST INDEPENDENT ASSESSMENT ON THE VALUE FOR MONEY OFFERED BY BLACKROCK

It is important that you, as members, receive good value for the contributions that you and your employers are investing. This is generally referred to as value for money. The IGC takes this extremely seriously. Whilst we could technically have performed this exercise ourselves, we believe that it is important for members that this exercise is carried out at the highest level by appropriately qualifi ed professionals and so during 2017 commissioned KPMG, as specialists in this area, to provide an independently assessed review of the overall offering as a follow up to the 2016 assessment.

The IGC put forward six key attributes that were discussed and agreed with KPMG as being most important to members. Overall a score of 92 out of a potential 100 was awarded. The key fi ndings are set out below together with a graphical representation of how BlackRock compared to a basic, average and above average scheme.

We have included commentary against each attribute to indicate how the score was derived. As an indication:

`` a ‘basic scheme’ scores 2.5 out of 10 on each attribute

`` an ‘average scheme’ scores 5 out of 10 on each attribute

`` an ‘above average scheme’ scores 10 out of 10 against each attribute.


[ 4 ]

SCHEME CHARGES – BLACKROCK SCORED 60 OUT OF A POTENTIAL 60

BlackRock Basic scheme Average scheme Above average scheme

80

60

40

20

0

60

15

40

60

The key points noted by KPMG were:

`` costs to members are transparent and communicated up front in member literature available both in hard copy and online format

`` charges are advertised at the point of selection so members are aware of the total annual costs associated with managing and operating an investment fund

`` the Total Expense Ratio (TER)* is the same as the Annual Management Charge (AMC)* for the default fund – BlackRock DC LifePath Flexi

`` professional advisers to the IGC are reviewed regularly.

It was also noted that charges in respect of the default investment option vary by workplace pension scheme depending on the type of investment funds that are chosen by the employer, but for schemes that are used for auto enrolment, charges are no higher than the statutory charge cap of 0.75% a year, or 75p for every £100 invested.

*The Annual Management Charge (AMC) is a fixed percentage applied to each fund. The AMC represents the percentage the fund manager will deduct from the fund’s value each year. Your account value reflects the amount of money in your account after charges have been deducted. The AMC includes the cost of managing the investments of the fund and the costs of administration and other services such as maintaining a record of your savings and calculating the value each day. If a fund invests in a collective investment scheme it will also bear its share of the costs of other services, such as the fees paid to the fund trustee/depositary, custodian, auditors and registrar. The combination of these charges together with the AMC are known as the Total Expense Ratio (TER).


[ 5 ]

INVESTMENT – BLACKROCK SCORED 135 OUT OF 150


160

60

80

100

120

140

40

20

0

135

37.5

80

150

KPMG noted that there is an annual review of the suitability of the default fund and whether it has met the stated objectives, and this is recorded in the minutes of the IGC meetings. In addition, each quarter the IGC reviews the investment report from BlackRock to ensure that the fund continues to meet its performance target and objectives. KPMG also noted:

`` the default fund is reviewed regularly in line with the statement of investment principles (available on request)

`` the default fund uses equities, property and commodities in both the growth and pre-retirement phase

`` there is a broad range of investment funds available to members across different asset classes to ensure diversification and choice

`` these funds are reviewed regularly against appropriate benchmarks to ensure that they are fit for purpose and suitable for you as a policyholder

`` investment advisers are reviewed on a regular basis

`` there are three LifePath options which meet the new pension flexibilities, enabling members to choose from different options when they come to take their retirement benefits – for example, income drawdown, cash, annuity, or a combination

`` the IGC is clear on the security of assets

`` members receive an annual statement detailing their investment choices and options

`` members have access to TargetPlan – an online account showing investment details and further information on investments.

BlackRock didn’t quite reach 150 as it doesn’t provide an additional range of LifePath options based on member’s risk appetite (e.g. high risk or low risk).


[ 6 ]

Investment performance

BlackRock’s default fund, LifePath Flexi, achieved good gains for investors across all age ranges. We have set out below the past performance of LifePath Flexi over one year for investors who are:

`` 35 years from their Target Retirement Age (LifePath Flexi 2052-2054)

`` 25 years from their Target Retirement Age (LifePath Flexi 2043-2045) and

`` 15 years from their Target Retirement Age (LifePath Flexi 2031-2033).

Fund name1 year performance to 31 December 2017 (%)

Fund BenchmarkBlackRock DC LifePath Flexi 2052-2054 14.8 15.1BlackRock DC LifePath Flexi 2043-2045 14.1 14.3BlackRock DC LifePath Flexi 2031-2033 11.7 11.8Source: BlackRock.

