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August 29, 2023

In Charts: BlackRock, Vanguard drop support for climate and social resolutions

BlackRock headquarters, New York. The asset manager backed around 9 per cent of the proposals it voted on in the 2022-23 voting period. (Photo: Michael Nagle/Bloomberg)
BlackRock headquarters, New York. The asset manager backed around 9 per cent of the proposals it voted on in the 2022-23 voting period. (Photo: Michael Nagle/Bloomberg)

Support for environmental and social shareholder resolutions seems to be waning, with BlackRock and Vanguard backing only 7 per cent and 2 per cent of environmental and social proposals, respectively.

The world’s two largest asset managers have dropped their support for environmental and social shareholder resolutions during the 2023 proxy season because of “poor quality” and overreaching proposals, attracting criticism from US liberal voices at a time of heightened politicisation for ESG subjects.

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