Skip to content
Subscriber Only
Business
Climate changed

BlackRock, Vanguard Accused of Opposing Shareholder Efforts on Climate

  • The firms say they meet companies privately to make changes
  • BNP Paribas, Pimco back most climate resolutions, report says
An iceberg as it floats along the eastern cost of Greenland near Kulusuk (aslo spelled Qulusuk) on Aug. 15, 2019.

Photographer: Jonathan Nackstrand/AFP via Getty Images

From

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.