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Laxman Pai, Opalesque Asia:

Asset managers backing resolutions on important environmental and social issues as company shareholders have fallen to a three-year low said a study.

ShareAction describes the 2023 voting record as 'deeply concerning' and 'the worst result we've seen from asset managers in recent years'.

The fifth annual report analyzing how the world's largest asset managers voted in 2023 on shareholder resolutions that were aimed at addressing ESG pointed out that the overall picture of the results is that support for these resolutions has catastrophically crashed to a level not seen before in the report series.

The report, Voting Matters, from ShareAction - the responsible investment charity - found that in 2023 only 3% of assessed resolutions passed, down from 21% in 2021. Of the environmental resolutions assessed, just 3% passed last year compared to 32% in 2021.

Asset managers who voted against resolutions to protect the environment included JP Morgan Asset Management, State Street Global Advisers, and UK-based Baillie Gifford, who have policies claiming they are working to protect the planet by achieving net zero emissions, leaving them open to claims of hypocrisy and greenwashing.

On social resolutions, the report found a drop in majority support from 15% to 4% in 2023. Among the resolutions that failed to pass due to large asset managers like BlackRock, Vanguard, Fidelity Investments, and State Street voting them ......................

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