Research

Below are MA's Research Reports. For SEC Filings 2020 and prior, click here

2025

  • Emerging Technologies, Evolving Responsibilities: Why Investors Must Act to Mitigate AI’s System-Level Impacts

    Report - September 2025: Emerging Technologies, Evolving Responsibilities: Why Investors Must Act to Mitigate AI’s System-Level Impacts highlights how unprecedented AI development is creating non-diversifiable, system-level risks that threaten long-term returns and shared prosperity, and presents actionable steps universal owners can take to adopt responsible AI guardrails and protect long-term value.

  • Emerging Technologies, Evolving Responsibilities: Why Investors Must Act to Mitigate AI’s System-Level Impacts

    Brief - September 2025: This short brief highlights the key findings of Emerging Technologies, Evolving Responsibilities, outlining AI’s system-level risks and their implications for investors. It highlights actionable steps universal owners can take to adopt responsible AI guardrails and protect long-term value.

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Research

Below are MA's Research Reports. For SEC Filings 2020 and prior, click here


AI Accountability

Full Report

Emerging Technologies, Evolving Responsibilities: Why Investors Must Act to Mitigate AI’s System-Level Impacts

Report - September 2025: Emerging Technologies, Evolving Responsibilities: Why Investors Must Act to Mitigate AI’s System-Level Impacts highlights how unprecedented AI development is creating non-diversifiable, system-level risks that threaten long-term returns and shared prosperity, and presents actionable steps universal owners can take to adopt responsible AI guardrails and protect long-term value.

Read the full report.


AI Accountability

Key Findings Summary

Emerging Technologies, Evolving Responsibilities: Why Investors Must Act to Mitigate AI’s System-Level Impacts

Brief - September 2025: This short brief highlights the key findings of Emerging Technologies, Evolving Responsibilities, outlining AI’s system-level risks and their implications for investors. It highlights actionable steps universal owners can take to adopt responsible AI guardrails and protect long-term value.

Read the brief.


Equity in the Boardroom

Equity in the Boardroom: 2024 Proxy Season

Report - April 2025. This report analyzes how the Big Four asset managers—BlackRock, State Street, Vanguard, and Fidelity (plus Geode)—voted on 70 key shareholder proposals related to equity and transparency, revealing stark contrasts with major asset managers and public pension funds, and highlighting the role of proxy voting in building a more inclusive, resilient economy.

Read the full report.


Climate in the Boardroom

Climate in the Boardroom: 2024 Proxy Season

Report - February 2025. This report analyzes how the four largest asset managers voted on climate proposals and director elections during the 2024 proxy season—spotlighting ESG fund performance and contrasting the Big Four’s votes with those of the largest U.S. public pensions managing defined benefit assets.

Read the full report.


Equity in the Boardroom

Equity in the Boardroom: 2023 Proxy Season

Report — February 2024. This report examines how the 18 largest asset managers and two major proxy advisors voted on racial equity proposals in the 2023 proxy season—revealing a sharp decline in support amid political backlash and underscoring why fiduciaries must adopt a racial equity lens to protect long-term returns and mitigate systemic risk.

Read the full report.


Equity in the Boardroom

What Makes a Racial Equity Audit?

Fact Sheet. This fact sheet outlines the key elements of a high-quality racial equity audit, offering guidance to companies to conduct independent thorough, transparent, and actionable civil rights evaluations.

Read the fact sheet here.


Equity in the Boardroom

Big Money, Big Problems: How Asset Managers Help Corporations Buy Political Power and Hide it from Shareholders

Congressional Brief — February 2024. This congressional brief highlights how the Big Four asset managers repeatedly blocked shareholder proposals on corporate political transparency during the 2023 proxy season—raising urgent concerns about democracy, racial equity, and long-term investor value in a critical election year.

Read the full brief.


Climate in the Boardroom: How Asset Manager Voting Shaped Corporate Climate Action in 2023

Report - November 2023. This report reveals how most major asset managers failed to hold climate-critical companies accountable during the 2023 proxy season—despite record-breaking climate disasters and $165.1 billion in U.S. economic losses in 2022 that directly threaten long-term investment value.

Read more.


Racial Equity & Stewardship: How the Largest Asset Managers Stack Up

Three years after asset managers pledged to address racial inequity, this Majority Action report reveals that BlackRock, Vanguard, State Street, and Fidelity still lack strong proxy voting policies—leaving critical systemic risks unaddressed and falling short on their stated commitments to racial justice.

Read the full analysis.


Analysis: State Street Takes a Major Step Backwards on Climate

Brief - April 2023. This brief outlines how State Street Global Advisors weakened its climate commitments ahead of the 2023 proxy season—walking back director accountability, scrubbing references to the Just Transition and NZAM, and abandoning its recognition of climate change as a systemic risk. 

Read the full analysis.


Climate in the Boardroom: How Asset Manager Voting Shaped Corporate Climate Action in 2022

Report. This report highlights growing gaps in the 2022 proxy season between the Big Four asset managers—BlackRock, Vanguard, Fidelity, and State Street—and their peers, as most failed to hold directors accountable for corporate climate performance despite the portfolio-wide risks climate change poses to long-term investors.

