Republican attorneys general from 21 U.S. states raised fresh concerns with asset managers over their consideration for environmental, social and governance (ESG) factors in the votes cast at U.S. corporate annual meetings getting under way this spring.
Meanwhile, Republicans, many from energy-producing states, have raised a growing chorus of challenges on ESG. The latest letter built on concerns many of the same attorneys general brought to BlackRock last August.
Asset managers have argued that such memberships align with their fiduciary obligations, and some are giving clients more control over proxy votes.Another section of the Republicans' letter describes several pending shareholder resolutions as "pushing three companies to stop using Vanguard" as their default retirement plan and noting Vanguard's fossil fuel investments.
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