ASSET managers gave record-low backing to proposals at shareholder meetings addressing environmental and human rights risks, new analysis finds today

ShareAction, a charity which campaigns for responsible investment, found that only 1.4 per cent of such resolutions received majority support, a sharp decrease from 21 per cent in 2021.

Researchers said that in 2024, four of the largest asset managers — BlackRock, Fidelity Investments, State Street Global Advisors and Vanguard — voted against shareholder proposals aimed at protecting human rights and the environment.

It predicted that 48 resolutions would have passed had they been backed by these firms.

ShareAction’s head of financial research Claudia Gray said their findings were “the worst result we’ve seen from asset managers in the six years we’ve been monitoring their voting performance.

“If ever we needed asset owners to be the drivers of responsible investment, it’s right now.

“We need their leadership to hold asset managers to account at such a critical time for people and planet.”

Ten asset managers opposed proposals at Lockheed Martin, RTX, and Northrop Grumman, seeking greater transparency on the arms firms’ lobbying and impact on human rights.

Ms Gray said: “We live in a world where asset managers have a huge impact through the companies they invest in.

“Many claim to be playing their part in tackling important issues like climate change, yet our report calls into question whether the majority of the world’s wealth is being managed effectively by investment firms.”

A BlackRock spokesperson said: “Most environmental and social shareholder proposals were overreaching, lacked economic merit, or were unlikely to promote long-term shareholder value.”

Vanguard, Fidelity Investments and State Street have been approached for comment.