BlackRock, State Street, Vanguard and T.Rowe Price accused of proxy voting bias

Firms voting in favour of commercial clients

BlackRock, State Street, Vanguard and T.Rowe Price are being accused of voting bias as a new report reveals they are more likely to vote proxies in favour of commercial clients.

The report published by As You Sow, a non-profit organisation, assessed proxy votes between January 2015 and June 2020 along with disclosures of compensation received for advising and administering corporate retirement plans for BlackRock, State Street, Vanguard and T.Rowe Price. The analysis found the fund groups voted with management of their customers at a significantly higher rate compared to their non-customer.   Industry Voice: Pushing for greater impact through company engagement The four asset managers had commercial relations with 932 companies where they also voted proxie...