BlackRock punishes 53 companies for lack of climate action, 191 at risk

BlackRock (NYSE:BLK) has punished more than 50 companies over their lack of progress on tackling global warming and warned that a further 191 “risk voting action in 2021 if they do not make substantial progress,” the Financial Times reported.

A BlackRock (BLK) sign out front of a BlackRock office in San Francisco, California.
Source: David Tran Photo / Shutterstock.com

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In a report released yesterday, the asset manager said it had placed 244 companies “on watch” for insufficient progress on climate issues. Companies included German carmaker Daimler, US coalminer Peabody Energy (NYSE:BTU) and Fortum (OtherOTC:FOJCY), the Finnish electricity company.

The sponsor of iShares funds earlier came under fire for failing to support several climate-change resolutions, including at Santos and Woodside Energy, the Australian oil companies.

It also did not back a climate change resolution at JPMorgan (NYSE:JPM) which would have passed with the asset manager’s support. BlackRock has historically outsourced its decision on how to vote at some banks, because its largest shareholder was lender PNC Financial Services (NYSE:PNC), which has since sold its stake in BlackRock.

BlackRock noted in its report that it supported climate resolutions at several companies, including at ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX) and Ovintiv (NYSE:OVV).


Article printed from InvestorPlace Media, https://investorplace.com/2020/07/blk-stock-punishes-53-companies-for-lack-of-climate-action-191-at-risk/.

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