The firm’s backing for such shareholder proposals plummeted from a high of 47% in 2021 to 4% over the twelve months ending in June amid a political backlash.
BlackRock has drastically cut back its support for proposals put forth by shareholders on environmental and social issues, the Financial Times reports.
The world’s largest asset manager backed just 4%, or 20 of the 493 environmental proposals put forward by shareholders in the twelve months ending in June. That compares to the firm’s peak support of 47% of ESG proposals in 2021, the FT reported, citing an annual stewardship report BlackRock released Wednesday.
