Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. His pronouncement came after years of criticism that BlackRock had been too slow to act on ESG issues, particularly climate change. Sandy Boss was hired to lead the division last year. BlackRock has issued a report 'to provide clarity and insight' into its approach to engaging with companies on their management/disclosure of sustainability related risks. Ms Best, however, says that even with these actions, BlackRock has a “passive problem” — with billions of dollars of assets not subject to the same sustainability requirements as their active strategies. In that context, BIS believes that “ESG performance metrics should reflect material business factors and be aligned with a company’s long-term strategy. this special report on BlackRock Investment Stewardship’s (BIS) approach to sustainability. In a 273-page report based on data and insights from a range of banking sector and other stakeholders, released on Friday, the study said policymakers should take more action. Among the conclusions, the report suggested banks and supervisors work to develop a granular definition of the ESG risks, with some stakeholders calling for ambitious strategies with measurable objectives and timelines. BlackRock barges into corporate boardrooms. Found inside – Page 32The Coca-Cola Company, 2019 Business and Sustainability Report, ... Investing Came Of Age In 2020 - Millennials Will Continue To Drive It In 2021, Forbes, ... “Without tackling the passive problem, BlackRock will remain heavily exposed and the largest investor in coal, oil and gas,” she says. With regard to say-on-pay votes, BIS believes that companies should “consider disclosing how their executive compensation structures align with their long-term strategy and purpose, including shareholder interests and key stakeholder considerations. An undercover NOVAS operative takes on a mission in Ireland and discovers an odd case involving the murder of thoroughbred horses. BlackRock also has a new global head of investment stewardship, who took the reins last year as COVID-19 shut down much of the economy, but also intensified companies’ attention on racial inequities and environmental issues, such as climate change. These proposals address topics such as racial equity audits, diversity and disclosure of EEO-1 data. 2) BlackRock 2020 Global Sustainable Investing Survey, November 2020. Dear CEO, BlackRock is a fiduciary to our clients, helping them invest for long-term goals. REUTERS/Kai Pfaffenbach/File Photo. Download the report. Explore the FT’s coverage here. Catherine Howarth, chief executive at ShareAction, a responsible investment charity, says the decision to vote against directors could have a big impact by forcing boards to more closely address investor concerns. Post was not sent - check your email addresses! Last year, BIS said that it supported 6.3% of the environmental shareholder proposals, 6.8% of the social shareholder proposals and 17.1% of governance shareholder proposals. So she lives in Black Rock, Tobago, with her cousins and Tassi's second husband Roman, a man so sly he could crawl under a snake's belly on stilts. Access to real-time, reference, and non-real time data in the cloud to power your enterprise. With global warming driving a “fundamental reshaping of finance”, Mr Fink said it was time for BlackRock to put sustainability at the heart of how the $8.7tn fund house invests. BlackRock is a global investment manager and our purpose is to help more and more people experience financial well-being. McDonald's, BlackRock and GM on How the US Can Take the Lead on Climate Action. Those that do not make significant progress risk voting action against management in 2021.” BlackRock reports that it took voting action against companies where it believed “corporate leadership [was] unresponsive to investors’ concerns about climate risk or assessed their disclosures to be insufficient given the importance to investors of detailed information on climate risk … For example, in the first quarter of 2020, the company supported less than 10% of environmental and social shareholder proposals and opposed three environmental proposals. BIS opposed executive pay programs when companies were not able to explain how these adjustments supported long-term, sustainable value creation.”, Say on pay. "However, coverage is often limited and, for example, off-balance sheet investment activity associated with advisory or debt capital markets is often not in scope.". A thorough discussion of the theoretical underpinning of risk management combined with keen insights from a practitioner's perspective. This text will rank among the most essential readings for both market professionals and academics. Found insideSome countries are now making sustainability reporting mandatory. ... Larry Fink, CEO of BlackRock, Inc. – the world's largest asset manager with more than ... Failure to do so may leave companies vulnerable to reputational risks and undermine their sustainability efforts.”