Post by account_disabled on Mar 6, 2024 2:04:08 GMT -5
Blackrock punishes 53 companies for not acting on climate change and targets 191
BlackRock has revealed that in the first half of 2020 it voted against 53 companies for climate reasons, including ExxonMobil and Air Liquide.
The asset manager provided clients with a new report Chile Mobile Number List on Tuesday, July 14, outlining how it is increasing its climate engagements with companies this year. BlackRock notably changed its investment management goals and processes in early 2020 after joining the Climate Action 100+.
Sarah George at edie comments that in the published report, 244 of BlackRock's portfolio companies are not making enough progress in integrating climate risks into their business models and/or in disclosing information.
Of these companies, 53 were found to have repeatedly ignored climate-related investor demands. So BlackRock took voting action against them, either calling for executive accountability or backing new shareholder proposals that would lead to stricter environmental requirements.
These include Chevron, ExxonMobil, Air Liquide, Daimler and Volvo.
When we vote against a company, we do so with a singular purpose: to maximize long-term value for shareholders. We believe that sustainability is fundamental to creating value for our clients.
The remaining 191 companies have been “put on alert”, meaning they face electoral action in 2021 if improvements are not made. BlackRock is urging companies in this group to comply with the recommendations of the Task Force on Climate-related Information Disclosures (TCFD) and produce their sustainability reports in accordance with SASB standards.
BlackRock has historically faced criticism for its handling of the sustainability performance of the companies in which it invests. The new report reveals that it involved companies in environmental discussions almost four times more between June 2019 and June 2020 than the previous year. Engagement in social issues also increased by 146% compared to 2019.
Going forward, we will continue to review our participation and voting process regarding climate risk and other sustainability-related issues.
We have made significant progress increasing our focus on sustainability, but we are also committed to constantly improving our judgment to protect our clients' long-term investments.
A new normal for green finance
The investment management firm's report comes on the same day that new research was published on the place of finance in creating a "deserved" low-carbon recovery from the economic impact of COVID-19.
Produced by the London School of Economics and the University of Leeds, in association with the All-Party Parliamentary Group (APPG) on Sustainable Finance, UK100 and HSBC, the research paper calls on banks and asset managers to align their business models to net-zero more quickly and holistically, and to include social considerations in their climate planning.
BlackRock has revealed that in the first half of 2020 it voted against 53 companies for climate reasons, including ExxonMobil and Air Liquide.
The asset manager provided clients with a new report Chile Mobile Number List on Tuesday, July 14, outlining how it is increasing its climate engagements with companies this year. BlackRock notably changed its investment management goals and processes in early 2020 after joining the Climate Action 100+.
Sarah George at edie comments that in the published report, 244 of BlackRock's portfolio companies are not making enough progress in integrating climate risks into their business models and/or in disclosing information.
Of these companies, 53 were found to have repeatedly ignored climate-related investor demands. So BlackRock took voting action against them, either calling for executive accountability or backing new shareholder proposals that would lead to stricter environmental requirements.
These include Chevron, ExxonMobil, Air Liquide, Daimler and Volvo.
When we vote against a company, we do so with a singular purpose: to maximize long-term value for shareholders. We believe that sustainability is fundamental to creating value for our clients.
The remaining 191 companies have been “put on alert”, meaning they face electoral action in 2021 if improvements are not made. BlackRock is urging companies in this group to comply with the recommendations of the Task Force on Climate-related Information Disclosures (TCFD) and produce their sustainability reports in accordance with SASB standards.
BlackRock has historically faced criticism for its handling of the sustainability performance of the companies in which it invests. The new report reveals that it involved companies in environmental discussions almost four times more between June 2019 and June 2020 than the previous year. Engagement in social issues also increased by 146% compared to 2019.
Going forward, we will continue to review our participation and voting process regarding climate risk and other sustainability-related issues.
We have made significant progress increasing our focus on sustainability, but we are also committed to constantly improving our judgment to protect our clients' long-term investments.
A new normal for green finance
The investment management firm's report comes on the same day that new research was published on the place of finance in creating a "deserved" low-carbon recovery from the economic impact of COVID-19.
Produced by the London School of Economics and the University of Leeds, in association with the All-Party Parliamentary Group (APPG) on Sustainable Finance, UK100 and HSBC, the research paper calls on banks and asset managers to align their business models to net-zero more quickly and holistically, and to include social considerations in their climate planning.