The three biggest US money managers slashed their support of environmental and social shareholder proposals, marking a stark turnaround from 2021, when they voted in favor of a record number of such resolutions.
State Street’s investing unit said on Thursday that it supported 6% of environmental shareholder proposals in the first half of the year and 7% of social ones, less than what it did in the same year-ago period. Vanguard Group said last month that it didn’t back any of those resolutions, while BlackRock said it voted for 4% of the proposals in the 12 months ending June, down from 7% a year earlier.
Together, the three money managers have immense influence during proxy season because they collectively own about 20% of the shares of all companies in the S&P 500, mainly through their enormous index-tracking funds.
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