Finance
BlackRock, Vanguard Voting Habits Show Why Some Fear Their Power
- Data show the house view prevails on shareholder proposals
- Index fund CEOs weigh the merits of dispersing voting power
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Three of the world’s largest asset managers have been pushing back against claims they have too much influence over American companies. New data about the voting patterns at the fund houses could give critics more ammunition.
The Big Three index fund companies -- BlackRock Inc., Vanguard Group and State Street Corp. -- vote the shares in their fund portfolios by following the house view, which means at least 75% of an asset manager’s funds voted the same way, on environmental and social issues.