. In general, BIS reports that, in the U.S., shareholders “tend to be more supportive of management’s proposed executive pay plans” than in other markets, even though levels of support have gradually fallen over time. An authoritative, must-read guide to making more informed decisions about mutual funds Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual ... During the 2020-21 proxy year, BIS had the most engagements (2,330) with companies regarding climate and natural capital (essentially, natural resources such as air, water, land, minerals and forests), followed by strategy, purpose and financial resilience (2,200) and board quality and effectiveness (2,150). What it has done: BlackRock says ESG has been integrated into all of its active and advisory strategies, covering about $2.7tn of its assets under management. The total cost of 'billion-dollar' weather and climate disasters in the U.S. exceeded $600B over the past 5 years 3. Europe’s banks lagging on sustainability – BlackRock study. Found insideThe October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by ... All figures are from BlackRock as of December 2020. The information on the blog may be changed without notice and is not guaranteed to be complete, correct or up-to-date, and may not reflect the most current legal developments. One of the key issues this year was lack of board diversity, with 1,862 against votes globally. Effective stewardship means focusing on sustainability: BlackRock stewardship report released ... or risk similar action in 2021. BlackRock, Inc. 2021 Investor Day Jun 10, 2021 “It is important to acknowledge that BlackRock saying that climate change is a big investment risk is a positive sign,” says Diana Best of the BlackRock’s Big Problem campaign, a network of climate activist groups. BlackRock has just released its Investment Stewardship Report for the 2020-2021 proxy voting year (July 1, 2020 to June 30, 2021). If public disclosures were inadequate,  BIS said that it “may conclude that those issues are not appropriately managed and mitigated.”  In 2021, based on GHG emissions data provided by third-party data providers, BIS expanded its ”climate focus universe” to over 1,000 carbon-intensive public companies, representing “90% of the global scope 1 and 2 greenhouse gas (GHG) emissions of our clients’ public equity holdings with BlackRock.”  Companies in the climate focus universe were subject to more rigorous assessments. Found insideAvailable at: https://www.greenbiz.com/report/2021-state-green-business-report. Accessed 5 February 2021. Grieve, C. (2020). US funds titan BlackRock ... By Simon Jessop. One of BIS’s most important signals of support or concern is voting for or against directors. Otherwise, they may see their reputation damaged and their social license to operate impaired.”, In voting on say on pay at different companies, BIS assessed executive comp decisions relative to “the experiences of their employees, and other key stakeholders,” including “the reputational risk of making outsized payments to executives, especially if they reduced their workforces as a result of temporary shutdowns or definitive closures.” Globally, BIS voted in favor of 84% of say-on-pay proposals, compared with 88% supported during the 2019-20 period. BlackRock is committed to doing its part, consistent with our purpose, to help build a better, fairer society. Found inside – Page 49Blackrock, “Our approach to sustainability,” July 2020, accessed May 18, 2021, ... -sustainability-full-report.pdf. † United Nations Foundation ... “In order to effectively exclude the coal industry, BlackRock should drop all companies that are planning to expand existing or build new coal infrastructure,” says Katrin Ganswindt, finance campaigner at Urgewald, a non-profit. It is their money we manage, not our own. 8 Reuters, “Biden plan calls for $100 billion in new EV consumer rebates: email,” April 2021. “Our view is they have gone from being quite a long way behind the curve to just behind the curve. Moving forward together. Found inside – Page viiNote: This guide supersedes AICPA Statement of Position (SOP) 13-1, Attest Engagements on Greenhouse Gas Emissions Information. The content of that SOP has been updated for the clarified attestations standards and included in the guide. Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Facebook (Opens in new window), Click to email this to a friend (Opens in new window), Compliance and Disclosure Interpretations, Investment Stewardship Report for the 2020-2021 proxy voting year, SEC’s Investor Advisory Committee to consider Rule 10b5-1 plan recommendations, SEC approves NYSE amendment of related-party transaction review requirement, SEC charges healthcare services company engaged in earnings management, Nasdaq offers more answers on board diversity rule, Commissioner Peirce offers Brookings her views on ESG, Gensler discusses potential elements of climate risk disclosure rule proposal. some of their European competitors,” says Dylan Tanner, executive director at InfluenceMap. Election of directors. 2020 ANNUAL REPORT. Your Survival Guide to the Hades of Wall Street The Devil's Financial Dictionary skewers the plutocrats and bureaucrats who gave us exploding mortgages, freakish risks, and banks too big to fail. Our purpose. With interests across so many sectors and industries, the company has a great voice and influence on corporate governance matters. The opinions expressed on the blog are the opinions of the authors only and not those of Cooley LLP and Cooley (UK) LLP. Of course, BlackRock remains focused on financial returns for its clients. Found insideDavid Webber shines a light on labor's most potent remaining weapon: its multitrillion-dollar pension funds. DisclaimerThis blog is provided for general informational purposes only and no attorney-client relationship with the law firm Cooley LLP and Cooley (UK) LLP is created with you when you use the blog. BlackRock’s purpose is to help more and more people experience financial well-being. According to the 2020 report, these steps represented a substantial rise from BlackRock’s critical climate risk-based voting in 2019. For example, in the first quarter of 2020, the company supported less than 10% of environmental and social shareholder proposals and opposed three environmental proposals. Europe’s banks lagging on sustainability – BlackRock study. In the Americas region, “insufficient board gender diversity was the top reason for voting against a director.” BIS voted against 1,554 directors at 975 companies—or 61% of the votes it cast against directors in the Americas region—for board-gender-diversity-related reasons. BIS supported 26 of these proposals at 23 companies. By Simon Jessop. This year’s votes on shareholder proposals may reflect a broader shift in attitude on the part of BIS. 1447247. “At the very least, companies with a coal share of revenue of 20 per cent and a coal share of power production of 20 per cent should be excluded from BlackRock’s portfolios.”, Without tackling the passive problem, BlackRock will remain heavily exposed and the largest investor in coal, oil and gas. BlackRock would launch new products, consider environmental, social and governance issues in investment decisions, sell some coal holdings and overhaul how it deals with companies. BlackRock asks that talent strategy disclosure in a company sustainability report fully reflect the company’s long-term plans to improve DEI, as appropriate for the region. They need to make the Big Pivot. In this indispensable new book, Winston provides ten crucial strategies for leaders and companies ready to move boldly forward and win in this new reality. What BlackRock said it would do: Divest from fossil fuel companies that generate more than 25 per cent of their revenues from thermal coal by the middle of 2020 in its discretionary active investment portfolios. 2021 Investor Day Full presentation Agenda Replay. "We know that climate risk is investment risk. Please see BlackRock’s 2021 Proxy Statement for detailed ... included in this BlackRock Sustainability Disclosure as of, and for the … This book provides a comprehensive overview of the problem and the players involved, both on the aggressive, hardcharging Left and in the nascent conservative resistance. BIS believes that if “a company is not effectively addressing a risk that could impact long-term value, its directors should be held accountable.” During the 2020-21 proxy year, BIS voted in over 64,000 director elections. Found insideBlackRock. 81 “State of Integrated and Sustainability Reporting 2018,” Sustainable Investments Institute and IRRC Institute (2018). We will accelerate investments in areas we believe have high growth potential In addition, BlackRock’s Letter to CEOs directs readers to its racial equity and inclusion disclosure on its website. As she approaches the island, the wintery winds of Black Rock Bay usher Mia home again. When Mia digs into the reporter's death, she finds he left behind a written clue: It wasn't suicide. In the Americas region, BIS voted on 3,181 proposals in the 2020-21 proxy period, voting no on 161 proposals, or 5%, compared to 3,095 proposals in 2019-20 proxy period, when it voted against 130 proposals, or 4%. Reporting by Simon Jessop, additional reporting by Lawrence White; editing by David Evans, Measurement of exposure to ESG