Tell BlackRock and Vanguard to Vote For Climate Action

The world’s two largest asset managers, BlackRock and Vanguard, are top shareholders of nearly every major company in the world. This gives them an enormous opportunity and responsibility to hold companies accountable for their climate record and to demand action.

After years of calling out BlackRock as the world’s largest investor in fossil fuels, we’ve moved the company to make several big commitments to act on climate. BlackRock is now pledging to achieve net zero emissions across its entire portfolio by 2050. In turn, the world’s next largest asset manager, Vanguard, is slowly getting off the sidelines and committing to net zero by 2050 as well. These are important signs that our collective pressure is working, but these companies’ vague and distant promises won’t cut it without immediate action.

To be climate leaders, BlackRock and Vanguard must vote in favor of critical climate shareholder resolutions and vote out board directors at companies driving climate destruction. This shareholder meeting season is full of critical climate votes that we’ll be watching closely, including several key votes at big polluters and banks that can turn the tide on climate progress. These votes will be a major test of investors’ climate commitments.

Send a message to BlackRock and Vanguard executives to urge them to vote for bold climate action now!

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Investor in BlackRock mutual funds or ETFs (iShares)

Participant in a 401(k) plan managed by BlackRock

Owner of BlackRock shares ($BLK)

Investor in Vanguard mutual funds or ETFs

Participant in a 401(k) plan managed by Vanguard

Investor in other major mutual funds or ETFs (Fidelity, State Street, etc.)

Participant in the federal Thrift Savings Plan fund (managed by BlackRock)

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Vote in line with your climate commitments this shareholder season

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I’m writing today about your upcoming shareholder votes on key climate resolutions and corporate directors. I’m encouraged by your company’s recent commitments on climate change, but an important test of your rhetoric and promises is how you’ll use your massive shareholder power on pivotal votes this spring. Your default position should be to vote in favor of pro-climate shareholder resolutions and against corporate boards when a company doesn’t have a clear and credible decarbonization plan. The world’s leading scientists have made it clear that in order to have a chance of limiting global warming to 1.5°C and avoiding the most catastrophic impacts of climate change, we must reduce net greenhouse emissions down to zero by 2050, and in order to meet that trajectory, we must slash emissions by at least half this decade. That means that corporate directors must ensure that their companies set ambitious decarbonization targets in line with a credible 1.5°C pathway and align their companies’ business plans and near-term actions with those targets. We need bold action now and you are in a unique position to help drive it. There is no time left for excuses or slow walking on what we know you can do. There are many critical climate shareholder votes happening this year, and we’ll be watching closely to see how your record stacks up across the board. In particular, there are several pivotal votes on corporate directors and resolutions that will help determine how quickly we see climate progress, and will show just how serious you are about your latest commitments. Specifically, you should vote against CEO Darren Woods, Independent Director Kennth Frazier, and possibly other directors at ExxonMobil. At Duke Energy, please vote against CEO Lynn Good and Lead Director Michael Browning. And at Wells Fargo, please vote against director Chairman Charles Noski. These companies have failed to take adequate climate action and these directors need to be held accountable. Additional directors and supporting analysis is available at: proxyvoting.majorityaction.us In addition, you should vote for the shareholder resolutions at BP, Shell, Barclays, and MUFG to set and publish targets consistent with the goal of the Paris Agreement. You should also vote in favor of the shareholder resolution at Bunge that calls on the company to issue a report assessing if and how it can improve its efforts to curb deforestation. I’ll be watching to see how you vote on these key measures and others this year. People all over the world, including your own clients and investors, are calling on you to follow-through on your recent commitments and to match your voting with the scale and urgency of the climate crisis. I hope to see meaningful action and leadership. Thank you.

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