Wall Street investment giants ‘voting against key climate resolutions’
Some of Wall Street's largest asset management companies are failing to live up to commitments to use their voting power to fight the climate crisis, according to a new report.
The report, published by the Washington DC-based Majority Action and the Climate Majority Project, claims that BlackRock Inc, the world’s largest asset manager with more than $6tn under management, and Vanguard, with assets of $5.2tn, have voted overwhelmingly against the key climate resolutions at energy companies, including a resolution at ExxonMobil’s annual shareholder meeting, and at Duke Energy.
Had BlackRock and Vanguard not torpedoed these investor efforts, at least 16 climate-critical shareholder resolutions at S&P 500 companies would have received majority support in 2019, representing a significant corporate shift on climate, the report claims.
Refusing to use their proxy votes to support shareholders’ resolutions means letting companies off the hook – even as the climate crisis threatens their investors, their business models and the planet, the group says.
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