BlackRock, the world's largest asset manager, voted against the vast majority of shareholder proposals related to climate and social issues during the 2022-2023 proxy voting season, the company reported Wednesday.
Overall, BlackRock turned down 742 of the 813 proposals it voted on and 373, or 93 per cent, of the social and climate proposals it faced, according to the company's 2023 Investment Stewardship report published Wednesday morning and shared with FOX Business.
The report noted that BlackRock saw a record number of shareholder proposals, especially those related to environmental and social issues, during the proxy voting season, which took place during the period between July 1, 2022, and June 30, 2023. At the time, SEC Chairman Gary Gensler applauded the guidance, saying it would"provide greater clarity," while Republican SEC members and lawmakers blasted it for creating more confusion.
For example, BlackRock voted against a measure requiring Amazon to disclose more information about the sustainability of its packaging, noting Amazon had previously already decided to disclose that information. "We continue to believe that companies would benefit from greater clarity in public policy to support their decision-making on these issues. This, in turn, would allow these companies to provide shareholders more transparency about their strategies."
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