BlackRock to Let Big Clients Have More Say in Proxy Votes
Posted on 10/07/2021
BlackRock Inc. is the world’s largest asset manager and a powerhouse in the world of passive investing. BlackRock is letting some of its institutional clients get a bigger say in proxy voting decisions, according to a client letter. The massive change in policy will apply to around 40% of US$ 4.8 trillion in index equity assets that BlackRock manages for institutional clients and US$ 750 billion of pooled fund assets, according to the asset manager. Starting in 2022, some of BlackRock’s clients will have greater input on how they vote and will be able to do so through BlackRock’s systems, according to a letter the firm sent to customers.
This will be only for eligible institutional clients in some index strategies, both separate accounts globally and some pooled funds in the U.S. and U.K.