BlackRock's support for ESG shareholder resolutions hits fresh low, down to 4.1%

From Investing.com: 2024-08-21 20:57:01

BlackRock, the world’s largest asset manager, reduced its backing for shareholder proposals related to environmental and social issues to a new low of 4.1% during the latest annual general meeting season, despite an increase in such proposals from 455 to 493. In 2023, BlackRock supported 6.7% of these proposals, down significantly from 47% in 2020-21.

The drop in support may seem small, but it resulted in BlackRock supporting ten fewer environmental and social proposals this year, even as the number of resolutions filed increased. The firm did not support any of the 88 proposals aimed at compelling companies to adjust their sustainability risk management plans to align with global climate goals.

In total, BlackRock only supported 20 proposals this year, with four of them relating to climate and natural capital disclosures. Despite the decrease in environmental and social support, the firm’s overall backing for shareholder resolutions rose from 9% to 11%, driven by increased support for governance-related resolutions such as enhancing minority shareholders’ rights and implementing simple majority voting.



Read more at Investing.com: BlackRock support for ESG shareholder resolutions hits fresh low By Reuters