Investment stewardship

Guidelines, reports and
position papers

Reports

  • Profile of the Investment Stewardship team's work

    Profile of the Investment Stewardship team's work

    This brochure sets out the philosophy and approach of the BlackRock Investment Stewardship team in promoting sound business practices aligned with long-term value creation. We explain our mission and purpose, how we engage corporates, clients, and the broader investment community on governance and stewardship. We aim to illustrate the breadth and complexity of this aspect of BlackRock’s work on behalf of clients.

  • Quarterly reports

    2017 quarterly reports

    AmericasAsia PacificEurope, the Middle East and Africa
    1st Quarter Download Download Download
    2nd Quarter Download Download Download

    2016 quarterly reports

    AmericasAsia PacificEurope, the Middle East and Africa
    4th Quarter Download Download Download
    3rd Quarter Download Download Download
  • Voting and engagement quarterly statistics report

  • Historical annual reports

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


    2017

    2016

    2015

    2014

    2013

    2012

    2011

    2010

  • Proxy voting history

    View complete vote records filed with the SEC on form N-PX for the reporting period of July 1, 2015 through June 30, 2016.

    iShares U.S.

    BlackRock Mutual Funds

    FDP Series

     

    Canadian Fund Vote Disclosures

    iShares Canada

    BlackRock Canada Mutual Funds

     

    Proxy voting FAQ

    An overview of our proxy voting approach.

  • 2017 Vote bulletins

    In 2017, Investment Stewardship will publish on a very limited basis statements on our analysis, engagements and votes in relation to certain high profile proposals at company shareholder meetings. Although we currently explain many of these votes in our quarterly reports, the explanation is usually anonymized and high level. Given the interest in certain votes, we decided it was more effective to explain our approach and decision publicly on the day of the meeting, or shortly thereafter, so interested clients and others can be aware of BlackRock’s vote when it is of most relevance to them.

    Mylan

    Exxon Mobile

    Royal Dutch Shell

    Chevron

    Occidental Petroleum

    Santos

Position papers

UK Corporate Governance Reform – Department of Business, Energy and Industrial Strategy

The UK government’s Department of Business, Energy and Industrial Strategy issued a green paper posing a number of questions to stakeholders, including market practitioners, in order to consider what changes might be appropriate in the corporate governance regime. Our proposals are aimed to provide constructive outcomes, specifically in line with our core principles on corporate governance focusing on board accountability for oversight.

Exploring ESG: A Practitioner’s Perspective

Environmental, social, and governance (ESG) factors are an increasingly prominent factor in determining the long-term value of a company. ESG data spans a range of issues, including measures of company carbon emissions, labor and human rights policies, and corporate governance structures. In this ViewPoint, we define different ways that investors can integrate ESG factors in the investment process, outline our views on how ESG factors contribute to long-term value, and describe the current landscape of ESG disclosure initiatives across organizations and regulatory bodies.

Le dialogue actionnarial en France

BlackRock's fiduciary responsibility drives our commitment for shareholder dialogue in France. Direct dialogue between board members and long term shareholders would help to build trust and develop mutual understanding.

21st Century Engagement Guide

We provide tools, options and ideas for U.S. institutional investors on engaging with companies and policymakers on sustainability issues. The guide includes tactics and case studies from 37 engagement experts spanning six countries.

Levelling the Playing Field on Sustainability Risk

Sound practices in relation to the material environmental and social aspects of a company’s business can be signal of operational excellence and management quality.

Sustainability Listing Requirements - Bursa Malaysia

Bursa Malaysia issued a consultation paper relating to proposed amendments to listing rules relating to sustainability statements in annual reports and the Sustainability Reporting Guide. Read our submission.

Gender Diversity in Australia - The Ugly, The Bad and The Good

BlackRock released its fourth research piece on diversity at ASX 200 companies. The release of the research also coincided with the launch of the “30% Club in Sydney and Melbourne. While the research showed that ASX companies will reach 30% women before 2019, a number of issues still remained.

Key Considerations in the Debate on Differentiated Voting Rights

As the debate on differentiated voting rights is gaining momentum, it's important to understand the risks associated with this practice and the reasons why BlackRock supports the proportionality principle. We reviewed the common assumptions regarding differentiated voting rights and have proposed alternative solutions to reinforce long-termism.

Australia's Gender Policies Need to be Wound into their DNA

Not a good year for gender diversity in Australian public life. Research has shown gender diversity, but real embedded progress is hard to find. We review the 2013 annual reports of their 200 largest firms, revealing 3 key findings.

Gender Diversity Among Hong Kong Boards

The issue of gender diversity is receiving greater attention across Asia. Hong Kong business leaders have shown commitment to bring more women on to boards with new diversity reporting requirements. We review 35 firms and reveal 2 key findings.

Letters and consultations

Executive Remuneration Letter

As we published our new guidelines on executive remuneration in EMEA in January 2017, we sent this letter to the chairman of the board of the top 300 listed companies in the United Kingdom. The letter explains the rationale for publishing the new guidelines and highlights the main updates. The guidelines were designed both to provide companies with a set of best practices and to help remuneration committees assess our support for their pay policies.

Response to the public consultation of the SEC of the Philippines

The Securities and Exchange Commission of the Philippines issued a public consultation on the Draft 2016 Code of Corporate Governance for Publicly-listed Companies aimed to seek reviews and comments on proposed changes to the Code of Corporate Governance. Learn more in our submissions.

Malaysian Code on Corporate Governance 2016 – Securities Commission Malaysia

The Securities Commission Malaysia issued a public consultation paper inviting comments on the proposed changes to the Malaysian Code on Corporate Governance. Learn more in our submission. The revised approach aims to encourage progression and provide greater utility for companies, and their stakeholders.

Review: Environmental, Social & Governance Reporting Guide - Hong Kong Exchanges

The Hong Kong Exchanges and Clearing Limited issued a consultation paper aimed to seek views and comments on proposed changes to the Environmental, Social and Governance Reporting Guide. The consultation paper proposed a number of recommended practices to "comply or explain". Learn more in our submission.

Statements on stewardship

UK Stewardship Code

Eumedion Best Practices for Engaged Share-Ownership

Japanese Stewardship Code:   English | Japanese

Taiwan Stewardship Code: Stewardship Principles for Institutional Investors