Major fund managers like BlackRock have huge power over the biggest polluters, but a terrible track record of holding these companies accountable. Some fund managers claim that they’ll use their power to ensure that companies act responsibly on climate, but year after year vote down climate shareholder resolutions and vote to re-elect business-as-usual directors to fossil fuel company boards.
It's time they walk the talk.
In a few weeks, the boards of massive energy producers and consumers like ExxonMobil, Ford, Duke Energy, Amazon, Chevron, and General Motors face their shareholders each year at their annual meetings. This year the companies have a choice to make: Will they take steps to combat climate change and set the stage for others to do the same? Or will they keep us on the path towards climate catastrophe?
The incredible power of fund managers like BlackRock comes from us, millions of Americans who entrust these companies with our retirement savings. They invest our money by buying shares of the biggest corporations in the world. Those shares give them voting power at those corporation’s annual shareholder meetings, which they are supposed to use on behalf of our long-term interests.
That’s why it’s time they all hear from all of us.
In May and June, shareholders in big companies like Exxon and Amazon will vote on resolutions from shareholders that demand concrete action on climate change and on who should represent shareholders in the corporate boardroom. The resolutions call on top oil producers, electric utilities, carmakers, and Wall Street firms to:
- Disclose political spending and lobbying, often used to fuel climate denial and obstruction
- Invest in the transition to renewable energy and fossil fuel reduction
- Take concrete steps to understand and mitigate against the effects of climate change
- Ensure that powerful CEOs are being held accountable for all of the above
Fund managers will be casting their votes in the next couple of weeks so we need to get the message to them right now.
Please join us in calling on fund managers like BlackRock, Vanguard, and Fidelity to hold fossil fuel company leaders accountable and vote for the 2019 slate of smart-on-climate resolutions, now.