Students have pushed back against the Alumnae Association’s decision to honor Susan Wagner ’82 with the 2025 Alumnae Achievement Award (AAA), citing concerns about her role as a co-founder of BlackRock, the world’s largest asset management firm.

The company has been embroiled in controversies over its environmental impact and funding of Israel in its war on the Gaza Strip, which has killed more than 67,000 Palestinians, causing backlash from students over the decision to award her the AAA.

Wagner, who serves on BlackRock’s Board of Directors, will be honored on Oct. 24, alongside journalist Karen Grigsby Bates ’73 and Michigan Secretary of State Jocelyn Benson ’99. 

According to the chair of the AAA selection committee Angeles Garcia Cassin ’09, the committee — composed of Wellesley alumnae — evaluates candidates on three criteria: outstanding achievement and distinction as trailblazers reaching national or international stature in their field, the ability to effectively inspire students and reflecting the diversity of Wellesley graduates and their accomplishments.

The Alumnae Achievement Award is “Wellesley’s highest honor that it bestows on an alum,” according to Garcia Cassin. Candidates undergo an extensive review process, and multiple rounds of evaluation and voting. Cassin noted that the committee is separate from the College, who doesn’t have a say in how awardees are chosen. 

Although Cassin did not specify why the committee selected the co-founder, Wagner’s name has been a visible one at Wellesley. In 2015, she donated a combined $50 million with fellow alumna Lulu Chow Wang ’66 to support career education and global engagement initiatives as part of the Wellesley Effect campaign — the largest gift in Wellesley’s history. The Sue L. Wagner ’82 Centers for Wellesley in the World, were established in her name, uniting the Wellesley Centers for Women, the Madeleine Korbel Albright Institute for Global Affairs and future global engagement initiatives.

After she is honored on Oct. 24, the Economics Department will host a lunch with Wagner for current and prospective economics majors. According to an Economics Department email, 12 students were selected from the 72 students who expressed interest in the luncheon. 

Some students are excited about the opportunity to learn from Wagner. Merci Mukasafari ’26, a co-president of the Economics Student Association, said that she thought students would benefit from hearing from Wagner, as a trailblazer in her field.

“It’s really impressive to see somebody just going to be like, ‘I’m going to start this, I’m going to be a co-founder, and we’re going to expand it and turn it into something really huge and successful,’” Mukasafari said.

Nevertheless, a number of students have expressed concerns about BlackRock’s investments in Israeli treasury bonds and weapons manufacturers. 

The Wellesley Young Democratic Socialists of America (YDSA), a leftist student political organization, hosted an event on Oct. 16 for attendees to write letters to the College and Alumnae Association explaining why Wagner should not receive the AAA. 

Flyers for the event had a QR code for an information sheet on Sue Wagner and “BlackRock’s Investments and Controversies.” The flyer included email templates to send to the Alumnae Association, President Paula Johnson, and Provost Courtney Coile, urging them “to spotlight a different alumna instead of Sue Wagner at this year’s awards ceremony and in promotional material.” 

According to a United Nations Special Rapporteur report, BlackRock is among the leading investors in Israeli state treasury bonds, having purchased $68 million in bonds that fund Israel’s war on Gaza. The report noted that BlackRock has large investments in weapons manufacturers like Palantir and Lockheed Martin, which have provided weapons to Israel, and other companies, like Amazon and Caterpillar, that have funded “Israel’s occupation and genocide.” 

“I think that there is a widespread level of disbelief, and both shock and horror at the idea of Sue Wagner being honored with this prestigious award,” said Sanna Walker ’26, co-president of YDSA. “I think there’s just a widespread student sentiment that is absolutely against this, and … we want to make those voices heard.”

Caroline ’28, who wished for her last name to remain anonymous out of fear of retribution, is a YDSA member who hopes that students will question their idea of Wagner’s success.

“I would hope that when they come across this information about [Wagner’s] complicity in genocide, in the climate crisis, that they might begin to question … what they actually want to do with their careers, and maybe reconsider … the kind of impact they want to make in the world,” Caroline said. “… Our actions don’t end with ourselves.”

In addition to BlackRock’s involvement in Gaza, students have been similarly concerned about the company’s environmental impact.

“BlackRock is a company that is very harmful to the climate and to environmental justice communities, and so I don’t think that can be ignored when we’re honoring people at Wellesley,” Eliza Lynch ’26, President of EnAct, Wellesley’s environmental organization, said. 

BlackRock continues to be one of the world’s largest investors in fossil fuels, and expects to “remain long-term investors in carbon-intensive companies,” according to a 2022 statement, despite announcing changes to address the growing threat of climate change in 2020. 

Caroline believes that Wagner and the legacy of BlackRock directly conflict with Wellesley’s motto Non ministrari sed ministrare, or “Not to be ministered unto, but to minister.” 

“I don’t think that Sue Wagner is embodying the vision of Wellesley and the vision that students have of Wellesley,” Caroline said. “… While [her actions] might be revered in the world of business, they have serious impacts, especially [on] marginalized communities.”

Still, Lynch believes that those who are fighting for climate justice and other social justice initiatives should receive the award instead. 

“[AAA recipients are] supposed to inspire students. I don’t think that she and her role in BlackRock is inspiring in the least,” Lynch said. 

Walker echoes Lynch and Caroline’s frustrations with the award decision, questioning the definition of impact in the selection criteria.

“I think it is the sense of valuing monetary success over human lives … we want to see alumnae honored that are successful in other respects, and who are trailblazers in social justice issues,” Walker said. 

In a statement to the News, Wagner responded to student concerns and affirmed her support of BlackRock. 

“I’ve heard there’s been some discussion ahead of my visit, which feels very true to Wellesley. It’s a place where people care deeply about the world and aren’t afraid to ask hard questions. That’s one of the things I’ve always loved about this community,” Wagner wrote. “When we started BlackRock, our purpose was simple: to help people build financial security, from individuals saving for retirement to institutions like universities and foundations. That is still what the firm does today. Our focus as a fiduciary is to help clients solve problems and to manage their money according to their objectives and instructions, not our own. Putting clients first has been a hallmark of our approach since day one. I’m proud of BlackRock and the work the firm does every day to help its clients achieve a better financial future.”

Contact the editor responsible for this story: Jessica Chen, Galeta Sandercock