Two years ago in a vote viewed as a major milestone, BlackRock and Vanguard used their massive market weight to require Exxon Mobil to produce a report on climate change. But since then, the world's biggest money managers' evolving leadership on climate has disappointed many.
"Are the largest asset managers too big, too much hubris to be part of these coalitions?" Cook asked. "Climate Action 100+ is a good example, its agenda is investment stewardship."We only join external groups when we believe that collective action can significantly augment our direct engagements. We try to avoid initiatives that duplicate our own efforts or that may cause confusion for companies.
The battle over the best approach to corporate engagement by shareholders is occurring at a moment when there are conflicting signs about the future power of the shareholder resolution. " in a June speech before the conservative business lobby the American Enterprise Institute, and called out BlackRock CEO Larry Fink's focus on ESG issues specifically.Some socially-geared investor advocates are harsh in their assessment of BlackRock and Vanguard.
What they found beyond concerns about losing business, access to C-suites and bearing the expense of engagement in a sector defined by low costs, was awhose success has reached a point of market dominance, and over which regulatory concerns may grow. As the power of BlackRock, Vanguard and State Street Global Advisors grows, "the most significant risk" is likely to be a backlash reaction to these companies as another "Wall Street" monopoly with power over "Main Street.
in shareholder efforts, and the role of shareholders more broadly in pushing environmental, social and governance efforts.Scott Hirst and Lucian BebchukMorningstar's Cook thinks this is a more likely conflict than 401 plan management, or other ideas cited for the poor voting record, such as fears that BlackRock and Vanguard could lose access to management teams.
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