Author Topic: BlackRock Faces Leftist Backlash As It Votes For Fewer ESG Proposals  (Read 151 times)

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Offline Ptarmigan

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BlackRock Faces Leftist Backlash As It Votes For Fewer ESG Proposals

Having already been hit by backlash from red-state officials over its embrace of the environmental, social and governance (ESG) agenda, BlackRock is now under criticism from Democratic officials alarmed that the giant asset manager has decreased its votes in favor of ESG shareholder proposals.

Last week, the Financial Times reported that BlackRock voted for only 26 ESG proposals in the 12-month period ending in June -- or 7% of the total opportunities. That marks the continuation of a steep decline that's seen BlackRock's percent of "yes" votes on such proposals plummet from 47% in 2021.

That trend has angered leftists, including New York City Comptroller Brad Lander. In a textbook example of projection, Lander tells FT that BlackRock has caved to a "misinformed and shortsighted war against ESG at the behest of special interests."

“BlackRock has a responsibility to use its votes to send a clear and consistent message regarding the need to manage climate-related and human-capital related risks,” said Lander, who oversees $250 billion in pension assets.

ESG is virtue signaling.
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