BlackRock support for ESG shareholder resolutions hits fresh low.

BlackRock announced it will support fewer environmental, social, and governance (ESG) shareholder resolutions to 4.1% during the 2024 annual general meeting (AGM) season. The firm cited that many proposals were overreaching, lacked economic merit, or did not align with long-term shareholder value. This decision reflects a broader trend of increased scrutiny and selectivity in backing ESG initiatives. The firm’s stance has drawn criticism from various stakeholders, including political figures and activists.