Vanguard joins BlackRock, cuts support for shareholder items on climate, social issues

Posted 35 days ago


Aug 28 (Reuters) - Vanguard supported just 2% of shareholder resolutions on environmental and social issues at U. S. companies this year, down from 12% last year, the top mutual fund manager said on Monday, fueling a drop in investor backing overall.

Vanguard said the declining support rate reflected a rising number of proposals - 359 this year, up from 290 a year ago, coupled with improvements in company disclosure that it said made many resolutions unnecessary.

With $8.2 trillion under management, Pennsylvania-based Vanguard has become a leader in deciding whether companies should take steps like curbing greenhouse gas emissions or reviewing their workforce diversity.

Support for shareholder resolutions calling for such steps has declined at U. S. companies this year, with top asset manager BlackRock saying it backed the mostly-advisory measures just 7% of the time, down from 22% last year.... (Read more)