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BlackRock navigates climate proposals with new voting policy

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By illuminem briefings

· 2 min read

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

🗞️ Driving the news: BlackRock, the world's largest asset manager, has introduced a new voting policy allowing climate-focused funds to vote differently on shareholder proposals related to decarbonisation
• This move aims to balance the demands of European and US clients amid a political split over climate action

🔭 The context: BlackRock's new “climate & decarbonisation stewardship guidelines” will apply to 83 funds with $150bn in assets starting in the fourth quarter
• These funds will assess if companies are actively working to limit global temperature rise to 1.5°C, as per the Paris Agreement

🌍 Why it matters for the planet: By enabling climate-focused funds to adopt activist positions on decarbonisation, BlackRock is promoting greater accountability and action from companies on climate issues, which is crucial for global efforts to combat climate change

⏭️ What's next: US and Asian funds with specific climate mandates will decide later this year whether to adopt this policy
BlackRock also plans to offer this climate-related option to clients with separately managed accounts

💬 One quote: "For all other funds, BlackRock will continue to undertake our stewardship responsibilities with a sole focus on advancing clients’ long-term financial returns," wrote Joud Abdel Majeid, BlackRock’s global head of stewardship

📈 One stat: BlackRock manages $10.5 trillion in assets, with 83 climate-focused funds initially adopting the new voting policy

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