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A
representative for New York-based BlackRock said it plans to
announce on Monday that investors in its iShares Core S&P 500
ETF will be able to chose among a range of policies to determine
how the fund votes their shares at corporate annual meetings.
Retail investors hold about half of the $305 billion fund's
assets. Fund clients will be able to choose among voting plans
from proxy advisers Institutional Shareholder Services and Glass
Lewis & Co, including one that prioritizes climate
considerations and a new ISS offering, aimed at conservatives,
that favors company managements.
Investors will not be able to specify votes in specific company
elections. But the program meant for the 2024 proxy season still
marks a significant expansion of BlackRock's efforts to give
investors control, to date meant for institutional customers.
While many clients will rely on the votes BlackRock will
continue to cast, "consistent with our fiduciary duty as an
investment manager, others want the choice to participate in
proxy voting more directly," said Joud Abdel Majeid, Global Head
of BlackRock Investment Stewardship, in a statement.
Rivals including State Street and Vanguard have their own
programs to devolve proxy voting rights. With some $20 trillion
in combined managed assets the three companies have emerged as
powerful voices in corporate boardrooms.
The three have declined to adopt policies like fossil-fuel
divestment sought by some environmental activists. But they
still face criticism from Republican U.S. politicians who have
put their votes under scrutiny, saying steps like their
participation in industry environmental efforts can amount to
collusion.
(Reporting by Ross Kerber; Editing by David Gregorio)
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