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Investment Stewardship

Protecting and enhancing our clients’ assets for the long term.

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 take an engagement-first approach, emphasizing direct dialogue with companies on governance issues that have a material impact on long-term financial performance.

Using Our Vote

We perform independent research and analysis, carefully arriving at proxy vote decisions 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 in 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 value creation.

Shape Read More About Public Policy
download Learn More About Our Global Corporate Governance and Engagement Principles download Read Our 2019 Stewardship Annual Report

Our engagement priorities promote sound corporate governance and business practices that are consistent with sustainable long-term financial returns.

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

Governance

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We focus on board composition, effectiveness and accountability as a top priority. In our experience, most governance issues require 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

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.

download Our Approach to Engagement on Strategy, Purpose and Culture

Compensation that Promotes
Long-Termism

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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

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 integrated and opportunities realized.

download Our Approach to Engagement on Climate Risk download Our Approach to Engagement on TCFD and SASB Aligned Reporting

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 create an engaged and stable workforce.

download Our Approach to Engagement on Human Capital
download Read More About Our 2019 Engagement Priorities

We are a global team with a local presence.

Our global approach to stewardship gives us the local presence necessary to better understand a company’s regional risks and challenges. We are positioned as an investment function because investment stewardship is core to value creation.

download Learn More About Our Investment Stewardship Team World map with Investment Stewardship global office locations: San Francisco, New York, London, Singapore, Tokyo, Hong Kong & Sydney World map with Investment Stewardship global office locations: San Francisco, New York, London, Singapore, Tokyo, Hong Kong & Sydney

40+

team members

7

global offices

17,000+

meetings voted

85+

voting markets

2,000+

engagements

30+

countries where we engage


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.

We are committed to transparency in our stewardship activities.

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

download Global Corporate Governance & Engagement 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

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

BlackRock has developed an engagement policy which is applied by all its asset manager entities within the scope of the Shareholder Rights Directive II (Directive 2007/36/EC as amended by Directive 2017/828).

Positions and Perspectives

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 BlackRock Investment Stewardship's Perspective on Corporate Political Activities

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

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 2019

download 2018

Annual Statistic Reports

download 2019

download 2018

download 2017

download 2016

Regional Quarterly Reports

2019

download Americas: 3rd Quarter

download Asia Pacific: 3rd Quarter

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

download Americas: 2nd Quarter

download Asia Pacific: 2nd Quarter

download Europe, the Middle East & Africa: 2nd Quarter

download Americas: 1st Quarter

download Asia Pacific: 1st Quarter

download Europe, the Middle East & Africa: 1st Quarter

2018

download Americas: 4th Quarter

download Asia Pacific: 4th Quarter

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

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, 2018 through June 30, 2019

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

Vote Bulletins

These statements on our analysis, engagements and votes are in relation to certain high-profile proposals at company shareholder meetings. Our decisions are made publicly on or around the day of the meeting, so interested parties can be aware of the vote when it matters to them.

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

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