blackrock 2020 proxy voting guidelines

In December 2020, BlackRock announced a new stance on ESG proxy voting--one that would likely deliver a larger number of votes in support of diversity and climate action on the ballot. 2012. We applaud asset managers who voted with conviction in 2020’s proxy season on social and environmental resolutions. Proxy voting guidelines. fund will vote case-by-case on management and shareholder proposals to adopt proxy access. Proxy Statement (4/9/2020) PDF Format Download (opens in new window) PDF 5.07 MB. In the case of BlackRock, when it comes to voting, they favor "informed voting" against directors rather than on proxy proposals that can be seen … BlackRock’s 2021 Policy Guidance. ... Proxy Statement (4/19/2013) PDF Format Download (opens in new window) PDF 936 KB. The policies emphasize corporate diversity and inclusion and specific climate risk disclosures it will use to achieve its goal of a net-zero economy by 2050. This vote could be an indication that that trend is changing. Given BlackRock’s position as … BlackRock, Vanguard Opposition 2020 PROXY SEASON ANALYSIS DECEMBER 23, 2020 WASHINGTON -- The largest investors’ support for the Center for Political Accountability’s corporate political disclosure resolution jumped to 75.6 percent in 2020, up from 67.3 percent in 2019 according to analysis based on shareholder voting data from February 2020. More information can be found in our report BlackRock Investment Stewardship: 2020 Governance, Engagement Principles and Proxy Voting Updates. Hong Kong Proxy Voting Guidelines. We will support a proposal to eliminate cumulative voting only if the company allows for shareholder input on election of directors. Noteworthy updates include: Board independence For 2020, BIS articulated five priorities: board quality, environmental risks and opportunities, corporate strategy and capital allocation, compensation to promote long-termism and human capital management. Climate Risk BlackRock, Inc. and its subsidiaries (collectively, “BlackRock”) seek to make proxy voting decisions to achieve the outcome we believe is most aligned with our clients’ long-term economic interests. Members commit to engaging and working with companies to take action on climate change risk. • We would vote against the appointment of non-independent outside directors, including audit committee Overall, the guidelines indicate that BlackRock… 9 Sustainability Accounting Standards Board, Annual Report 2018, at 7 (2019). The result for the full year (July 1 2020 to June 30 2021) is likely to be different given there are many more proposals voted during peak proxy season. Changes to BlackRock's Proxy Voting Guidelines. On BlackRock’s stewardship agenda and a final DOL rule on proxy voting BlackRock demonstrates the efficacy of shareholder resolutions while the DOL tries to keep pension plans from voting … (Vanessa Fuhrmans, The Wall Street Journal ). Asia-Pacific. The 2019 guidelines are divided into eight key themes, grouped by issues that frequently appear on shareholder meeting agendas. At Vanguard, too, backing rose during the 2020 proxy season, which ended 30 June 2020. India Proxy Voting Guidelines. Proxy Voting and Engagement Guidelines1 outline our expectations of companies listed on stock exchanges in the US and Canada. Contents Section Page Executive summary 3 Engagement and voting 4 ... BlackRock Investment Stewardship (BIS) ... From July 1, 2019 to June 30, 2020, we engaged with over 2,000 companies and held over 3,000 engagements — both a record number and an Monday, March 23, 2020 Voting Matters At or before the 2020 Annual Meeting of Shareholders (“Annual Meeting”), we ask that you vote on the following items: Item 1 Election of Directors Item 2 Approval, in a Non-Binding Advisory Vote, of the Compensation for Named Executive Officers Item 3 Ratification of the Appointment of the Independent Registered Public BlackRock uses its voting power to support environmental and social issues. Proxy Advisors Split on COVID Impact on Executive Pay, Discretion. Japan Proxy Voting Guidelines (Japanese version) –. Voting Guidelines. BlackRock, the largest asset manager in the world, issued in December 2020 its new proxy voting guidelines for U.S. securities that expand its director “overboarding” voting policy in a manner that directly impacts shareholder activist funds. BlackRock Proxy voting guidelines for U.S. securities | 3 These guidelines should be read in conjunction with the BlackRock Investment Stewardship Global Principles. For 2020, ISS launched the following six sets of “specialty” proxy voting guidelines – each geared toward a specific special interest group: Taft-Hartley Advisory Services. 