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BlackRock and NACD Name Winner of Global Challenge for Innovation in Corporate Governance

BlackRock and the NationalAssociation of Corporate Directors (NACD) are pleased to announce the
winners of the Global Challenge for Innovation in Corporate Governance:
Yu Zhang, assistant professor of strategy at The Paul Merage School of
Business at the University of California, Irvine and Javier Gimeno,
professor of strategy at INSEAD in France. Their winning paper is
titled “Earnings Pressure and Long-Term Corporate Governance: Can
Long-Term-Oriented Investors and Managers Fend off Short-Term Analyst
Earnings Pressures?”

The Global Challenge invited the academic community to submit research
papers that applied emerging theories to develop innovative corporate
governance practices. Submissions were received from thirty seven
colleges and universities, across 13 countries and six continents,
including Australia, Brazil, Canada, Ethiopia, France, India, Japan,
the Netherlands, South Africa, Spain, Switzerland, the United Kingdom
and the United States.

Papers were judged by leading corporate directors, corporate governance
practitioners and academics based on how effectively the ideas
presented could be implemented to enhance corporate governance and
responsible investment business practices.

“As leading practices in corporate governance evolve to keep pace with
changing economic and regulatory environments, harnessing new ideas
from the academic community will aid boards in preparing for the
future,” said Ken Daly, president and CEO of NACD.

In addition to cash awards, Zhang and Gimeno will be recognized at
NACD’s 2013 Spring Forum, where they will present their winning paper
to corporate directors and other business leaders. To learn about and
attend the NACD Spring Forum, please visit
www.NACDonline.org/SpringForum.

“As a long-term investor we are in regular dialogue with companies
about how they balance short term financial targets while building a
successful business for the long term. I’m therefore pleased that the
concepts presented in the winning paper provide us with practical
information to evaluate how companies might succeed in striking that
balance,” said Richard Kushel, Senior Managing Director and Deputy
Chief Operating Officer at BlackRock.

About BlackRock

BlackRock is a leader in investment management, risk management and
advisory services for institutional and retail clients worldwide. At
March 31, 2013, BlackRock’s AUM was $3.936 trillion. BlackRock helps
clients meet their goals and overcome challenges with a range of
products that include separate accounts, mutual funds, iShares(R)
(exchange-traded funds), and other pooled investment vehicles.
BlackRock also offers risk management, advisory and enterprise
investment system services to a broad base of institutional investors
through BlackRock Solutions(R). Headquartered in New York City, as of
March 31, 2013, the firm has approximately 10,600 employees in 30
countries and a major presence in key global markets, including North
and South America, Europe, Asia, Australia and the Middle East and
Africa. For additional information, please visit the Company’s website
at www.blackrock.com.

About NACD

The National Association of Corporate Directors (NACD) is the only
membership organization focused exclusively on advancing exemplary
board leadership. Based on more than 35 years of experience, NACD
identifies, interprets, and provides insights and information that
corporate board members rely upon to make sound strategic decisions,
confidently confront complex business challenges, and enhance
shareowner value. With more than 13,000 corporate director members,
NACD provides world-class director education, director training, and
proprietary research about leading boardroom and corporate governance
practices to promote director professionalism and bolster investor
confidence. Furthermore, to create more effective and efficient
corporate boards, NACD provides independent board evaluations and
custom-tailored in-boardroom education and training programs, as well
as director-led conferences, forums, and peer-exchange learning
opportunities to share ideas about current and emerging issues.
Fostering collaboration among directors and governance stakeholders,
NACD is shaping the future of board leadership.

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