BlackRock is backing away from supporting shareholder proposals that embrace environmental and social themes, an indication that the GOP pressure campaign against ESG, or environmental, social, and governance regulations, might be making headway.
BlackRock, which is the world’s largest money manager, has been a major promoter of ESG investing. But Republicans have been pushing back against the firm. Now, an annual report revealed that BlackRock supported just 7% of nearly 400 shareholder proposals on environmental and social matters.That marks a notable decline from previous years. BlackRock supported nearly a quarter of such proposals in the previous cycle and 47% of environmental and social proposals the cycle before that.
“Because so many proposals were over-reaching, lacking economic merit, or simply redundant, they were unlikely to help promote long-term shareholder value and received less support from shareholders, including BlackRock, than in years past,” the report said. BlackRock has been a punching bag of sorts for conservative media figures who see it as a figurehead for the ESG movement, particularly given its massive size.
Additionally, BlackRock’s ties to China have recently come under bipartisan federal scrutiny. The House Select Committee on the Chinese Communist Party announced last week it would launch an investigation into BlackRock alongside index provider MSCI.
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