BlackRock to Withhold Backing for Some Shareholder Climate Plans

BlackRock Inc. said it won’t support efforts by shareholders who try to micromanage companies on climate change.

The $9.6 trillion asset manager said some of this year’s investor proposals are placing “prescriptive” and constraining demands on companies, such as requiring they stop financing traditional energy firms or decommission energy assets.

“The nature of certain shareholder proposals coming to a vote in 2022 means we are likely to support proportionately fewer this proxy season than in 2021, as we do not consider them to be consistent with our clients’ long-term financial interests,” BlackRock said in a report Tuesday.

BlackRock is setting ...