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BlackRock, the world’s largest asset manager, appears to be moving further away from environmental, social and governance (ESG) initiatives.
Of the roughly 500 ESG-related proposals submitted by shareholders during the 2023-24 meeting season, only 4% were supported, the lowest on record, the company said in a report on Wednesday.
BlackRock’s logo is displayed outside its headquarters in Manhattan, New York City on May 25, 2021. (REUTERS/Carlo Allegri/File Photo/Reuters Photo)
In 2023, BlackRock supported 6.7% of proposed ESG measures, its lowest ever at the time.
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“In our assessment, the majority of these (proposals) were excessive, lacked economic merit or sought outcomes that were unlikely to enhance long-term shareholder value,” the company said in a report on Wednesday.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| black | BlackRock Inc. | 863.09 | +2.12 |
+0.25% |
“A significant proportion focus on business risks that companies already have processes in place to address, making those processes redundant.”
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BlackRock has been at the forefront of the ESG movement but has withdrawn its support for environmental and climate-related proposals in recent years in the wake of nationwide opposition to the movement’s efforts to push a green energy transition and left-leaning social priorities through the financial sector and large corporations.
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Market-wide, overall support for ESG proposals remained steady at 23% last year, but support for environmental and social resolutions fell from 19% to 16%, according to industry research firm Morningstar.
FOX Business’ Thomas Catenacci and Reuters contributed to this report.