12/18/2020. BlackRock must adhere to more explicit voting guidelines. Collectively, these updates solidify BlackRock's … Remember that back in January, BlackRock issued its new proxy voting guidelines. BlackRock Corporate governance and proxy voting guidelines for Japanese securities | 6 • We would vote against the appointment of directors responsible for the board composition if less than one third of the board members are independent. 2021 Proxy Season Preview and Shareholder Voting Trends (2017-2020) builds on a comprehensive review of resolutions submitted by investors at Russell 3000 companies to provide insights into the new season of annual general meetings (AGMs).The data and analysis include trends in the number and topics of shareholder proposals, the level of support received by those proposals … ShareAction Chief Executive Catherine Howarth said, “As responsible investment strategies surge in popularity, voting on shareholder resolutions is a key test of authenticity and commitment. BlackRock's 2020 guideline updates continue to emphasize its focus on the role that governance plays in companies' long-term value creation story and the increasing importance of sustainability and climate change in investment risks and opportunities, as outlined in Larry Fink's 2020 Letter to CEOs: A Fundamental Reshaping of Finance. If such a client is an ERISA plan, the advisory agreement must expressly preclude Artisan Partners from voting. Specialty Policies. Looking ahead to the 2020 proxy season. 7. An effective means of driving change: BlackRock's analysis indicates that where shareholder E&S proposals receive significant support, companies tend to meet the request made in the proposal (even where the proposal fails to receive sufficient support to be carried). The companies that BlackRock took voting action against during the 2020 proxy season came from a mix of industries, though energy dominated that cohort with 37 companies, according to the report. Notable updates to its U.S. proxy voting guidelines include: Climate Risk: Building on themes described in Chairman and CEO Larry Fink’s January 2020 letter to CEOs, together with the BlackRock Investment Stewardship (BIS) team’s mid-year “Our Approach to Sustainability” report, expectations on climate risk have been clarified. Institutional Shareholder Services (ISS), “2021 Benchmark Proxy Voting Policies” (2020… Where we believe a board has not acted in the best interests of its shareholders, we may vote against … For example BlackRock found that: 1. The report published by As You Sow, a non-profit organisation, assessed proxy votes between January 2015 and June 2020 along with disclosures of compensation received for advising and administering corporate retirement plans for BlackRock, State Street, Vanguard and T.Rowe Price. The outside pressure has been on. For 2020, ISS launched the following six sets of “specialty” proxy voting guidelines – each geared toward a specific special interest group: Taft-Hartley Advisory Services. Overall, the guidelines indicate that BlackRock… Labour Rights in BlackRock’s Stewardship Framework In line with broader industry trends, BlackRock has built up its investment 2020 Annual Report PDF Interactive Report. Introduction Global voting guidelines 2020. BlackRock's corporate governance framework is a set of principles, guidelines and practices that support sustainable financial performance and value creation for our shareholders over the long-term. Annual Voting and Engagement Reports. In the case of BlackRock, when it comes to voting, they favor "informed voting" against directors rather than on proxy proposals that can be seen … Issuers' proxies most frequently contain proposals to elect corporate directors, to appoint external auditors and set their compensation, to adopt or amend management compensation plans, and to amend the capitalization of the company. Key Takeaways. These holiday season gifts include a number of takeaways for public … But as one more oddity of 2020, BlackRock is front-running its traditional proxy priority roll-out with yesterday’s release of a “2021 Stewardship Expectations” document that signals significant shifts in BlackRock’s priorities and approach, coupled with “Proxy Voting Guidelines” issued yesterday, to be effective January 2021. Japan Policy Guidance for Impacts