Performance shown is gross of the annual management charge but is net of additional expenses (if any) incurred within the fund. The annual management charge will reduce the performance figures shown. Please call our helpline for details of the annual management charge rate and the estimated rate of future additional expenses (if any) that will apply to your investment.

Past performance is not a reliable guide to future performance. The value of investments and the income from them can fluctuate and are not guaranteed. Investors may not get back the full amount invested.

Although the focus is on the default investment option, the Fund Governance Team carry out a full quarterly review of all investments offered through the platform. The IGC holds quarterly meetings where these reviews are considered and the implications discussed. The IGC also review any funds on watch or with performance challenges.

Information is provided on funds which are added or withdrawn from the range of investment funds available. During the year two funds were added and seven funds withdrawn. It is clear that BlackRock have a well-defined process which is followed in detail to determine when changes are made.


RETIREMENT SUPPORT – BLACKROCK SCORED 45 OUT OF 50


80

60

40

20

0

45

12.5

25

50

It was noted that:

`` members have access to myPath, an online modeller which allows them to model various retirement options, provides an indication of whether they are on track for the retirement they want, and suggests any corrective actions that could be taken – for example, retiring later or increasing contributions

`` members have access to an open market annuity broking service

`` members have access to an income drawdown option via the BlackRock Retirement Income Account

`` members can access an uncrystallised funds pension lump sum twice a year free of charge

`` the ‘at retirement’ process is reviewed annually by the IGC.

BlackRock scored slightly below an above average scheme as members need to access drawdown by transferring to the BlackRock Retirement Income Account rather than directly from their pension arrangement.

[ 7 ]


GOVERNANCE – BLACKROCK SCORED 85 OUT OF 100


120

60

80

100

40

20

0

85

22.5

50

100

This refers to the overall management of the scheme. KPMG was satisfied with the overall governance. In particular:

`` the IGC, supported by their professional advisers, meet quarterly to review the administration, investment, governance and value for members of BlackRock

`` as part of the annual scheme audit, the accuracy of transactions, data protection and the disaster recovery plan are reviewed

`` there is a risk register which is regularly reviewed to ensure that BlackRock has adequate internal controls to ensure your account is administrated appropriately

`` there is a governance scorecard in place to ensure that risks are mitigated

`` the IGC, which includes professional members, receive ad hoc training as and when required

`` member communications are reviewed on an annual basis to ensure that information remains compliant and current.

The overall score was reduced as KPMG considers that to obtain a score of 100% an IGC must have an agreed training log. The IGC does, however, undertake ad hoc training as and when required and it should be noted that the IGC includes professional trustees. In addition, the IGC reviews member communications on an annual basis, whereas, to get 100%, KPMG felt that continuous review should be undertaken. The IGC is confident that the continual review of technical and legislative updates undertaken by BlackRock’s technical and compliance teams ensure that any changes are captured in good time outside of the annual review.

The IGC reviews with KPMG each year the assessment criteria for value for money to ensure that each area required by the FCA is being assessed.

[ 8 ]


ADMINISTRATION – BLACKROCK SCORED 90 OUT OF 90


100

60

80

40

20

0

90

22.5

50

90

This refers to the administration of your arrangement and recognises that:

`` agreed standards are in place and reported to sponsoring employers on a regular basis

`` both the administrators and investment managers provide copies of their annual report on internal controls

`` members have access to support via a dedicated telephone helpline and email.

The IGC has been very impressed by the quality of the administration and service at BlackRock and it compares very favourably across the industry.

We receive a very comprehensive report every quarter that sets out how BlackRock has performed against agreed service standards. These indicate that the service is of the highest quality and that effective measures are in place to ensure this is maintained.

This also gives details of any complaints received and how many of those complaints were upheld. It is worth noting that, out of a total membership in excess of 440,000 across all pension arrangements, the complaints represented less than 0.02% of the total membership of which less than a third were upheld.

The IGC visits the administration team to discuss directly the service provided, to see the resourcing and the working procedures and to meet and observe team members. The last visit took place in December 2017 and, at that time, we also listened to sample calls which we discussed with the telephone service staff to see the standard of interface with policyholders such as you. This visit helps the IGC form a direct vision of the administration service. The visit gave a very positive picture of levels of staffing, helpful telephone manner, training and the service being delivered.

