BlackRock to Give Big Clients More Say in Proxy Votes
(Bloomberg) -- BlackRock Inc., the world’s largest asset manager, is giving some of its biggest clients more power to vote directly at shareholder meetings of companies in which they invest.
The move will apply to about 40% of $4.8 trillion in index equity assets that BlackRock manages for institutional clients, according to the asset manager. Starting next year, some clients will have more choice about how they vote and will be able to do so via BlackRock’s systems, according to a letter the firm sent to customers.
BlackRock said it is considering how to apply the change to investors in other products including exchange-traded funds. The asset manager is making these tweaks after receiving feedback from clients who said they wanted to participate more in proxy votes.
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