BlackRock Inc has cited both the value and costs of shareholder proposals in a l...
) has cited both the value and costs of shareholder proposals in a long-awaited letter to regulators weighing reforms to the proxy process, effectively looking for a middle ground in a hotly contested area of U.S. rulemaking.
But with some $7.4 trillion under management, BlackRock’s views have been eagerly awaited both by corporations supportive of the rule changes to streamline their annual meetings, and investor activists worried the SEC will make it harder to bring attention to environmental, social and governance issues.
“Shareholder proposals can be a valuable part of an investment stewardship process, however, it should be acknowledged that the costs of these proposals are borne by all shareholders,” Novick wrote. Among other big passive fund managers, Vanguard Group has filed comments supportive of the SEC’s changes. A State Street Corp executive said in an interview last week the firm did not have a view on the matter. Some smaller active managers have criticized the reforms.
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