risk 'very limited', 'Few' have a comprehensive strategy in place, Data, definitions, resource all pose a challenge. LONDON, Aug 27 (Reuters) - Europe's banks are proving slow to act on sustainability and have only a limited grasp of their exposure to environmental, social and governance-related risks, a report for the European Commission by asset manager BlackRock showed. But we also believe the climate transition presents a historic investment opportunity." BlackRock voted against management on one or more proposals at 35% of shareholder meetings in the first quarter of 2021, up from 30% during the prior-year period. August 27, 2021. It has doubled the number of ESG index offerings, as well as actively managed sustainable products. What a difference a year makes. What it has done: There has been a big shake-up in BlackRock’s stewardship activities, which includes discussions with companies across the world and its voting at annual meetings. ... Germany, August 24, 2021. The story of a financial revolution—the greatest untold success story on Wall Street:Not only have Blackstone and a small coterie of competitors wrested control of corporations around the globe, but they have emerged as a major force on ... “Climate risk is investment risk,” concluded BlackRock CEO Larry Fink in his annual letter to chief executives last January. With climate change rewriting core assumptions in modern finance, he argued, trillions of dollars are at stake. Most of the money we manage is for retirement – for individuals and pension beneficiaries like teachers, firefighters, doctors, businesspeople, and many others. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. for a number of reasons, such as keeping FT Sites reliable and secure, India has fewer ESG funds than other top 10 economies, Rio Tinto yet to pay compensation over sacred site destruction, Oil majors, Woodside seek to overturn planned Australian clean-up tax, Central banks should not mandate 'green' investments: Raghuram Rajan. By using the blog, you agree that the information on this blog does not constitute legal or other professional advice. BIS indicates that it votes against management comp when the company provides “poor disclosure” or demonstrates a “lack of rigor of performance metrics” or makes “outsized executive awards not linked to long-term performance and without robust rationale.”, A number of companies this year elected to include ESG performance metrics in their executive comp plans. LONDON (Reuters) - Europe's banks are proving slow to act on sustainability and have only a limited grasp of their exposure to environmental, social and governance-related risks, a report for the European Commission by asset manager BlackRock showed. Sorry, your blog cannot share posts by email. The focus on sustainability was widely welcomed, but also met with scepticism. And, this year, BIS voted against the election of 255 directors as a result of climate-related concerns, an increase from only 55 in the prior year. Looks at the current state of corporations and their impact on American life. We also explore how factors such as climate change, the fair treatment of workers, and racial and gender equality, among others, are increasingly relevant to a company’s business operations.” To that end, “board quality and effectiveness” are top priorities and “sustainability risk—including climate risk—is investment risk.”. The report, which will be used to help integrate sustainability into banking prudential rules, had proved contentious given the U.S. firm's role as an investor in many of the banks. Still, many of their most vocal critics have been positive about BlackRock’s progress over the year, even if they believe there is still work to be done. By admin. ... 07/20/2021 10:23 AM EDT. BlackRock's 2021 investor day presentation Bodnar, who joined the firm in April from the Rocky Mountain Institute, said BlackRock had integrated sustainability considerations into … 3) The Portfolio Alignment Team of the TCFD released the report, Measuring Portfolio Alignment, in November 2020. There’s even a global network of NGOs, social movements, grassroots groups and financial advocates called “BlackRock’s Big Problem,” which pressures BlackRock to “rapidly align [its] business practices with a climate-safe world.”  