BlackRock Inc. and the Vanguard Group, the two largest asset managers, are falling short as shareholders in combating the risks of climate change, according to nonprofit group Majority Action.
The group examined the proxy voting of 25 of the top global asset managers to assess their role in pressuring U.S. energy, utility and auto companies to cut greenhouse gas emissions and disclose their lobbying activities. BlackRock and Vanguard overwhelmingly favored directors proposed by companies, according to the group’s report on Tuesday. The firms also voted against at least 16 climate-related shareholder proposals in which their support would have given the measures majority support.
