Vanguard experiment in shareholder democracy finds investors prefer to defer

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Financial Times 12h ago

Vanguard experiment in shareholder democracy finds investors prefer to defer - Financial Times

Quick Summary:

BlackRock and State Street also recently launched programmes to allow some individual investors to vote their shares.

The individual proxy voting initiatives were largely a response to the heavy politicisation of ESG in the US, as asset managers came under fire and politicians questioned the ability of asset managers to vote in a way that was representative of the interests of their underlying shareholders.

As the political backlash to environmental, social and governance shareholder initiatives has intensified, asset managers have rushed to find ways to transfer responsibility for voting to individual shareholders in their funds, whom they previously voted on behalf of.