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PRESS RELEASE

 

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Investment Stewardship

Looking after our clients’ assets for the long-term.

See how we have updated our global principles and voting guidelines for 2021.

Shape Learn more
Our Responsibility Engagement Priorities About Us Guidelines, Perspectives & Reports

As a fiduciary investor, we work on behalf of our clients, the asset owners.

Engaging With Companies

We emphasize direct dialogue with companies on governance issues that have a material impact on sustainable long-term financial performance.

Using Our Vote

We perform independent research and analysis, carefully arriving at proxy vote decisions, including the re-election of directors, that are consistent with our voting guidelines and that we believe are in the best long-term economic interest of our clients.

Promoting Thought Leadership

We engage on public policy issues and participate in market-level dialogue to contribute to the development of policies and practices that support stewardship, long-term investing and sustainable shareholder returns.

Shape Read More About Public Policy
download Global Principles download Read Our 2020 Stewardship Annual Report download Read Our 2020 Stewardship Annual Report Executive Summary

Promoting sound corporate governance and business practices.

We determine our engagement priorities based on our observation of market developments and emerging governance themes, and evolve them year over year as necessary.

Board Quality

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We focus on board composition, effectiveness and accountability as a top priority. In our experience, high standards of corporate governance are the foundations of board leadership and oversight. We engage to better understand how boards assess their effectiveness and performance, as well as their position on director responsibilities and commitments, turnover and succession planning, crisis management and diversity.

download Our Approach to Engagement on Board Diversity

Key performance indicators

  • BlackRock Investment Stewardship seeks to understand how effectively a board oversees and counsels management.
  • We expect to have access to a non-executive, and preferably independent, director(s) who has been identified as being accessible to shareholders where appropriate.
  • We will hold the most senior non-executive director, e.g. chairman or lead independent director, accountable for ensuring such a role is identified.

Environmental Risks and Opportunities

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Sound practices in relation to the material environmental factors inherent to a company’s business model can be a signal of operational excellence and management quality. Environmental factors relevant to the long-term economic performance of companies are typically industry-specific, although in today’s dynamic business environment some, such as regulation and technological change, can have a broader impact. Corporate reporting should help investors and others understand the company’s approach to these factors and how risks are mitigated and opportunities realized.

download Our Approach to Engagement on Climate Risk download Our Approach to Engagement on TCFD and SASB Aligned Reporting download Our Approach to Engagement with Agribusiness Companies on Sustainability download Emissions, Engagement, and Transition to a Low-Carbon Economy

Key performance indicators

  • We expect companies with which we have already engaged on TCFD-aligned reporting to disclose sufficient detail across the four pillars of the TCFD framework and provide a timeframe within which the company will report fully in line with the eleven recommendations.
  • We will hold members of the relevant committee, or the most senior non-executive director, accountable for inadequate disclosures and the business practices underlying them.

Corporate Strategy and Capital Allocation

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We expect boards to be fully engaged with management on the development and implementation of the company’s strategy. Companies should succinctly explain their long-term strategic goals, the milestones that demonstrate progress, and any obstacles anticipated or incurred. They should also explain how capital allocation decisions align with the company’s long-term strategy.

download Our Approach to Engagement on Strategy, Purpose and Culture

Key performance indicators

  • As part of long-term strategy and capital allocation, companies should articulate publicly how sector relevant sustainability risks and opportunities, for instance those identified in the SASB framework, are integrated into business strategy.
  • We will engage with companies to review our reporting expectations and encourage them to make the connection between long-term planning and business-relevant sustainability risks and opportunities.
  • We will hold the most senior non-executive director accountable if, within an agreed timeframe, the company has not provided adequate disclosures and made progress on the business practices underlying them.

Compensation that Promotes
Long-Termism

plus

We expect executive pay policies to use performance measures that are closely linked to the company’s long-term strategy and goals to ensure executives are rewarded for delivering strong and sustainable returns over the long-term, as opposed to short-term hikes in share prices.

download Our Overarching Approach to Executive Compensation

Key performance indicators

  • We expect pay outcomes to be correlated with a business relevant long-term performance metric, e.g. 3-5 year total shareholder returns or returns on invested capital.
  • We will hold compensation committee members accountable for pay outcomes.

Human Capital Management

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In a talent constrained environment, we view a company’s approach to human capital management as a potential competitive advantage. We expect disclosure around a company’s approach to ensuring the adoption of the sound business practices likely to support an engaged and stable workforce.

download Our Approach to Engagement on Human Capital

Key performance indicators

  • Given most companies identify their employees as their greatest asset, we expect boards to oversee human capital management strategies.
  • Absent disclosure about the board’s role in overseeing the company’s human capital practices, including an explanation of the type of information reviewed and how frequently, we will hold members of the relevant committee, or the most senior non-executive director, accountable.

download Read More About Our 2020 Engagement Priorities download Read More About How Our Engagement Priorities Map to the UN Sustainable Development Goals

We are a global team with a local presence.

