Consensus to the fossil multination. In return, Vanguard has joined the chorus of approval for the re-election of the CEO of oil giant ExxonMobil, Darren Woods, and the twelve members of the board of directors. A multinational fossil fuel company that, in an unprecedented move, went to a federal court to silence critical shareholders, guilty of having developed a proposal on cutting emissions. More generally, during the 2024 general meetings, Vanguard sided with management in 94% of the elections of executives and in 98% of the proposals related to their compensation.
Environment and society? Too thorny issues for general assemblies. Vanguard’s closure reflects a widespread attitude. According to data from Diligent Marketplace Intelligence, 2024 was a record year for the number of proposals presented and voted on by shareholders on ESG issues. However, the approval rate was disappointing: just 16%, far from the record of 33% reached in 2021. BlackRock also expressed its approval for 22% of the proposals on environmental and social issues in 2022 and this year it stopped at a paltry 4%. The reasons are roughly the same as those given by Vanguard: they were said to be redundant or too prescriptive. The largest and most powerful fund in the world is keen to point out that the cauldron also included 88 proposals that were actually anti-ESG. And that it voted against all of them.
|
The mirror of a widespread attitude. Vanguard’s closure reflects a widespread attitude. According to data from Diligent Marketplace Intelligence, 2024 was a record year for the amount of proposals submitted and voted on by shareholders on ESG themes. The approval rate, however, is disappointing: just 16%, far from the record of 33% reached in 2021. Even BlackRock in 2022 he expressed his approval for 22% of the proposals on environmental and social issues and this year stopped at a paltry 4%. The reasons are roughly the same as those given by Vanguard: they were either redundant or too prescriptive. The world’s largest and most powerful fund is keen to point out that the cauldron also included 88 proposals that were actually anti-ESG. And that it voted against all of them. The fierce battle of the US Republicans. Everything suggests that this is also one of the many fruits of the fierce battle of the US Republicans against sustainable finance. For months, in fact, any timid progressive opening by banks and companies has had to face the crossfire of those who fight the non-existent ideology woke. In order not to alienate a segment of public opinion, therefore, the large investment funds are apparently falling back on financial and corporate governance issues in the strict sense. More reassuring, less thorny topics. Evidently, they believe that fairness and the protection of the Planet can wait. * Valentina Neri – Valori.it |
#Environment #rights #difficult #issues #investment #funds #social #ecosustainable #proposals #shareholders #accepted
– 2024-09-08 20:17:14
