Blackrock and JP Morgan Chase have managed to dodge shareholder proposals on their poor ESG proxy voting records since making sustainability commitments such as signing up to Climate Action 100+, the multi-trillion investor engagement initiative.
In response to the recent moves by the two giants, US SRI firms Boston Trust Walden and Mercy Investments, which have focused on ESG voting this year, have agreed to withdraw the proposals and continue to engage with the companies.
The same resolution will, however, stand at fellow US investment giants Vanguard and T. Rowe Price, though the latter is attempting to exclude it via the US Securities and Exchange Commission’s (SEC) ‘no action’ process.
Neither Vanguard nor T. Rowe Price are currently members of CA100+.
The absence of some of the world’s largest asset managers – which also includes State Street – from the CA100+ initiative has caused frustration among participating investors with some…