Twenty-four states’ attorneys general fired off a letter to 25 asset management firms, demanding answers for recent votes on proposals they claim disproportionately favor environmental concerns over those of their shareholders.
The firms chosen to be questioned all had voted at least 75% of the time in line with the nonprofit Institutional for Shareholder Services’ (ISS) environmental proposals that had been highlighted by pro-green advocacy group Ceres.
“The Asset Managers’ support for these shareholder proposals was over twice as high as the overall market, which supported them only 37% of the time, and only 17% of these proposals received majority support,” read the letter, spearheaded by Montana Attorney General Austin Knudsen.
“Given this wide disparity, we are concerned that the Asset Managers may have outsourced their voting in this area to ISS or another third party and are failing to carry out their fiduciary duties,” the letter read.
PROJECT 2025 REMAINS NONPARTISAN, TRUE TO 1980S GOOD-GOVT INCEPTION DESPITE …