Vanguard Group, the largest provider of mutual funds, has secured regulatory approval to continue to own big stakes in U.S. power utilities, overcoming Republican concerns over its environmental, social and governance (ESG) policies.
on whether granting Vanguard's request to renew its right to own more than 10% of voting securities of publicly listed power utilities would be in the public interest.
Regulators had previously allowed Vanguard to exceed that antitrust limit on the basis that this would not interfere with the utilities' operations. In a notice posted on its website on Monday, FERC said Vanguard's request for a three-year extension of "a blanket authorization" to acquire securities of U.S. utilities had been granted. The notice did not refer to the Republican concerns.
While the extension simply preserves the status quo, it was an important test for the ability of the investment giant, which oversees some $7.6 trillion in assets, to limit the fallout of a growing backlash against ESG. The backlash has been fueled by Republican politicians arguing against the private sector taking a strong stance on issues such climate change and diversity.
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