How Big Fund Families Voted on Climate Change: 2020 Edition
Vanguard, State Street, and Fidelity increased support for shareholder resolutions aimed at tackling climate change, while BlackRock voted 'no' more than 80% of the time.
Commentary
Mentioned: Phillips 66 (PSX)
, Bloomin Brands Inc (BLMN)
, Chevron Corp (CVX)
, Dollar Tree Inc (DLTR)
, T. Rowe Price Group Inc (TROW)
, BlackRock Inc (BLK)
, Exxon Mobil Corp (XOM)
, JPMorgan Chase & Co (JPM)
, Fidelity® Women's Leadership (FWOMX)
Support for resolutions requesting climate-related disclosures, of which there were only 14 in 2020, rose at Fidelity, State Street Global Advisors, and Vanguard but fell at American Funds and BlackRock (BLK) from 2019. Support for a broader set of resolutions that incorporate climate governance considerations show a similar ranking among the most influential investment fiduciaries. With their massive amounts of money under management, these firms are often among the largest shareholders at many of the world's biggest companies. Their yay or nay votes frequently make the difference between a shareholder proposal passing or failing.
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Jackie Cook does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.