As top shareholders in the vast majority of S&P 500 companies, BlackRock and Vanguard have unrivaled power to push climate-critical industries to take measurable action to mitigate the catastrophic effects of climate change. Though BlackRock publicly claims that “climate change is a risk investors can't ignore,” in 2019, BlackRock supported 99% of management-nominated directors at US fossil fuel companies and voted against all of the U.S. shareholder proposals backed by the $34 trillion Climate Action 100+ investor coalition.
Working with groups including the Sierra Club, Mothers Out Front, and Friends of the Earth, organized and delivered 130,000 signatures on petitions calling on BlackRock and other top asset managers to use their voting power responsibly on key climate 2019 shareholder votes.
Published annually, Majority Action’s latest report reviews the 2019 voting patterns of the 25 largest global asset managers on director elections, executive pay, and critical climate shareholder proposals and offers recommendations for asset owners and policymakers.
September 3, 2019
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WALL STREET ITALIA
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