BlackRock turns up heat on boards as AGM season gets going

By Reuters6 days ago

Reuters. FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid/File Photo

By Ross Kerber and Simon Jessop

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BOSTON/LONDON (Reuters) - BlackRock (NYSE:BLK) voted against more company directors and backed more shareholder resolutions in the first quarter than a year ago, as the world's biggest asset manager looks to push boards to do more on climate and other sustainability issues.

The information from the $9 trillion New York-based money manager in a report to be released on Wednesday helps to explain what is shaping up to be a tough shareholder voting season at major corporations this spring.

Just on Tuesday, investors rejected the pay of executives at GE Corp, for instance, and last week gave a record level of support, 81%, to a resolution calling for a report on plastics pollution at Dupont.

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