BlackRock's Equity Index Clients Will Now Be Able to Control Votes In AGM Of Invested Companies: Reuters

  • BlackRock Inc BLK said that clients owning nearly half of its $4.9 trillion in equity index assets could control vote casting at the annual meetings of the companies in which their funds invest, Reuters reported.
  • The move marks an expansion of BlackRock's 'Voting Choice' program, launched last October, and could offer institutional clients more say on topics that matter to them, Reuters reported.
  • "While BlackRock's Voting Choice program is an industry first, we see it as just a beginning," Salim Ramji, Global Head of iShares and Index Investments, said.
  • "Our ambition is to make voting choice convenient and efficient for all investors, and we are working with policymakers and industry participants worldwide to extend voting choice for our clients."
  • At the time of launch, clients owning around 40% of BlackRock's equity index assets through U.S. or U.K. segregated mandates or some pooled investments were eligible for the freedom to vote their shares at an AGM.
  • Now the same choice will be offered to those invested in Canadian and Irish pooled funds and additional U.K. clients.
  • Since launch, clients holding $120 billion of assets have opted to take control of the voting process.
  • Price Action: BLK shares closed 6.39% lower at $618.36 on Friday.

Posted In: BriefsLarge CapNewsGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.