Proxy Voting Weekly Digest - Week Ended May 17, 2024
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Proxy Voting Weekly Digest - Week Ended May 17, 2024

May 30, 2024

At BlackRock, Inc., concerns over CEO Larry Fink’s and other top executives’ compensation led to a narrow passage of the company’s say-on-pay vote (59%). Indeed, leading up to the vote, ISS had expressed concerns regarding the “process used to determine annual cash incentive awards,” while Glass Lewis argued “the disconnect between pay and performance during the year in review warranted shareholder concern.”

Investors seemed less concerned about BlackRock’s 2023 proxy voting record and policies related to climate change. A shareholder on that topic received just 8% support. A proposal on the separation of the chair and CEO positions received 13% support. Finally, a proposal submitted by the National Center for Public Policy Research on the potential risks associated with omitting “viewpoint” and “ideology” from BlackRock’s written equal employment opportunity (EEO) policy received a mere 0.7%.

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