Big Three Money Managers Cut Support for Climate Proposals
- State Street, BlackRock reject most ESG-related resolutions
- Vanguard voted against all 400 proposals that it reviewed
The latest vote tally emerges at a time when the finance industry is under fire from GOP politicians for promoting environmental, social and governance strategies.
Photographer: David Paul Morris/BloombergThe three biggest US money managers slashed their support of environmental and social shareholder proposals, marking a stark turnaround from 2021, when they voted in favor of a record number of such resolutions.
State Street Corp.’s investing unit said on Thursday that it supported 6% of environmental shareholder proposals in the first half of the year and 7% of social ones, less than what it did in the same year-ago period. Vanguard Group said last month that it didn’t back any of those resolutions, while BlackRock Inc. said it voted for 4% of the proposals in the 12 months ending June, down from 7% a year earlier.