We have the largest global stewardship team in the industry with over 50+ people across 8 offices who have regional presence and local expertise across 85 voting markets. This globally coordinated team enables us to better understand the context within which a company is operating. We are positioned as an investment function because investment stewardship is core to long-term value creation.

download Learn More About Our Investment Stewardship Team
Shape To request an engagement with Investment Stewardship, please submit a request through CorpAxe.
Shape For all other inquiries, please send an email to: ContactStewardship@blackrock.com.

World map with Investment Stewardship global office locations: San Francisco, New York, Amsterdan, London, Singapore, Tokyo, Hong Kong & Sydney World map with Investment Stewardship global office locations: San Francisco, New York, Amsterdam, London, Singapore, Tokyo, Hong Kong & Sydney

50+

team members

8

global offices

16,000+

meetings voted

85+

voting markets

3,000+

engagements

54+

markets where we engage


We are committed to transparency in our stewardship activities.

  • Principles and Guidelines
  • Positions and Perspectives
  • Engagement and Voting History

download Our 2021 Stewardship Expectations

download Global Principles

download How BlackRock Investment Stewardship Manages Conflicts of Interest

Regional Proxy Voting Guidelines

Our voting guidelines are the benchmark against which we assess a company’s approach to corporate governance. Our guidelines are applied on a case-by-case basis, taking into consideration specific circumstances at a company, as well as regional market and policy developments.

download Australian Securities

download Asia ex Japan, Chinese & Hong Kong Securities

download Canadian Securities

download European, Middle Eastern & African Securities

download Chinese Securities: English

download Chinese Securities: Simplified Chinese

download Japanese Securities: English

download Japanese Securities: Japanese

download Hong Kong Securities

download Latin America Securities

download United States Securities

download Latin America Securities: Spanish

Statements of Adherence

The statements below set out how BlackRock adheres to stewardship codes and other market-level stewardship related requirements.

download UK Stewardship Code

download Dutch Stewardship Code

download Japanese Stewardship Code in English

download Japanese Stewardship Code in Japanese

download Taiwan Stewardship Code

download Shareholder Rights Directive II - Engagement Policy

download Shareholder Rights Directive II – Implementation of Engagement Policy

Positions and Perspectives

download Our Response to the IFRS Foundation's Consultation on Sustainability Reporting

download BlackRock Investment Stewardship's Perspective on Corporate Political Activities

download Sustainability Reporting: Convergence to Accelerate Progress

download Our Response to the Securities and Exchange Board of India Consultation on Business Responsibility and Sustainability Reporting Formats

download Our Response to the HKEX Consultation on Corporate Weighted Voting Rights

download Our Response to the Japan Stewardship Code Consultation

download Our Response to the Consultation on the Revision of the TWSE Stewardship Principles for Institutional Investors

download Best Practices When Using an Independent Fiduciary in Proxy Voting

download Emissions, Engagement, and Transition to a Low-Carbon Economy

download Securities Lending Viewed through the Sustainability Lens

download Our Approach to Engagement with Agribusiness Companies on Sustainable Business Practices

download Our Response to APRA on Strengthening Prudential Requirements for Remuneration

download Consultation to Securities and Exchange Board of India on Issues Related to Proxy Advisors

download Our Response to the HKEX Consultation on ESG Disclosure

download BlackRock Investment Stewardship's Approach to Engagement with the Palm Oil Industry

download Consultation Paper on the Issuance of Shares with Differential Voting Rights - SEBI

download SEC Comment Letter - Staff Roundtable on the Proxy Process

download The Investment Stewardship Ecosystem Viewpoint

download Open Letter Regarding Consultation on the Treatment of Unequal Voting Structures in the MSCI Equity Indexes

download Voting Rights and Index Inclusion

download Our Response to the CSRC Consultation on the Revised Code of Corporate Governance

download Consultation on Corporate Governance Code of French Listed Corporations – AFEP and MEDEF

download Consultation on Listing Regime for Companies from Emerging and Innovative Sectors – HKEX

download Consultation Paper on Recommendations of the Corporate Governance Council – MAS

download Executive Remuneration Letter

download BlackRock’s Approach to Companies that Manufacture and Distribute Civilian Firearms

download Key Considerations in the Debate on Differentiated Voting Rights

Approach to Sustainability

This report outlines our engagement approach and voting on climate risk and other sustainability topics.

download Read More

Annual Stewardship Reports

These reports provide an annual overview of BlackRock’s Investment Stewardship voting and engagement activities for each year.

