BlackRock says clients with $120 billion of assets free to vote

LONDON - BlackRock, the world's biggest asset manager, said on Monday that clients who own half of its $4.9 trillion in equity index assets are now free to control how votes are cast at the annual meetings of companies in which their funds are invested.

The programme comes during a tumultuous time for the asset manager as it faces criticism in the United States and elsewhere over how it votes on behalf of clients on issues such as climate change, diversity and executive pay.

Salim Ramji, Global Head of iShares and Index Investments said in a statement that BlackRock's Voting Choice program is an industry first, but we see it as just a beginning.

The same choice would now be offered to those invested in Canadian and Irish pooled funds, and additional UK clients, such that 47% of BlackRock's equity index assets would be covered by the programme.

Clients holding $120 billion of assets have taken control of the voting process, taking the total assets covered by the programme, including clients in segregated mandates, to $530 billion, it said.

In a white paper, BlackRock said it was looking at ways to give more investors the choice, including retail investors.