BlackRock Drops Support For Climate Change, Social Issue Proposals
8 weeks ago
The world's largest asset manager, BlackRock, dropped its support for shareholder proposals that are linked to social issues, and Climate related issues – according to its most recent annual meeting.
Even though proposals for social and climate issues are going up, BlackRock is rejecting them saying that it only supported about 6% of the proposals last year, which is down 47% from 2021.
The company said that in their assessment, that the majority of the were ‘over-reaching, lacked economic merit, or sought outcomes that were unlikely to promote long-term shareholder value.’ Meaning, they’re not a good return on investment.
Blackrock has faced criticism in recent years over accusations that they are engaging in
"Woke Capitalism."
Even though proposals for social and climate issues are going up, BlackRock is rejecting them saying that it only supported about 6% of the proposals last year, which is down 47% from 2021.
The company said that in their assessment, that the majority of the were ‘over-reaching, lacked economic merit, or sought outcomes that were unlikely to promote long-term shareholder value.’ Meaning, they’re not a good return on investment.
Blackrock has faced criticism in recent years over accusations that they are engaging in
"Woke Capitalism."
