Climate voting policies: Will other asset managers follow BlackRock's lead?

Fiduciary duty

Kathleen Gallagher
clock • 6 min read
According to nonprofit Ceres, BlackRock supported 10% of climate policies in 2020 and 41% in 2021

According to nonprofit Ceres, BlackRock supported 10% of climate policies in 2020 and 41% in 2021

In 2021, the number of climate proposals winning majority votes doubled from the previous year, with asset managers playing a substantial role.

In fact, the two largest asset managers, BlackRock and Vanguard, dramatically increased their votes in favour, which Climate Action 100 said helped "propel the historic success". However, BlackRock's position has shifted recently and while some asset managers that Investment Week spoke to seem more steadfast in their commitments to support climate change proposals, the move from the largest asset manager rings true with others and raises concern for the climate agenda. BlackRock's controversial memo Last week (11 May), BlackRock wrote in its Investment Stewardship paper that it was ...

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