From the NY Times: “…BlackRock is no activist investor. In fact, it’s far from
it. It has never sponsored a shareholder proposal, and it rarely broadcasts its
actions. Ms. Edkins says the firm generally votes against a director or a
company proposal only when a behind-the-scenes “engagement” has failed.
A number of public pension funds and activist shareholders
argue that BlackRock could use its influence to greater effect and say it sides
with management far too often. It received a failing grade from the
A.F.L.-C.I.O. in a 2012 survey; BlackRock voted with the federation just twice
in 32 shareholder votes on issues that the union sees as important to the
trustees of union pension funds.
“We believe
shareholders have the power and the obligation to use every tool at their disposal
to encourage greater accountability,” said Brandon Rees, acting director of the
A.F.L.-C.I.O. Office of Investment. “It’s disappointing that such a large
company like BlackRock votes for so few shareholder resolutions.”
There is agreement, however, that the firm has become more
active in recent years…
Read all about it at http://www.nytimes.com/2013/05/19/business/blackrock-a-shareholding-giant-is-quietly-stirring.html?ref=global&_r=0
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