BlackRock adds new proxy advisory firm amid ESG criticism as leading expert says 'too little, too late'

illuminem summarizes for you the essential news of the day. Read the full piece on Fox News or enjoy below:

🗞️ Driving the news: BlackRock is partnering with Egan Jones as a new proxy advisor starting in July, aiming to expand its clients' investment options amid ongoing ESG criticism
• The addition seeks to address claims that BlackRock overly emphasizes ESG criteria at the expense of fiduciary responsibilities

🔭 The context: BlackRock’s Voting Choice program now includes up to 16 voting guidelines from three proxy advisory services
• This move is part of BlackRock's effort to provide its clients with more customized voting options

🌍 Why it matters for the planet: The integration of Egan Jones into BlackRock’s advisory fold reflects the ongoing debate over ESG principles and their impact on corporate governance and investment strategies

⏭️ What's next: BlackRock may introduce more policies under the Voting Choice program based on client interest, indicating potential further shifts in its investment stewardship approach

💬 One quote: "BlackRock’s move to expand 'voting choice' touted under the guise of a ‘commitment to providing clients with choices’ is too little, too late," said Dr. Kevin Roberts, president of the Heritage Foundation

📈 One stat: Before adding Egan Jones, $600 billion in institutional investment assets were managed under BlackRock’s Voting Choice program

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