Expanding firm efforts to address pressing social problems
Through the new BlackRock Foundation and the contribution of 15.6 million shares of PennyMac Financial Services with a market value of $589 million, we will broaden our philanthropic investments in economic mobility, financial resiliency and sustainability.
Society needs today’s companies to create economic growth that benefits all stakeholders. The donation we’re making today – in line with our purpose as a firm – will support our commitment to creating greater financial well-being and advancing sustainability.
Our commitment:
We believe that we have a responsibility to deploy the firm’s capital to address pressing social problems. This charitable contribution will allow us to catalyze new and innovative ideas, outside of our core business, to support social and economic progress for more and more people around the world. Led by our Social Impact team, we’ll fund organizations that help people access jobs with higher earning potential and tools to build savings. In the coming months, we’ll expand our support by partnering with organizations addressing the disproportionate affects climate change has on vulnerable communities.
At Laboratoria we work to foster talent diversity in the digital economy of Latin America by training women from underserved backgrounds as web developers and placing them in tech jobs, and by training corporate professionals on the mindset needed to face the digital transformation their companies are experiencing. BlackRock's support has been key to advance this work throughout the region, by expanding our impact to other locations, and by allowing us to permanently improve our impact model, based on our continued learning and improvement processes.