of the COVID-19 Pandemic. Indeed, with assets under management close to $7.81 trillion as of the third quarter, BlackRock has significant influence in proxy battles. Introduction BlackRock, Inc. and its subsidiaries (collectively, “BlackRock”) seek to make proxy voting decisions in the manner most likely to protect and enhance the economic value of the secur ities held in client accounts. BlackRock released proxy voting guidelines and stewardship expectations for 2021 that reflect its continued commitment to integrate ESG throughout its investment and stewardship functions and provide greater transparency around its efforts. believe that BlackRock has implemented such a set of principles, guidelines and practices that support sustainable financial growth and long-term value creation for shareholders and hope that you will agree as you read our Proxy Statement. On December 10, 2020, BlackRock published its 2021 proxy voting guidelines alongside its updated These items and the voting guidelines arise from the developments BlackRock has seen in 2020, and they indicate a marked shift in their approach to shareholder proposals. The guidelines are in keeping with the perspectives expressed in BlackRock’s October 2017 Investment Stewardship Global Corporate Governance and Engagement Principles and CEO Laurence D. Fink’s most recent annual letter to public company CEOs. Who we are. 12/18/2020. As of the date of this alert, Vanguard has issued its 2020 proxy voting policies (with minimal changes from 2019), but 2020 proxy voting policies for BlackRock and State Street have not been published (although each has announced their priorities in 2020 with respect to ESG issues, as discussed below). Hong Kong Proxy Voting Guidelines. 3 Ibid. Notably, nearly 41% of companies in the Russell 3000 where we voted against directors for diversity reasons in 2019 improved their board diversity in 2020. Its global principles also set forth additional details regarding its climate-related engagement plans for 2021, which includes an expanded focus on more than 1,000 companies. These voting guidelines cover issues specific to certain markets within Europe, Middle East and Africa (EMEA) in which BlackRock is an investor. BlackRock published new guidelines in January that inform how the company will use its proxy voting power. All of these activities are overseen by BlackRock’s board of directors via the Nominating and Governance Committee.11 IV. Consistent with BIS’ 2021 proxy voting guidelines for U.S. securities, the Stewardship Expectations indicate that BIS expects U.S. boards to have, in addition to other aspects of diversity, at least two women directors. T. ROWE PRICE VOTING GUIDELINES Following are selected voting issues and the T. Rowe Price proxy voting guidelines for 2020. With only one month remaining in the 2020 proxy season, an examination of early voting statistics among Russell 3000 companies reveals that climate-related investor concerns are having a meaningful impact on the 2020 season. Proxy Voting Policy 2 - No Responsibility—In certain circumstances, a client may direct Artisan Partners not to vote on its behalf. But as one more oddity of 2020, BlackRock is front-running its traditional proxy priority roll-out with yesterday’s release of a “ 2021 Stewardship Expectations ” document that signals significant shifts in BlackRock’s priorities and approach, coupled with “ Proxy Voting Guidelines ” issued yesterday, to be effective January 2021. On December 10, 2020, BlackRock published its 2021 proxy voting guidelines alongside its updated investment stewardship global principles and its stewardship expectations for 2021. December 14, 2020. BlackRock Releases 2020... Corporate Governance Update BlackRock Releases 2020 Engagement Priorities with a Focus on Sustainability and ISS Issues New Climate Voting Policy ISS and Glass Lewis disagree on how companies should approach COVID impacts to executive pay, according to a recent Skadden webinar with BlackRock, ISS, and Glass Lewis. 3 Introduction Participating and voting in shareholder meetings is a basic right of shareholders. 