Top Asset Managers Voted Against Key Climate-Related Resolutions 50% of the Time


03.13.2018

As investor support for proposals seeking reporting on climate risk has gained significant momentum in the last two years, top asset manager support for these proposals at key energy and utility companies has also increased overall in 2017 compared to 2016.

Asset Managers: Report on Key Climate Votes finds that, in spite of growing support for climate resolutions, approximately half of top asset managers opposed more than 50% of key climate-related proposals in 2017, and several top managers – five covered in this study – voted against more than 85% of key climate proposals. Eight of the top ten asset managers failed to support key climate votes more than 50% of the time.

A very small number of the biggest asset managers had the ability to determine the outcome of almost all key climate-reporting proposals at energy and utility companies last year. If either of the top two asset managers, BlackRock and Vanguard, had voted yes on any of ten or eight key climate proposals, respectively, those proposals would have received a majority of
support.