Some word counts that may be of interest to BLPB readers (please check my work and let me know if I’ve gotten any of these wrong):

Letter

“ESG”

“stakeholder”

“stakeholder capitalism”

2023 Letter to Investors

0

3

0

2022 Letter to Shareholders

0

7

0

2022 Letter to CEOs

1

18

5

2021 Letter to CEOs

4

13

0

Compare word counts for “Wachtell Lipton Discusses Larry Fink’s [2023] Annual Letters to Investors“: “ESG” = 0; “stakeholder” = 6; “stakeholder capitalism” = 2.

Addendum: The Wachtell post notes that “[f]or more than ten years, Larry Fink, Chairman and CEO of BlackRock, the world’s largest asset manager, has published separate annual letters — one to CEOs and another to BlackRock’s shareholders. This year, Fink combined the two letters into one.”