BlackRock, the world’s leading money manager, has eased its support for shareholder proposals emphasizing environmental, social, and governance (ESG) factors.
The change of heart comes at a crucial juncture, with the verdict on BlackRock’s Bitcoin exchange-traded fund (ETF) application just around the corner.
BlackRock’s Decline in Support for ESG Proposals
Historically a staunch promoter of ESG investing, BlackRock’s recent annual report paints a contrasting picture. Indeed, the firm endorsed only 7% of approximately 400 shareholder proposals related to environmental and social issues.
This represents a sharp decline from 25% in the last cycle to 47% in the preceding.
“Because so many proposals were over-reaching, lacking economic merit or simply redundant, they were unlikely to help promote long-term shareholder value and received less support from shareholders, including BlackRock, than in years past,” the company’s report indicated.
BlackRock’s engagement with ESG has brought it under the Grand Old Party’s (GOP) radar, with the party challenging the company’s approach.
Moreover, GOP presidential contender Vivek Ramaswamy criticized BlackRock for prioritizing ESG over conventional profit-driven criteria. Ramaswamy’s vocal critique, coupled with reports like the “2023 Global Voting Spotlight,” intensifies the debate around ESG, urging a re-evaluation of the balance between profit and sustainability.
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Author: Bary Rahma
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