According to Morningstar analysis, Black Rock’s support for shareholder resolutions calling for the disclosure of climate change data has declined over time from 25% to 14%. But still. In 2016 it was still 0%.
BlackRock was involved in more than 80% of the votes against shareholder resolutions to combat climate change this year. This is due to the focus on dialogue with companies as well as voting on motions. The company’s commitment and accountability to climate change should be the top priority this year.
According to BlackRock’s spokesperson, 244 companies were identified as having made insufficient progress in integrating climate risk management into their business model or in disclosures. For this reason, 53 of the companies were voted against. The remaining 191 companies are being closely monitored. Those who do not make significant progress risk being voted against management in 2021.
On proxy voting, for the first time in the history of Morningstar’s proxy voting database, State Street Global Advisors and Fidelity supported a majority of shareholders’ climate-related disclosure requirements for both passive and active funds. Vanguard also saw an increase from 25% in 2019 to 36% for Vanguard.
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