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BlackRock, Vanguard Show Little Favor for Shareholder ESG Votes

Dec. 1, 2020, 12:22 PM

The world’s two biggest money managers gave their support to less than a sixth of shareholder climate and social resolutions, despite commitments to do more to combat the effects of climate change.

BlackRock Inc. and Vanguard Group Inc., with a combined $14 trillion in assets, were among the least supportive, voting in favor of just 11% and 15% of climate resolutions in the 12 months through August, according to a report from responsible investment campaign group ShareAction. While 15 out of 102 such shareholder votes passed, more than double could have done so with support from one or more ...