Ada Recinos, Deputy Press Secretary, Federal Communications, ada.recinos@sierraclub.org
New York - Today, BlackRock held its annual general meeting (AGM), where shareholders voted on the election or reelection of members to the Board and investor proposals, including on reviewing the company’s climate-related proxy voting record.
Shareholders had the opportunity to confirm or dismiss Amin Nasser to the board for the first time since his appointment last summer. At the annual meeting, BlackRock did not disclose individual votes for directors, but indicated that all 16 directors up for election or reelection received majority support. Precise results must be disclosed in the coming days.
Amin Nasser is the CEO of Saudi Aramco, the world’s largest oil and gas producer, which has been accused of being a major laggard on the energy transition and implicated in human rights violations. He has also been a vocal advocate for fossil fuel expansion, having said recently that the world should abandon the “fantasy” of phasing out oil and gas. Earlier this month, the New York City Comptroller’s office filed an exempt solicitation with the SEC, writing that, for these and other reasons, that they do not believe Nasser is qualified to serve as an independent director on BlackRock’s board.
Approximately 8% of shareholders supported a resolution requesting that the Board review BlackRock’s proxy voting record and policies related to climate change. Proponents argued that neither BlackRock’s voting record nor voting guidelines reflect the firm’s position that climate risk is material. The resolution (Item #7 on the proxy) was filed by Mercy Investment Services.
In response to the shareholder votes, Jessye Waxman, Senior Strategist with the Sierra Club’s Fossil-Free Finance Campaign, issued the following statement:
“BlackRock’s shareholders cast concerning votes on climate-related matters at the company’s annual meeting. Climate risk management is not a political issue, it’s a responsible investment practice. Financially material climate-related risks are growing, but can be mitigated through better corporate governance and investment decisions. That shareholders appear timid about encouraging BlackRock to take this issue seriously – whether through its proxy voting or choice of directors – suggests that either shareholders are still failing to understand climate-related risks, or are making decisions influenced by political disinformation, rather than promoting what is in the best interest of BlackRock or its clients.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.