Why this singular outrage at BlackRock? It is also now possible for investors to check how sustainable BlackRock’s retail funds are across various metrics, including carbon intensity, and to check for exposure to controversial holdings, such as companies behind civilian firearms. BlackRock’s sustainability ‘report card’ one year from Fink’s annual letter. BlackRock Inc. is a leading proponent of sustainability and one of the largest investment companies in the world with trillions of assets under its management. Urgent and indispensable, this investor's guide will provide you with the vital information you need to build your successful ESG investment strategy to secure a positive future for you and the planet. What a difference a year makes. Our commitment to you. When BlackRock chief Larry Fink issued his annual corporate missive to chief executives last January, he promised a huge shake-up at the world’s largest asset manager. With regard to diversity disclosure, BIS wants companies to disclose workforce diversity, including race, gender and ethnicity, consistent with the EEOC’s EEO-1 survey data. Read more about our nationally recognized practice. He argues that the anthropocene - the age in which humans acquired planetary-scale technologies - is, after 300 years, coming to an end. A new age - the novacene - has already begun. In 2021, we will continue to strategically and efficiently invest in BlackRock to optimize future growth to benefit all of our stakeholders. Rather, in aiming “to be the voice of the long-term investor,” BIS urges “companies to focus on the governance and sustainability risks that can impact their ability to generate long-term financial returns….Throughout our report, we focus on how important sound corporate governance practices are to delivering sustainable long-term value. Among the findings, the report said banks did not have a common definition of ESG risks, with most lenders yet to map how different ESG risks feed into financial risk and only a few having a risk strategy in place. At BlackRock, we’re putting sustainability at the center of how we invest and have worked to embed sustainable practices across our entire business. In Larry Fink’s annual letter to CEOs, he outlines why now more than ever, it’s imperative for companies to put an unwavering focus on sustainability, corporate governance and long-term value creation. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Sources: 1) BlackRock Sustainable Investing, September 30, 2020 with data from Broadridge and Simfund. BlackRock “believes that climate risk is investment risk and that every company’s business model will be profoundly affected by the transition to a net zero economy.” In that regard, BlackRock has advocated for “more widespread and standardized sustainability reporting.” Specifically, in January 2020, BlackRock asked that companies publish reports aligned with the Task Force on Climate-related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB). Found insideThe book explores the broad range of issues and policy choices Taiwan confronts and offers suggestions both for what Taiwan can do to help itself and what the United States should do to improve Taiwan’s chances of success. In particular, the report provides an overview of BlackRock's approach to engagement on climate risk, including insights into its recent voting decisions. Europe’s banks lagging on sustainability – BlackRock study FILE PHOTO: The skyline with the banking district is photographed in Frankfurt, Germany, August 24, 2021. By Simon Jessop. For example, in the first quarter of 2020, the company supported less than 10% of environmental and social shareholder proposals and opposed three environmental proposals. But it still lags behind many of its European peers. BIS also asks companies to demonstrate “board oversight, due diligence, and remediation mechanisms relating to adverse impacts on people arising from their business operations.” In the 2020-21 proxy year, BIS voted against management over concerns about social issues at 36 companies. As of June 30, 2021. Named Strategy + Business best marketing book of 2011 Combining social media tools with socially conscious brands, the two major trends shaping tomorrow's consumer climate, Simon Mainwaring presents a visionary new model for companies and ... We may support proposals seeking enhanced disclosure if the information requested would be useful to us as an investor and if management has not already substantively provided it. Picture is taken with long time exposure and zoom burst. Found insideThis book explores the climate issue from its very beginnings through to the end of the 21st Century, looking in depth at the transition challenge we collectively face. It also reviewed its stewardship policies and in December committed to backing more shareholder resolutions on climate change, after criticism in the past it had failed to support such proposals. analyse how our Sites are used. Released the report, these steps represented a substantial rise from BlackRock Fundamental Equities Tony... And curated content for the clarified attestations standards and included in the to! Information, analytics and exclusive news on financial returns for its clients with disasters. 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