Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Senate Democrats question BlackRock climate commitment

10/08/2020 | 05:50pm EDT

BOSTON/LONDON, Oct 8 (Reuters) - Five Democratic U.S. senators on Thursday asked BlackRock Inc to justify why it rarely supported shareholder resolutions tied to climate change issues despite its increased focus on the environment this year.

The proxy voting record of the top asset manager is "troubling and inconsistent," according to a letter sent to Reuters by the office of U.S. Senator Brian Schatz of Hawaii and signed by four others.

In a statement sent by a spokesman, BlackRock said its work on behalf of clients includes both voting and engagement, or talks with corporate managers. It cited certain negative proxy votes cast this year and noted the company now more often publishes details about votes.

"We are currently reviewing our engagement priorities and voting guidelines," BlackRock said.

BlackRock CEO Larry Fink in January had vowed to press companies to do more to combat climate change, underscoring the shifting moods of clients and reflecting new money pouring into sustainable investing strategies.

But a pair of recent studies found that BlackRock supported climate-related proxy resolutions only around 10% of the time this year, in line with its past record. Other companies took a more aggressive tack this year, notably the asset-management arm of JPMorgan Chase & Co.

Schatz's letter cited one of those studies and noted how in several cases BlackRock's support for management was decisive. He also wrote that BlackRock backed nearly all directors at oil, gas and utility companies.

Earlier on Thursday, speaking at an online news conference about efforts to limit climate change, BlackRock Vice Chairman Philipp Hildebrand said the company had appointed new leaders to its stewardship team.

"As a result of our commitment and these changes that were implemented during this transition year, you should certainly expect that our voting engagement outputs in 2021 around climate will look materially different from the past year," Hildebrand said. (Reporting by Ross Kerber in Boston and by Matthew Green in London; editing by Diane Craft)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. 0.69% 851.05 Delayed Quote.18.81%
JPMORGAN CHASE & CO. 1.92% 155.91 Delayed Quote.20.37%
LONDON BRENT OIL 1.76% 75.86 Delayed Quote.43.56%
WTI 1.76% 71.958 Delayed Quote.46.62%
Latest news "Economy & Forex"
10:58pFda to authorize 3rd pfizer shot for 65 and over, high-risk - bloomberg reporter tweet
RE
10:49pWall Street jumps after Fed policy announcement
RE
10:45pFed signals bond-buying taper coming 'soon,' rate hike next year
RE
10:44pSouth Korea foreign minister says to meet Japan counterpart on Thursday
RE
10:37pTechnology Shares Rise as Fed Looks to Reverse Stimulus -- Tech Roundup
DJ
10:34pThe WSJ Dollar Index Rises 0.20% to 87.96 -- Data Talk
DJ
10:34pEuro Lost 0.33% to $1.1689 -- Data Talk
DJ
10:34pSterling Lost 0.30% to $1.3618 -- Data Talk
DJ
10:34pDollar Gains 0.54% to 109.81 Yen -- Data Talk
DJ
10:32pFed to release paper on central bank digital currency soon, Powell says
RE
Latest news "Economy & Forex"