[ 9 ]


EDUCATION AND ENGAGEMENT – BLACKROCK SCORED 42.5 OUT OF 50


60

40

20

0

42.5

12.5

25

50

This refers to the quality of member communication and how this helps educate and engage members. The score recognises that:

`` on joining, members receive a member booklet along with information regarding the investment fund range

`` members have access to TargetPlan – an online account where they can check their account balance, see where they are investing and how much they are paying, view scheme documents, learn more about their retirement choices and access myPath

`` members have access to myPath – an online accumulation and decumulation modeller which allows them to model various retirement options

`` members receive an annual Pension Newsletter along with an individual annual statement.

Face-to-face presentations can be made available in conjunction with the participating employer.

In summaryAlthough there are areas for improvement, the overall assessment of the value for money provided by BlackRock, which is independently compiled and assessed, is reassuring to the IGC. We consider the methodology adopted by KPMG, based on its research of workplace pension providers as useful, covering the most important factors affecting you. Their assessment gives us independent confirmation of our own beliefs that members are provided with good value for money.

AN UPDATE ON AEGON AND BLACKROCKIn May 2016, BlackRock announced its agreement for Scottish Equitable plc – branded as Aegon – to acquire the majority of its UK defined contribution (DC) administration business. If approved, this would result in the transfer of your pension arrangement to Aegon, subject to legal and regulatory approval. The proposed transfer process protects you as a BlackRock policyholder in a number of ways, to make sure that you are not materially adversely affected. This includes: liaising with, and ongoing review by, the regulators (the FCA and the PRA) until the proposed transfer date; the appointment of an Independent Expert who reports to the High Court on the effects on policyholders of the proposed transfer; and court hearings where the transfer proposals will be heard at the High Court.

On 7 March 2018, the court gave its approval for BlackRock to proceed with the notifications phase which includes policyholders like you being provided with more information on the proposed transfer of your pension arrangement to Aegon.

If you were a member before June 2018, you should receive a pack of information – copies of the information can be found at blackrock.com/member

The IGC received an equivalent pack of information from BlackRock. After due consideration the IGC concluded that it was supportive of the transfer to Aegon as this will strengthen the overall services available to you.

[1 0 ]


[11 ]

Amongst other enhancements, there will be a joint investment proposition combining the strengths of both BlackRock and Aegon and, over time, we expect to see Aegon’s digital communications expertise and wider savings options such as ISAs made available to you. Aegon is committed to the further development of its systems as it relates to helping individuals to build a better financial future.

The final court hearing is scheduled for 21 June 2018 at which, if the proposed transfer is sanctioned, then the expected completion date of the transfer will be confirmed as 1 July 2018. At that point, you will receive a welcome communication from Aegon and all future correspondence will come from Aegon. That said, your pension arrangement will still be serviced by the same team as now, using the same systems and processes. The IGC is confident that there will be a seamless transfer to Aegon.

Important updates, such as court approval, changes to the court date or the Transfer date will be published online at blackrock.com/member

UPDATE ON INVESTMENTSEthical investmentsEnvironmental, Social and Governance (ESG) describes investing according to ethical, social and governance factors.

We approve of BlackRock’s approach to ESG. We consider that it is crucial to make sure that ESG is part of the overall matrix of considerations that make up investment decisions, given that pension investment has long-term horizons and these factors could influence long-term outcomes.

For their part, BlackRock, as an asset manager, sees its job as helping to grow policyholders’ assets. In order to do this, it is committed to sustainable outcomes and long-term value. Their intention is to maintain and act upon a long-term view in the way they conduct business, invest, serve policyholders and give back to the communities in which everyone lives and works. Their belief is that environmental, social and governance factors relevant to a company’s business can provide essential insights into management effectiveness and thus a company's long-term prospects.

Furthermore, for those policyholders for whom these criteria are overriding, there are a number of ethical funds, details of which can be found on TargetPlan.

Transaction costs within defined contribution workplace pension schemes The UK Government has put in place a number of new quality standards to apply across all defined contribution (DC) workplace pension schemes. This includes a consultation on transaction costs that apply to investment funds used by workplace pension schemes.

The IGC has received 2017 transaction cost information for the majority of funds for which it is responsible including the funds utilised by the majority of Policyholders.

This cost information is based on a methodology which incorporates both actual direct transaction costs incurred by the investment funds and also indirect cost impacts of investment market price movements between the time of determining to buy/sell assets and the transaction occurring. These are called implicit costs and can be positive or negative thus making the overall total costs higher or lower than the actual transaction costs. It can also lead to “negative” overall costs if market movements were especially favourable. The methodology is not identical to the new required methods prescribed by the FCA for 3 January 2018 onwards. The IGC considers this reasonable for 2017 information because the new requirements were announced only on 20 September 2017.

