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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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