SEC Disclosures Reveal That Top Asset Managers Voted Against Key Climate Resolutions at ExxonMobil, Duke Energy, Ford, General Motors, and Dominion Energy — several of which were backed by the Climate Action 100+, the $34 Trillion Global Investor Coalition

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Today BlackRock and Vanguard’s disclosures of their 2018–2019 shareholder votes were released to the SEC, revealing that the largest funds of each asset manager wielded their considerable shareholder power to block the boards of directors of ExxonMobil, Duke Energy, General Motors, Ford, and Dominion Energy from facing accountability on climate change, prioritizing short-termism over the creation of long-term shareholder value. BlackRock and Vanguard, the two largest asset managers in the world, were also top shareholders at each of those companies at the time of their shareholder meetings.

BlackRock and Vanguard’s main index funds voted against key measures at all the companies — several of which would have otherwise passed with those asset managers’ support, assuming the votes of these asset managers were consistent across all their funds. The release of Blackrock and Vanguard’s votes come just a week after they joined a chorus of business leaders in a sweeping statement saying that protecting environmental and community stakeholders is integral to their purpose. Instead of using their considerable shareholder power to promote leadership on climate change, BlackRock and Vanguard are wielding it to shield industries driving the climate crisis from accountability.

Just as they have in past years, BlackRock and Vanguard continue to be a driving force behind the climate crisis by wielding their considerable shareholder power to shield fossil fuel, energy utility, and auto executives from facing accountability. Majority Action’s forthcoming 2019 Asset Manager Climate Scorecard will analyze these and other critical climate shareholder votes to further address how leading asset managers torpedo necessary measures to address the long-term risks of climate change.