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ARTICLE · 11 SEPTEMBER 2024

Cadwalader Climate

Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Hogan Lovells Cadwalader

Hogan Lovells Cadwalader

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In this week's edition, we discuss a drop in support for ESG shareholder proposals at one of the world's largest asset managers; a decision by a U.S. federal court to strike down an anti-ESG investing rule in Missouri...

GlobalEnvironment
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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In this week's edition, we discuss a drop in support for ESG shareholder proposals at one of the world's largest asset managers; a decision by a U.S. federal court to strike down an anti-ESG investing rule in Missouri; and Australia's new mandatory climate disclosures law.

Reduction in BlackRock Support for ESG Proposals

According to its own 2024 Global Voting Spotlight report, BlackRock, the world's largest asset manager, has scaled back its support for environmental and social shareholder proposals, backing just 4% of the 493 proposals put forward in the year leading up to June 2023, a drop from its 47% support peak in 2021. The firm attributed its reduced support to the poor quality and economic viability of many proposals, noting that many were either overly prescriptive or addressed risks already managed by companies. This observation is, according to Morningstar, consistent with the voting trends seen across the top 10 largest asset managers as we

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