BlackRock is the world’s largest asset manager, with more than $6 trillion in assets, and it funds more pollution and deforestation than any other financial entity on Earth. BlackRock is the number-one investor in new coal plant production, one of the largest investors in oil and gas, and the top US investor in companies destroying the world’s rainforests.
Major investors like BlackRock can help make or break the outcome of many shareholder votes by pushing companies for stronger action and transparency. BlackRock CEO Larry Fink claims that the company will use its influence to drive companies to act responsibly on climate. But year after year, it votes down shareholder resolutions on climate -- supporting just 10% of key climate resolutions. BlackRock has also voted to reelect business-as-usual directors to fossil fuel company boards -- supporting 99% of management-nominated directors at US fossil fuel companies.
Larry Fink likes to talk the talk on climate action, but it’s time for BlackRock to walk the walk. The "BlackRock’s Big Problem" campaign is ramping up the pressure on BlackRock to change its ways, to protect the climate as well as the billions of dollars in pension savings that are vulnerable to climate change-induced economic crises.
Last week, our coalition delivered petitions with nearly 130,000 signatures to BlackRock’s headquarters in New York calling on it to use its immense voting power responsibly. Our friends at Majority Action identified a list of key votes where BlackRock has an opportunity to use its shareholder power to push companies to do better, and we’re calling on it to vote the right way.
(Photo: Majority Action)
Unfortunately, BlackRock is not off to a good start. Late last week, at the shareholder meeting for Duke Energy, the largest utility in the US and a major opponent of climate action, BlackRock voted to support adding an outright climate denier and funder of the Heartland Institute to Duke's board of directors. That’s definitely not the “social purpose” that BlackRock likes to talk about.
The incredible power that BlackRock and other fund managers wield comes from the money entrusted to them by millions of us through our savings, retirement accounts, and public funds. Fund managers care what their customers say, and they care about their public reputations just as much. It’s important now more than ever to keep the pressure up on BlackRock. In the coming weeks, several more major polluting companies will have their annual shareholder meetings, and at each one BlackRock will have a choice to make between business-as-usual and meaningful climate action. We’ll be watching closely to see what it chooses.
Help us keep the pressure up: Send a message to BlackRock to use its shareholder power to vote for climate action. After you send your message, you can also make a call to BlackRock at 877-415-8656 to make sure it's hearing from us loud and clear.