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.
https://www.fundfire.com/c/4602324/609264/blackrock_support_climate_social_proposals_hits?referrer_module=emailMorningNews&module_order=1&code=WTIxbGNtdGxja0J5ZDJKaGFYSmtMbU52YlN3Z05UYzNPREU0TXl3Z01UWTFNamMzTmprMk53PT0
Christopher K. Merker, PhD, CFA, is a director with Private Asset Management at Robert W. Baird & Co. and executive-in-residence and co-director of the Marquette S-Lab. He is also founder and chair of the board of Water + Energy Forward, a green bank focused on market-based climate solutions. He holds a PhD in investment governance and fiduciary effectiveness from Marquette University, where he has taught “Sustainable Finance” since 2009. He publishes
Sustainable Finance and is co-author of
The Trustee Governance Guide: The Five Imperatives of 21st Century Investing.
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