A Fund-Level Analysis of How Major Asset Managers Managed System-Level Risk in 2025

Accountability in the Boardroom examines the 2025 proxy voting performance of the largest asset managers on shareholder resolutions, director elections, and say-on-pay proposals related to climate change, inequality, and unaccountable technology. In particular, it analyzes asset manager voting from the perspective of broad-based diversified index funds, which have considerable exposure to system-level risks and must mitigate these risks to enhance risk-adjusted returns.