ESG & Investing
BlackRock Cuts Backing for Climate, Social Shareholder Proposals
- Firm increased its support for corporate-governance measures
- It said many proposals face opposition due to ‘poor quality’
Republicans have sharply criticized BlackRock’s advocacy of ESG or sustainable investing as harming the economies of states with significant energy industries.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
BlackRock Inc. reduced its support for shareholder proposals on environmental and social issues for a third straight year, arguing that many of the efforts lacked merit and harmed long-term financial interests while doing little to improve companies.
The world’s biggest asset manager backed 4% of 493 such proposals in the 12 months through June, New York-based BlackRock said in a report Wednesday. That’s down from 7% a year earlier and more than 20% in the same period through mid-2022.