BlackRock set to vote against more climate resolutions

Argues they are 'prescriptive'

BlackRock has said that it plans to pivot away from supporting shareholder resolutions to prevent climate change this year, arguing that they have become too “prescriptive”.

The world's largest asset manager, with about $10trn in assets, has built an image as presenting itself as a pioneer for managing climate risk in the industry. However, yesterday the company said in an investment stewardship update that recent proposals by shareholders to prevent climate disaster are not "consistent with our clients' long-term financial interests". BlackRock argued that there had been a growth in more radical shareholder proposals to firms they have voting power in, such as pushes to mandate climate risk reporting or requiring "alignment of bank and energy company busine...