BlackRock has pulled back on backing shareholder proposals regarding ESG — the trio of environmental, social, and governance concerns.
"BlackRock voted against a record 91% of all shareholder proposals in 2023 proxy season," noted Pensions & Investments. "The 9% of ESG proposals that BlackRock supported this year is down sharply from 2022, when BlackRock's investment stewardship team supported 24% of such proposals, and from 2021, when it supported 43%."
Is it a matter of getting burned in the political crossfire that's developed over ESG? Maybe in part, but even the question is complicated.
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