BlackRock chief Larry Fink said Wednesday he wants businesses to develop a better barometer for how they are planning and executing their strategies.
Fink on Monday released a letter to the CEOs of S&P 500-listed companies and major European corporations cautioning them against taking a short-term view of their business that focuses on quarterly earnings reports.
He proposed eliminating the practice of offering quarterly guidance and said chief executives and boards should provide a strategic framework for long-term value creation.
"The main point of the letter is please provide us with a strategic plan of how you think your company is going to evolve," he told CNBC's "Squawk Box." "Tell us about your ecosystem. Let us understand what your thinking is."
"I don't want to have anything that's proprietary, or anything that will harm you as related to competitive issues, but you can give us a guidepost as to how you're building a business plan for your business and where you're taking it," he added.