Whilst disappointed not to receive information for all funds, the remainder of the information for other funds is awaited from external managers out of the control of BlackRock and a small number of BlackRock teams. The timing of this report has proved too soon for 2018 data given that the new methodology came into force on 3 January 2018. Full data will be expected for all funds for 3 January 2018 onwards and to be available for 2018 in time for next year’s IGC report. The 2017 information received for the IGC is extremely useful in what it shows. In the table overleaf, we have set out the transaction costs for BlackRock’s default fund, LifePath Flexi, for the same three funds that we have shown past performance for on page 6:


[12 ]

Fund name Transaction costs (% p.a.)BlackRock DC LifePath Flexi 2052-2054 0.01BlackRock DC LifePath Flexi 2043-2045 0.01BlackRock DC LifePath Flexi 2031-2033 0.03

In addition, we have provided transaction costs for the three largest funds for which we have data available:

Fund name Transaction costs (% p.a.)BlackRock DC Aquila (30:70) Currency Hedged Global Equity Index 0.08BlackRock DC Aquila 50:50 Global Equity Index 0.01BlackRock DC Cash 0.02

The IGC is satisfied that the level of costs incurred is reasonable based on the expectations of the classifications of funds for which costs are available. The level of costs supports the view that BlackRock undertakes efficient transactions for Policyholders. The IGC would note that a lack of comparable information from a wide range of investment managers means there is no current way to benchmark this information.

THE GENERAL DATA PROTECTION REGULATION (GDPR) AND HOW THIS AFFECTS YOUYou may have heard about the General Data Protection Regulation (GDPR) in the news but, as a starting point, we thought it might be useful to provide a quick summary of what it means.

The GDPR is a regulation by which the European Parliament, the Council of the European Union and the European Commission intend to strengthen and unify data protection for all individuals within the European Union (EU). It also addresses the export of personal data outside the EU.

The GDPR aims primarily to give control back to individuals over their personal data and to simplify the regulatory environment within the EU. The GDPR becomes enforceable from 25 May 2018.

The UK government has also confirmed that the UK’s decision to leave the EU will not affect the introduction of the GDPR.

Who does GDPR apply to?GDPR impacts everyone who collects and processes personal data on individuals within the EU including BlackRock and Aegon when administering your pension arrangement.

Will BlackRock (and subsequently Aegon) still be able to communicate with the individual scheme members?GDPR won’t impact the existing process of being able to contact members with servicing messages. BlackRock and – once the transfer is complete – Aegon will continue to contact members to ensure they are fully informed within the rules of the consent guidance.

What are BlackRock and Aegon doing to comply with GDPR?As GDPR becomes effective in May 2018, we need to ensure that both BlackRock and Aegon are preparing for its implementation.

Both BlackRock and Aegon are responsible for complying with the data protection regulations and are fully aware of the upcoming changes to data protection regulations that will come into force under GDPR.

The IGC met with the GDPR programme manager from the Peterborough Administration Centre to obtain assurances around the GDPR preparation.

A joint GDPR programme has been set up, looking into the requirements of the new regulations and what they mean to the businesses, its members and processes. This will enable both organisations to identify and take the necessary steps to achieve compliance in May 2018.

The programme is driven by Aegon and the Peterborough Administration Centre is fully integrated into that programme. BlackRock will remain responsible for compliance with GDPR for a short period of time, so discussions over Aegon’s approach have already taken place with BlackRock and they are comfortable with that approach.

Regular update meetings are in place, with separate workstreams taking responsibility for different aspects of GDPR.

The IGC is therefore confident that the requirements of GDPR will be met by both organisations.


[13 ]

ABOUT YOUR IGC AND ITS ADVISERSThe IGC consists of three independent members, including the Chair of the Committee, one BlackRock member and one Aegon member. They have the power to make independent decisions and appoint or dismiss advisers and service providers in the sole interest of the members.

There are currently five committee members who each bring extensive experience in pensions and governance:

INDEPENDENT MEMBERS

Allan Whalley – Strettea Independent Trustees Ltd – Independent ChairAllan has more than 30 years’ experience in pensions and benefits provision and has held a range of senior roles in pensions management and governance with a number of leading global businesses. His current engagements include Group Pensions Director at Smiths Group PLC (a global technology company operating across 50 countries), Chair of the Investment Committee (and independent adviser) to the Cadbury Pension Fund and Independent Chair of the UK Greencore PLC pension arrangements. Past roles include UK and Global Pensions Manager at Cadbury (now Mondelez) and further pensions and benefits-related roles at BT, Williams PLC, Geest PLC, IBM (UK) Ltd and English China Clays PLC. At industry level, Allan was, until 2016, a member of the European Insurance and Occupational Pensions Authority (EIOPA) Occupational Stakeholder Group and was a member of the Pensions Panel of the CBI until 2013.

