Finance
BlackRock, Vanguard Show Little Favor for Shareholder ESG Votes
- Biggest funds support less than sixth of climate, social votes
- Little evidence of Covid-19 crisis favoring social resolutions
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The world’s two biggest money managers gave their support to less than a sixth of shareholder climate and social resolutions, despite commitments to do more to combat the effects of climate change.
BlackRock Inc. and Vanguard Group Inc., with a combined $14 trillion in assets, were among the least supportive, voting in favor of just 11% and 15% of climate resolutions in the 12 months through August, according to a report from responsible investment campaign group ShareAction. While 15 out of 102 such shareholder votes passed, more than double could have done so with support from one or more of the largest three managers.