Vanguard says it supported extra environmental and social resolutions By Reuters

By Ross Kerber

(Reuters) – Vanguard Group Inc stated on Tuesday it supported environmental and socially centered shareholder resolutions 20% of the time this 12 months, up from 6% in 2020, as local weather change and variety issues drew extra focus at company annual conferences.

The pattern was consistent with how different prime managers worldwide voted within the springtime proxy season, growing strain on firms to reveal extra about their carbon emissions or the demographics of their workforces.

In a report despatched by a spokeswoman, the highest U.S. mutual fund agency outlined a number of new case research describing the way it solid essential votes this 12 months together with at Berkshire Hathaway (NYSE:) Inc and at Chevron Corp (NYSE:)

At Berkshire, somewhat over 1 / 4 of votes solid had been in favor of two shareholder resolutions, successfully a rebuke for administration.

Vanguard stated it supported one calling for the corporate to evaluate its variety efforts after “our analysis discovered that the corporate lacked public disclosures about its variety measures, targets or progress.”

Vanguard additionally stated its funds voted in help of a name for Berkshire to stipulate the way it manages local weather dangers and alternatives, “to handle a fabric threat.”

Berkshire representatives didn’t instantly reply to questions.

In one other high-profile contest, Vanguard stated it voted in favor of a proposal for Chevron to chop emissions, saying it allowed for enough flexibility in how the corporate would implement the request and serving to the proposal obtain majority help. However Vanguard stated it didn’t help two different shareholder resolutions tied to local weather issues.

Requested about Vanguard’s report, a Chevron spokesman referred to current feedback from Chevron Chief Govt Mike Wirth that the corporate plans to replace its local weather report later this 12 months and that “you’ll be able to anticipate to see in that report a response to shareholder votes from this 12 months’s annual assembly.”