Activists thought BlackRock, Vanguard found religion on climate change. Not anymore

In the history of the earth’s climate two years is a infinitesimal blip, but in the recent history of investor-led efforts to push for action on climate change from corporations, two years has meant a great deal.

In 2017, the two biggest U.S.-based fund managers, BlackRock and Vanguard — which control a combined $12 trillion in assets — both voted to require Exxon Mobil to produce a report on climate change. It was a seen as watershed moment showing what can occur when the biggest index funds punch their weight at the annual meetings of corporations, and join other shareholders in supporting proxy proposals covering social issues.

Until it wasn’t the watershed everybody thought it was. Read Full Article - CNBC, October 13, 2019