FILE PHOTO: The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021.
REUTERS/Carlo Allegri/File Photo(Reuters) - The world’s top asset manager BlackRock said it will offer proxy voting choices to U.S. retail investors of its biggest exchange-traded fund, expanding a strategy that could blunt criticism of how the firm considers environmental, social and governance (ESG) matters.
Investors will not be able to specify votes in specific company elections.
While many clients will rely on the votes BlackRock will continue to cast, “consistent with our fiduciary duty as an investment manager, others want the choice to participate in proxy voting more directly,” said Joud Abdel Majeid, Global Head of BlackRock Investment Stewardship, in a statement.
Rivals including State Street and Vanguard have their own programs to devolve proxy voting rights.
Persons:
Carlo Allegri, BlackRock, Glass, ”, Joud Abdel Majeid
Organizations:
REUTERS, BlackRock, New, Services, Glass Lewis, managements, Investment, Rivals, State, Vanguard, Republican
Locations:
BlackRock, Manhattan, New York City , New York, U.S, New York, Republican U.S