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Fortune
Fortune
Bob Rubin

BlackRock and Vanguard were once ESG’s biggest proponents–now they seem to be reversing course

BlackRock ESG Vanguard
(Credit: Michael M. Santiago - Getty Images)

Finance giants BlackRock and Vanguard seem to be changing their approach to Environmental, Social, and Governance (ESG) investment strategies, increasingly rejecting shareholder proposals that focus on environmental and social issues.

Vanguard Group says it has only approved 2% of the environmental and social resolutions brought by shareholders in 2023, down from 12% last year, joining BlackRock in rejecting a significant number of climate and social items.

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