Asset Managers Need More ESG Vote Transparency, SEC’s Lee Says (1)

Fund managers should reveal more about how they cast shareholder votes on environmental, social, and governance matters, Acting SEC Chair Allison Lee said.

Retail investors need a “more meaningful” look into how asset managers exercise their votes for them on ESG and other corporate management issues, Lee said Wednesday. The Securities and Exchange Commission should update rules and guidance on disclosures about shareholder voting, the Democrat said.

Lee’s call is part of her push to boost transparency on ESG issues. Her comments came after BlackRock Inc. said earlier this year it may vote against companies’ management if they don’t work ...