Many proposals “had been unduly constraining on administration or had been overly prescriptive as to info sought or timeframes. Others failed to acknowledge the progress made such that firms had largely met the ask of the proposal,” in accordance with the BlackRock’s report.

Some basic examples included within the report had been proposals that referred to as for decommissioning fossil gas property, eliminating financing and insurance coverage underwriting for fossil gas tasks, and a cease to fossil gas exploration and growth. “Many of those extra prescriptive proposals attracted decrease ranges of investor help extra broadly,” the report mentioned.

“Consistent with our funding convictions, our view continues to be that one of the best financial outcomes for our purchasers will come by an orderly power transition by firms that acknowledges the wants of their shoppers and different key stakeholders,” BlackRock mentioned within the report. “In our work partaking with firms, and, the place purchasers have tasked us with it, casting proxy votes, our work on climate-related points stays unchanged in specializing in the fabric dangers and alternatives that the power transition poses.”

BlackRock mentioned it supported variety, fairness and inclusion-related shareholder proposals the place there have been inadequate disclosures. However, for example of it rebuffing a proposal, BlackRock mentioned it didn’t help a current proposal for McDonald’s asking for a third-party civil rights audit. “McDonald’s at present supplies clear, fulsome disclosures on their strategy to DEI in relation to direct staff and different stakeholders on which they rely for his or her long-term success,” the report mentioned.

BlackRock will launch the way it voted on each board election, proposal and different points through the 2021-2022 proxy 12 months in August.

“This proxy season underscored our perception {that a} constructive stewardship strategy contributes to firms making significant progress of their climate-related planning and disclosures, the place this can be a materials monetary threat and/or alternative for them,” the stewardship group mentioned.

“But it surely additionally strengthened our long-held view that the pathway to decarbonization is troublesome to foretell and won’t happen in a straight line. In line with that view, we’ve not supported sure local weather shareholder proposals which can be overly prescriptive or micromanage how firms ought to decarbonize.”