Recently, Larry Fink, the CEO of BlackRock, the world’s largest asset manager, took a noteworthy step in an open letter he wrote to the CEO’s of all publicly traded companies. In the letter, Mr. Fink indicated that going forward, BlackRock intends to be asking some “hard questions” about the companies’ plans to integrate environmental, social and governance factors (ESG) and Impact principles into their long-term strategy and management. These questions are being directed to C-Suite and Board level executives at public companies. This is a fundamental shift in how investment-worthiness is being evaluated and it is likely that other leading asset managers will follow suit. Companies that are currently publicly traded or that have plans to issue an IPO in the near future should take note.