Read more.


Equity in the Boardroom: How Asset Manager Voting Shaped Corporate Action on Racial Justice in 2022

Report. This report shows that while racial equity proposals received broad shareholder support in 2022, the Big Four asset managers—BlackRock, Vanguard, State Street, and Fidelity—consistently lagged behind their peers, blocking dozens of critical proposals from reaching majority support.

Read more.


Fulfilling the Promise 2023: How Climate Action 100+ Investor-Signatories can Mitigate Systemic Climate Risk

Report. This report explore how U.S. companies are overwhelmingly off-track to meet Paris-aligned benchmarks, and how the largest Climate Action 100+ investor-signatories are failing to hold corporate boards accountable.

Read the full report


Fulfilling the Promise: How Climate Action 100+ Investor-Signatories Can Mitigate Systemic Climate Risk

Report. This report examines how the proxy voting behavior of many leading Climate Action 100+ investor-signatories is undermining the initiative’s mission—despite $60 trillion in assets under management (AUM) pledged to hold the world’s largest emitters accountable for climate action.

Read more.


Equity in the Boardroom: How Asset Manager Voting Shaped Corporate Action on Racial Justice in 2021

Report. This report shows how, despite public support for racial justice and calls from over 140 leaders urging action, major asset managers failed in 2021 to use their proxy voting power to hold corporate boards accountable for contributing to systemic racism.

Read more.


Climate in the Boardroom: How Asset Manager Voting Shaped Corporate Climate Action in 2021

Report. This report finds that in 2021, asset managers with over $1 trillion in AUM failed to provide the board-level accountability needed to meet net-zero goals—leaving climate-critical industries on a path to warming beyond 1.5°C and escalating risk for shareholders and global financial systems.

Read the full report.


Equity in the Boardroom: How Asset Manager Voting Shaped Corporate Action on Racial Justice in 2020

Report. In 2020, BlackRock and Vanguard, the world’s largest asset managers and among the top three shareholders in the vast majority of S&P 500 companies, overwhelmingly voted to undermine investor efforts to promote racial equity in corporate governance—despite public statements supporting movements for racial justice.

Read more.


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Climate in the Boardroom: How Asset Manager Voting Shaped Corporate Climate Action in 2020

Report. This report finds that in 2020, despite public commitments to climate action, BlackRock and Vanguard continued to shield corporate boards from accountability—using their proxy voting power as the world’s largest asset managers to block investor efforts aimed at driving responsible climate action at climate-critical companies.

Read the full report.


Investing in Failure: How Large Power Companies Are Undermining Their Decarbonization Targets

Report. Duke, Dominion, and Southern, three of the US’s largest electric power companies, recently announced varying commitments to decarbonization by 2050. However, a new analysis of their regulatory filings finds these three companies' power plant fleets are all heading to emit roughly double the quantity of CO2 emissions required to decarbonize by 2050.

Read the report

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Climate in the Boardroom: How Asset Manager Voting Shaped Corporate Climate Action in 2019

Report. This report reviews the 2019 proxy voting records of the 25 largest asset managers on climate-critical proposals, director elections, and executive pay—highlighting how firms like BlackRock and Vanguard used their voting power to shield boards in the energy and utility sectors from accountability, despite escalating climate risks.

Read the report


Net-Zero By 2050: Investor risks and opportunities in the context of deep decarbonization of electricity generation

Report. This report highlights how institutional investors have driven major gains in corporate climate disclosure and target-setting—and, despite federal policy rollbacks—have reaffirmed their commitment to the Paris Agreement by joining the “We Are Still In” coalition alongside civic and business leaders.

Read the Report


Asset Manager Climate scorecard 2018

Report. This report analyzes how, despite growing investor pressure to decarbonize, oil, gas, and utility companies continue to resist transformation—exerting political influence to preserve the fossil fuel status quo while boards lack the climate expertise needed to lead a low-energy transition.

Read the report


Proxy voting conflicts: Asset Manager Conflicts of Interest in the Energy and Utility Industries

Report. This report highlights how, despite investor expectations that fund managers will address ESG risks, many of the largest U.S. asset managers have consistently failed to use their proxy voting power to hold companies accountable on long-term environmental, social, and governance concerns.

Read the report


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Spending Against Change: Key Metrics Assessment of Climate Change Governance and Political Influence Spending in the Energy and Utility Sectors

Report. This report finds that 21 of the largest U.S. energy and utility companies lack meaningful board oversight of climate risk, have few directors with climate expertise, and spent $673 million—mostly undisclosed shareholder funds—on political influence over six years.

Read here.


Utility Climate Change Readiness: A Business Plan Analysis

Brief. This analysis highlights how many organizations and investors view climate risk as a distant issue, despite growing evidence that the scale, uncertainty, and timing of impacts demand urgent decision-making today.

Read here.

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Key Climate Vote Survey 2017

Brief. The Key Climate Vote Survey analyzes how the largest global asset managers voted on critical 2017 climate-related shareholder proposals—offering institutional investors insight into how effectively their managers are addressing climate risk and promoting boardroom climate competence in high carbon-emitting sectors.

Read here.