Blackrock shrugs off climate activists at shareholder meeting

CHARLIE CONCHIE

THE WORLD’s biggest fund manager Blackrock comfortably saw off a potential rebellion over its environmental, social and governance (ESG) policies yesterday as the firm looks to take a passive role on climate issues.

The New York-based firm, which manages some $9.1 trillion in assets, said two shareholder resolutions raising climate concerns won less than 10 per cent of support from shareholders, while a third resolution from a conservative group that targeted Blackrock’s diversity policies won less than one per cent support. Blackrock boss Larry Fink, who has insisted previously that pushing for specific climate outcomes is not the firm’s role, doubled down and said it was Blackrock’s job to act in its clients’ interests.

Blackrock has faced criticism from both conservative and liberal politicians on climate issues. Blackrock said each of its director nominees also received “well over a majority” of votes cast at the meeting, held online, and that 92 per cent supported the pay of chief exec Larry Fink and other leaders.