Annual Voting and Engagement Reports

download 2020

download 2019

download 2020 Annual Report Executive Summary

Annual Statistic Reports

download 2019

download 2018

download 2017

download 2016

Quarterly Stewardship Report

2020

BlackRock Investment Stewardship publishes quarterly stewardship reports to demonstrate our approach to corporate governance. For 2020, we have consolidated our regional quarterly reports into a single global report that highlights our perspective on a wide range of global issues as well regional case studies that illustrate our engagements and voting analyses in a given quarter.

download Global: 3rd Quarter

download Global: 2nd Quarter

download Global: 1st Quarter

2019

download Americas: 4th Quarter

download Asia Pacific: 4th Quarter

download Europe, the Middle East & Africa: 4th Quarter

download Americas: 3rd Quarter

download Asia Pacific: 3rd Quarter

download Europe, the Middle East & Africa: 3rd Quarter

Global Engagement Summary

These reports summarize our global company engagement activity year-to-date. The engagement details include the specific topics discussed with each company engaged. We will update this report quarterly until year-end to show a rolling year of engagement activity.

download Global Engagement Summary

Proxy Voting History

View complete vote records filed with the U.S. Securities and Exchange Commission on form N-PX for the reporting period of July 1, 2019 through June 30, 2020.

download Proxy Voting FAQs

download Canadian Funds – iShares ETFs

download Canadian Funds – BlackRock Mutual Funds

download US Funds – iShares ETFs

download US Funds – BlackRock Mutual Funds

download Taiwan Funds

Global Vote Disclosure

BlackRock Investment Stewardship’s vote instructions for individual meetings globally. This record reflects votes at meetings held since July 1. It is updated quarterly until June 30 each year, when it is superseded by BlackRock’s annual Form NPX filing.

download Global Vote Disclosure

Proxy vote information disclosed on this site reflects the position of BlackRock Investment Stewardship. Portfolio managers have full discretion to vote the shares in the funds they manage based on their analysis of the economic impact of a particular ballot item. While ballots are frequently cast in a uniform manner reflecting the position of BlackRock Investment Stewardship, portfolio managers may, and sometimes do, vote shares in the funds under their management different from the BlackRock Investment Stewardship position. These votes are not reflected on this site, but are disclosed on Form N-PX filings to the extent required by law.

Vote Bulletins

These bulletins explain our vote decision, and the engagement and analysis underpinning it, on certain high-profile proposals at company shareholder meetings. We make this information public after the meeting, so clients and others can be aware of the vote when it is most relevant to them.

2021 Vote Bulletins

download Top Glove

2020 Vote Bulletins

download Aena

download AGL

download Air Liquide

download Alphabet

download Amazon

download ANZ

download Barclays

download BHP

download Boeing

download CEZ

download Cheniere

download Chevron

download Chr Hansen

download Daimler

download Danske Bank

download Delta Air Lines

download Equinor

download Evraz

download Exxon Mobil

download Facebook

download First Pacific

download Fortum

download H&M

download HeidelbergCement

download ICBP

download JB Hunt

download KEPCO

download Lufthansa

download Maersk

download Mizuho FG

download National Australia Bank

download National Fuel Gas

download Ocado

download Origin Energy

download Overstock.com

download Ovintiv

download PGE

download Procter & Gamble

download Qualcomm

download Royal Dutch Shell

download Sanderson Farms

download Santander Consumer Holdings

download Santos

download Siemens

download Swedbank

download Tesla

download Toshiba Machine

download Total

download TransDigm

download Uniper

download Volkswagen

download Volvo AB

download Walmart

download Walt Disney Company

download Wheelock

download Woodside

download Yanzhou Coal

2019 Vote Bulletins

download BHP

2018 Vote Bulletins

download Royal Dutch Shell

download AMP Limited

2017 Vote Bulletins

download Commonwealth Bank of Australia

download Exxon Mobil

download Chevron

download Santos

download Mylan

download Royal Dutch Shell

download Occidental Petroleum

BlackRock
BlackRock
About Us
  • About BlackRock
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Newsroom
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Investor Relations
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  • Events & Presentations
  • Corporate Governance
Corporate sustainability
  • Overview
  • Where we stand
  • Committed to sustainability
  • Human capital
  • Environmental Sustainability
  • Ethics & Integrity
  • Health & Safety
  • Investment Stewardship
  • Social Impact
Careers
  • Search Jobs
  • Life at BlackRock
  • Rewards & Benefits
  • Inclusion & Diversity
  • Learning & Development
  • Students
  • Our Teams
  • Supporting Veterans
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