Asset manager joins BlackRock in cutting support for investor resolutions it considers ‘overly prescriptive’
email rounding up the latestVanguard backed just 2 per cent of environmental and social shareholder proposals this year because of a rise in the number of resolutions the asset management giant considered “overly prescriptive” and overreaching.
of all environmental and social proposals in the 12 months to June, down from last year when it backed 22 per cent and 2021 when it voted in favour of nearly half. Vanguard echoed complaints of other large asset managers that recent policy changes by the US Securities and Exchange Commission have made it more difficult for companies to block shareholder proposals, including those that “may be considered ‘micromanagement’”, the group said.
The number of shareholder proposals specifically concerning environmental risks increased dramatically this proxy season, the asset manager said, up 50 per cent to 150 from 100 during the 2022 proxy season. The focus of many of these was setting targets for emissions and fossil fuel financing.that seeks to press companies to address climate change, saying it preferred to deal with the issue independently.
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