Bloomberg Law
May 23, 2023, 11:01 PM

BlackRock, Vanguard Among Firms Blocking Key ESG Votes: Study

John Ainger
John Ainger
Bloomberg Editorial

The world’s biggest asset managers are consistently voting against proposals intended to protect biodiversity, as one of the fastest-growing corners of ESG falls flat at shareholder meetings, according to a report by environmental nonprofit Planet Tracker.

Fund managers overseeing sustainability and environmental, social and good governance strategies at firms including BlackRock Inc., Vanguard Group Inc. and State Street Global Advisors didn’t back biodiversity proposals somewhere between 80% and 100% of the time, Planet Tracker said in a report on Wednesday.

The finance industry has been under increasing pressure to pay more attention to biodiversity since a landmark agreement ...

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