2020 Calendar Year. BlackRock also voted against proposals at seven utility companies, four industrials companies, four materials companies and one financial firm. Specialty Policies. Morrow ... Glass Lewis, “2021 Proxy Voting Policy Guidelines” (2020). Given the relative high level of support, a policy change from one of the major investors could be the difference between a pass or fail. Labour Rights in BlackRock’s Stewardship Framework In line with broader industry trends, BlackRock has built up its investment This is not surprising given the focus paid to this topic by both BlackRock and State Street in their respective CEO letters published in January of this year. This report compares millions of proxy voting records from January 2015 to June 2020 to commercial relationships, which uncovers the fact that all major fund managers considered — BlackRock, State Street, T. Rowe Price, and Vanguard — vote with management of their customers at a significantly higher rate compared to non-customers. Plans to align their businesses with the global goal of net zero GHG emissions by 2050. India Proxy Voting Guidelines. King & Spalding on 12/14/2020. On December 10, 2020, BlackRock published its 2021 proxy voting guidelines alongside its updated investment stewardship global principles … Last week, Glass Lewis & Co. (Glass Lewis) released its annual U.S. and Shareholder Initiatives proxy voting policies and guidelines for the 2020 proxy season. It took voting action against 53, or 22% and put the remaining 191 companies “on watch” for potential voting action in 2021. On March 19, Glass Lewis announced an immediately effective policy update in recognition of the fact that many public companies have resorted to virtual-only meetings in light of the COVID-19 pandemic. The guidelines are in keeping with the perspectives expressed in BlackRock’s October 2017 Investment Stewardship Global Corporate Governance and Engagement Principles and CEO Laurence D. Fink’s most recent annual letter to public company CEOs. 2020 joiners include BlackRock, JP Morgan, Wellington, Nuveen, and Invesco. Generally, it will vote for proposals permitting a shareholder or a group of up to 20 shareholders representing ownership and holdings thresholds of at least 3% of a company’s outstanding shares for three years to nominate up to 20% of the seats on the board. BlackRock recently published its updated Proxy Voting Guidelines for U.S. public companies. Apr. BlackRock’s 2021 Policy Guidance. The following issue -specific BlackRock 40 East 52nd Street New York, NY 10022 Dear Mr. Fink: It has been more than nine months since you pledged to make sustainability BlackRock’s “new standard for investing.” We write today to request an update on your progress and to understand why BlackRock’s 2020 proxy voting record appears to contradict your public statements. Each January, BlackRock typically previews its stewardship priorities in CEO Larry Fink’s annual letter to … The Investment Stewardship Committee is composed of senior executives, officers, directors, and members of the portfolio management team and is responsible for administering Dimensional’s proxy voting policy, considering complex proxy voting cases, and overseeing the Investment Stewardship Group. 2 Early 2021 Proxy Voting Results, 5/4/2021, King & Spalding 6,10 [proxy preview] 2021. U.S. proxy voting policy. According to Morningstar, BlackRock only supported 14 percent of the climate-related resolutions it voted on in the 2020 proxy season – less than the previous year’s level of support. However, the study also found funds with the most 401k assets regularly vote against key ESG resolutions and tend to follow the voting strategy set at the asset management level. Introduction We believe BlackRock has a responsibility to monitor and provide feedback to companies, in our role as stewards of our clients’ investments. BlackRock must make a radical departure from its 2020 voting behavior to uphold this new commitment. At the meeting, ... disclosed in the proxy information. Sustainability. 2020 Proxy Statement Notice of Annual Meeting May 21, 2020 Generating Long-Term Shareholder Value BlackRock… 日本向け議決権行使助言基準. ... followed soon thereafter by updated proxy voting guidelines. 5 Blackrock, supra note 4. KEY VOTING GUIDELINES: AMERICAS Auditor ratification Generally FOR approval of auditors. Primary updates from our 2020 policy include assessments of director accountability in board diversity-related situations, and considerations for climate, workforce diversity, and corporate political activity proposals.. Update on the 2020 Proxy Season June 27, 2020. Annual Report (12/31/2012) PDF Format Download (opens in new window) PDF 4.28 MB. BlackRock is a global investment manager and our purpose is to help more and more people experience financial well-being. We will generally engage directly with the board or management of a company when we identify issues. Japan