Among the potential unfavorable implications of BlackRock’s expanded Voting Choice program addressed in Perkins Coie’s post: “Pass-Through Voting: Top 5 Things to Be Thinking About Now” are later-voted shares by less sophisticated investors and more investors voting in alignment with or being influenced by proxy advisory firms’ benchmark policies. According to Alliance Advisors’ analysis, BlackRock’s relinquishment of voting power had a nominal effect during the 2022 proxy season.
See our prior report: “BlackRock Expands Voting Choice Initiative” and additional resources on our Institutional Investors page »BlackRock. This post first appeared in the weekly Society Alert!