BlackRock has also changed its relationship with Climate Action 100+ as a result of changes CA100+ has made to its strategy. BlackRock became a signatory to CA100+ in Q1 2020, at a time when CA100+ was focused on corporate disclosure. In June 2023, CA100+ published its phase 2 strategy which comes into effect in June 2024. This new strategy will require signatories to make an overarching commitment to use client assets to pursue emissions reductions in investee companies through stewardship engagement. In our judgment, making this new commitment across our assets under management would raise legal considerations, particularly in the U.S....To align with these clients and funds, we have transferred our membership in CA100+ to BlackRock International. BlackRock Inc. is no longer a member of CA100+. As BlackRock made clear when signing up as a member of CA100+ in 2020, at all times the firm maintains independence acting on behalf of clients, including in choosing which issuers to engage with, and how to vote proxies.”