Policy Guidance for … development of the firm’s global engagement principles and regional proxy voting guidelines. In this alert, we cover the key changes to both proxy voting guidelines. For example, BlackRock’s Proxy Voting Guidelines state, “we believe that when a company is not effectively addressing a material issue, its directors should be held accountable. Public Fund. 2020. Morrow Sodali Institutional Investor Survey (2020). As reported by Bloomberg, “[e]nvironmental advocates in cities including New York, Miami, San Francisco, London and Zurich targeted BlackRock for a wave of protests in mid-April, holding up images of giant eyeballs to signal that ‘all eyes’ were on BlackRock’s voting … New York, NY – Today, BlackRock released a new investment stewardship report.In the report the world’s largest asset manager detailed how it voted during the 2020 shareholder season which was the first big test of the climate commitments it made in January of this year.. But as one more oddity of 2020, BlackRock is front-running its traditional proxy priority roll-out with yesterday’s release of a “2021 Stewardship Expectations” document that signals significant shifts in BlackRock’s priorities and approach, coupled with “Proxy Voting Guidelines” issued yesterday, to be effective January 2021. In this timeframe, BlackRock’s peers, State Street and Fidelity, supported 55 percent and 47 percent of climate-related resolutions, respectively. Japan Proxy Voting Guidelines. Our general proxy voting policies for each Vanguard fund (effective April 1, 2021). In a set of proxy voting guidelines posted in February of last year, the global in View BlackRock-2020-Proxy-Statement.pdf from ACCOUNTING 101 at Touro College. Stewardship is an essential component of BlackRock’s fiduciary responsibility to clients, and the 2020 Priorities are the foundation for the firm’s engagement with thousands of companies annually. 8 Morrow Sodali, Institutional Investor Survey 2020, at 4 (2020). The updated proxy voting guidelines contain additional substantive and technical updates that may be of interest to public companies as they prepare for the upcoming proxy season. In the 2020 proxy season alone, we have engaged eight companies, among them some of the largest global investment firms, such as BlackRock, JPMorgan Chase, and Vanguard Group, where we filed shareholder resolutions seeking a review of 2019 proxy voting practices on proposals addressing climate change. Endnotes. Understanding the proxy voting policies of key investors and their advisers can help boards prepare for the 2020 proxy season. Investors have been critical of the low representation of women in U.S. boardrooms, and they have demanded change. Boards have responded, appointing a record number of female directors. Analyzing proxy voting across all resolutions, BlackRock, State Street, and T. Rowe Price favored clients each of the six years analyzed; Vanguard favored clients in five of the six years. Catholic Faith-Based. A BlackRock spokesperson told Funds Europe: “During the 2019-2020 proxy season, we opposed the re-election of more than 1,500 directors globally on diversity-related concerns. These guidelines are reviewed and updated annually. BlackRock and State Street Update Proxy Voting Guidelines February 8, 2021 the company’s long-term strategic initiatives and (ii) concerned when the rationale for increases in total compensation is based solely on peer benchmarking, rather than absolute performance. Key Takeaways. BlackRock, Inc., voting rights attached to shares 3.05 %, and voting rights through instruments 0.04 % Continental AG 24.06.2021 / 16:17 Dissemination of a Voting Rights Announcement transmitted by DGAP - a service of EQS Group AG. The updated proxy voting guidelines contain additional substantive and technical updates that may be of interest to public companies as they prepare for the upcoming proxy season. BlackRock said in its own statement that it anticipates more engagement and voting on sustainability issues next year and is reviewing its engagement priorities and voting guidelines. However AGAINST ratification of auditors and/or AGAINST These reports provide an annual overview of BlackRock’s Investment Stewardship voting and engagement activities for each year. On BlackRock’s stewardship agenda and a final DOL rule on proxy voting BlackRock demonstrates the efficacy of shareholder resolutions while the DOL tries to keep pension plans from voting …

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