This morning activists gathered outside Blackrock. BlackRock is the world’s biggest asset manager, with more than USD $9 trillion in assets under management. It’s also the world’s top investor in climate destruction. As the world’s largest investors, BlackRock have huge power and influence as major shareholders in almost every corporation and this spring they can make or break climate action at major polluters and their funders.
London campaigners joined other activists from around the world, to say #alleyesonblackrock, to make sure their climate actions live up to their promises.
In BlackRock’s 2021 Stewardship Expectations report, the asset manager finally acknowledged that voting against management and supporting shareholder proposals often leads to positive changes at companies. In January 2021, BlackRock expanded its voting criteria and announced that it will hold directors accountable when their companies fail to address climate change in their business plans. In March, both BlackRock joined the Net Zero Asset Managers Initiative.
While acknowledgments and commitments may mark a change in thinking within BlackRock, it is action that is needed to curb the climate crisis. So this shareholder season, as the world looks toward COP26, their default position must be to vote in favour of pro-climate shareholder resolutions and against corporate boards when a company doesn’t have a clear climate transition plan.
Blackrock, that means voting to support the shareholder resolution brought forward by Market Forces. More info here.