Colin Richardson – Representative of PTL Governance Ltd Colin has spent nearly thirty years in pensions actuarial, advisory and trustee roles. He acts as independent trustee on several defined benefit (DB) and defined contribution (DC) pension schemes, both including five DC Master Trusts. Colin is also a member of the Internal Governance Committees for two leading workplace pension providers and also chairs the PTL Governance Advisory Arrangement for pension providers, which provides governance for 12 further providers. He is formerly a Director at KPMG and a partner at Barnett Waddingham with subsequent senior positions at JLT and Buck Consultants. Colin is a qualified actuary, a member of the PLSA Defined Benefit Council, a former chair of the Association of Consulting Actuaries Investment Committee and a former member of the ACA Local Government Committee and NAPF Yorkshire Committee.

Claire Altman – Representative of Altman Trustees Ltd Claire is a practising pensions lawyer. Before establishing Altman Trustees Limited, Claire acted as the representative for Capital Cranfield. She joined Capital Cranfield from Sacker & Partners LLP (a city law firm specialising in pensions) where she had been a partner. Claire has worked closely with employers and trustees of a wide range of pension schemes and has broad experience. She has been a regular contributor to pensions industry publications and has spoken often on pensions issues.

BLACKROCK MEMBER

Adrian Lawrence – CEO, BlackRock Life Limited and Director, BlackRock EMEA Retail Investment BusinessAdrian is the Chief Executive Officer for BlackRock Life Limited and Retail Investment Director for BlackRock EMEA. He is responsible for establishing and monitoring investment expectations for all BlackRock’s Retail Funds in the EMEA region. He serves as a Director of BlackRock Fund Managers Ltd, and of BlackRock (Luxembourg) SA, the Luxembourg-based UCITS III management company for BlackRock Global Funds. Adrian’s service with the firm dates back to 2008, including his years with BGI, which merged with BlackRock in 2009. Previously he was a member of the EMEA PDRM group, a director of the £75bn BlackRock Life Limited (BLL) and chair of its Management Committee. Prior to joining BGI in 2008, he held actuarial and marketing roles at a number of institutions including PwC, Deutsche Asset Management, Henderson Global Investors and Credit Suisse. He holds a BSc (first class) in Mathematics; an MBA; an MA in Philosophy and a PhD in Nuclear Physics. He is also a Fellow of the Institute of Actuaries. Adrian will remain a member of the BlackRock IGC and a Trustee of the BlackRock Master Trust until the Part VII transfer of business from BlackRock is complete.


[14 ]

AEGON MEMBER

Paul Bucksey – Managing Director, Aegon WorkplacePaul heads Aegon’s Workplace business, which provides fully bundled, as well as investment-only DC services, to UK sponsoring employers and trustees. Following Aegon’s acquisition of BlackRock’s UK DC Platform and administration business in August 2016, Paul, having transferred to Aegon, has taken on responsibility for the development, distribution and management of Aegon’s Workplace propositions going forward. He has been a member of the National Association of Pension Funds (NAPF) DC Committee and the Investment Association’s DC committee. Paul joined Aegon from BlackRock, where he was a Managing Director and in charge of BlackRock’s UK DC Business. Prior to joining BlackRock in 2011, Paul was head of UK DC Business Development at Friends Life, and before that he was a Director at Fidelity Worldwide Investment, responsible for DC business development. Paul has over 20 years of experience in UK pensions, with earlier client consulting roles at PwC and the IFG Group.

Throughout the course of this year, the IGC has been supported by KPMG who have provided independent investment advice.

As we mentioned at the beginning of this report, the IGC is very keen to hear from you in relation to your pension arrangement. If you have any comments or feedback on this report or the operation of your pension arrangement, please email us at [email protected]

Want to know more?

[email protected]

blackrock.com/institutions/en-gb/solutions/defined-contribution/independent-governance-committee


[15 ]



Documents

INDEPENDENT GOVERNANCE COMMITTEE - BlackRock · INDEPENDENT GOVERNANCE COMMITTEE Welcome to our latest report of the BlackRock Independent Governance Committee (IGC) ... 363719_7035_DC