Blackrock boss Larry Fink extends investor voting scheme
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Blackrock boss says asset manager will ‘transform’ the sector as it expands investor voting scheme
The boss of the world’s largest asset manager is empowering investors in a move he says will “transform” the industry.
Larry Fink, chief executive of Blackrock, is extending a scheme that will allow investors in its funds to vote on ballots held by the underlying companies.
Many savers are increasingly focusing on so-called ESG – or environmental, social and governance – criteria for investing.
Power move: Blackrock chief Larry Fink (pictured) expands scheme that allows investors in his funds to vote on ballots held by the underlying companies
Typically, investors who put their money into a Blackrock fund have little say in the companies it then invests in.
But last year, Blackrock launched its Voting Choice program. This allows institutional investors in its funds to choose how to vote. Now Blackrock is expanding that program.
It has partnered with communications platform Proxymity to enable individual UK savers who invest in Blackrock’s ‘tracker’ funds to vote on corporate votes.
Currently, Blackrock customers who own 25 percent of the £1.6 trillion in eligible assets are enrolled in the Voting Choice program.