BlackRock’s handling of these and governance-related issues, together dubbed ESG, has faced fierce criticism in recent years from Republican politicians.
Despite the number of environmental and social-related proposals increasing year on year to 493 from 455, BlackRock said most had been rejected for much the same reasons as in previous years.
“A significant percentage were focused on business risks that companies already had processes in place to address, making them redundant.” Also driving the number lower were the growing number of resolutions aimed at forcing companies to roll back their plans to manage sustainability risks, including retooling their operations to be in line with global climate goals.“The majority of these were over-reaching, lacked economic merit, or sought outcomes that were unlikely to promote long-term shareholder value,” BlackRock said.
“The proposals we supported sought to enhance minority shareholders’ rights, for example, by introducing simple majority voting. Market support for governance proposals also increased relative to last year,” it said.
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