Green Governance

Did you know the money you invest in index funds is being used to vote against corporate policies that would mitigate climate change? We're excited to introduce the Fund Climate Vote Database that shows the scope of the problem. Learn more here: voting.greengovernance.org

The Department of Labor wants to stop ESG funds from being the default for retirement plans and makes it riskier for plan administrators to include them. Funds that don't screen on ESG factors but advocate for ESG goals maximize impact & compliance. #comments_sector" target="_blank" rel="nofollow noopener">wsj.com/articles/retir…

The Fed is undermining ESG investors by directly lending to oil and tobacco companies. reuters.com/article/us-usa…

.@TheEconomist with some cold water on whether some investors' claims to take on climate change may be a bit overstated... economist.com/briefing/2020/…

Ding ding ding! Returning SPY to its pre-pandemic high would increase State Street's annual revenue by $400 million! (not even including outflows returning to the fund). A vaccine is worth tens of billions in annual profits to @blackrock @Vanguard_Group and @StateStreet

BlackRock shows how it can use its position as a major owner of competing firms to get them to cooperate. We're pushing for similar action on climate. ft.com/content/b452ce…

This might be worth worrying about, but there is a much more immediate problem with socially conscious investors having a smaller stake in bad companies: Less shareholder oversight

BlackRock is not actually in the position to do what they claim here. They are a publicly traded company and as short-termist as any other corporation. Careful incentive design is the only way to fix this.

.@matt_levine describes our business model in his latest column.

Biggest asset managers attacked over role in climate change on.ft.com/39YE2Xp

"No ESG screening. Instead of ignoring high-emission firms, buy them and change them from the inside." Fantastic idea behind @GreenGovernance in line with research of @uzh_bf and others - greengovernance.org

@jeffsommer's NYT piece highlights the core problem we're solving at @GreenGovernance. Index funds have so much power but do not use it responsibly. Investors with moral concerns deserve another option. #click=https://t.co/ShuQzqhdov" target="_blank" rel="nofollow noopener">nytimes.com/2019/12/12/bus…

@mrchrisadams @pgreenfielduk For those interested in what Vanguard, BlackRock, and State Street are doing with those fossil fuel shares, check out our Fund Climate Vote Database: voting.greengovernance.org This is how Vanguard's largest fund uses your money to vote on climate change proposals:

When I read this piece, it makes me wonder if @pgreenfielduk knows about the work that @GreenGovernance is doing show the voting record of funds and fund managers in stopping climate action inside companies. theguardian.com/environment/20…

The Big 3 fund managers disclosed their 2019 voting records today! We'll have more commentary next week, but the big takeaway for now is that things haven't gotten any better this year. Shocking. See the latest here: voting.greengovernance.org

Mutual funds have a responsibility to the workers whose money they invest. They must stand up for their interests in the boardroom. nyti.ms/2zg8mLV

@psw1937 @dgelles @yaffebellany @zingales Utility company Xcel Energy $XEL does this: 20+% of CEO compensation is at risk based on achieving certain emission reduction milestones.

@psw1937 @dgelles @yaffebellany @zingales This is already a problem with shareholder value. Shareholders have various preferences about risk and time horizon. They express prefs through proxy votes. It's trickier, but can do same thing for non-$ prefs. Create milestones & tie to exec comp. Shareholders approve by voting

@dgelles & @yaffebellany report on BRT's statement that companies should protect the environment as well as shareholder value. Who holds CEOs accountable to these new goals? The answer should be shareholders expressing their prefs through proxy voting. nytimes.com/2019/08/19/bus…

Did you ever want to know how your index funds voted in 2017? We just added 2017 voting records to voting.greengovernance.org for Vanguard, State Street, and BlackRock. Here's how Vanguard's S&P 500 fund voted the last two years: