BlackRock Slashes Support for ESG Proposals to Record Low

The asset manager backed only 4% of environmental and social resolutions in the latest proxy season, citing lack of economic merit and redundancy.

BlackRock's support for ESG proposals fell from 6.7% to 4% in the 2023-24 proxy season.
The firm argues many ESG proposals are overreaching and do not promote long-term shareholder value.
Republican scrutiny and legislative actions have intensified against ESG investing practices.
BlackRock increased support for corporate governance proposals, backing 21% this year.
Overall market support for ESG resolutions has also declined, dropping to 16% from 19%.