BlackRock and others ‘weaponized’ retirement portfolios to push ESG: Report The Bull Moose Project alleges that asset managers BlackRock, Vanguard, and State Street are using retirement shares as leverage to promote ESG investing goals on Wall Street. They claim these firms consolidate voting power through passive funds, allowing small stewardship teams to advance political agendas. The group proposes ‘mirror voting,’ where passive funds’ votes would proportionally match those of active investors, to curb this influence.

• The Bull Moose Project claims BlackRock, Vanguard, and State Street use retirement shares to push ESG investing goals.
• These firms allegedly use passive funds to consolidate voting power, enabling small teams to advance political agendas.
• BlackRock states it acts in clients’ best interests and focuses on financial materiality, not ideology.
• The group proposes ‘mirror voting’ to ensure passive funds’ votes reflect market sentiment.
• Recent reports show a trend of these firms decreasing support for ESG proposals, though State Street and Vanguard’s overall rankings remain low.
• BlackRock offers ‘BlackRock Voting Choice’ for eligible clients to participate in proxy voting.