{"id":2607689,"date":"2026-05-28T06:06:00","date_gmt":"2026-05-28T10:06:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blackrock-and-others-weaponized-retirement-portfolios-to-push-esg-report\/"},"modified":"2026-05-28T06:15:20","modified_gmt":"2026-05-28T10:15:20","slug":"blackrock-and-others-weaponized-retirement-portfolios-to-push-esg-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blackrock-and-others-weaponized-retirement-portfolios-to-push-esg-report\/","title":{"rendered":"BlackRock and others \u2018weaponized\u2019 retirement portfolios to push ESG: Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fblackrock-and-others-weaponized-retirement-portfolios-to-push-esg-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2607689&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Three major asset managers-BlackRock, Vanguard, and State Street-are accused of using the shareholder voting power attached to retirement investors\u2019 index funds to advance ESG and other ideological priorities in corporate political fights, according to a report from the bull Moose Project shared with the *washington Examiner*.  <\/p>\n<p>The report argues that as many investors rely on \u201cpassive\u201d funds that track benchmarks like the S&#038;P 500, these firms effectively control large voting blocs through internal \u201cstewardship\u201d teams rather than company-specific business analysis. It claims the stewardship teams frequently enough prioritize ESG-related governance positions (including DEI- and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-look-to-sustainable-investing-craze-as-means-for-pushing-climate-agenda\/\" title=\"Democrats Look To Sustainable Investing Craze As Means For Pushing Climate Agenda\">climate-focused policies<\/a>), shaping outcomes on shareholder proposals.  <\/p>\n<p>The article also describes BlackRock\u2019s view that its proxy voting is governed by fiduciary duties and a \u201cfinancial materiality\u201d approach designed to serve clients\u2019 long-term interests, noting that BlackRock supported management on the vast majority of proposals in 2025 and points to programs that let eligible clients participate more directly in proxy votes.<\/p>\n<p>As a proposed fix,the Bull Moose Project backs \u201cmirror voting,\u201d in which passive-fund votes would be allocated to match the results of active investors\u2019 votes,aiming to limit the firms\u2019 influence as \u201cshadow regulators.\u201d The article connects this debate to ongoing political and regulatory efforts to curb proxy advisers\u2019 impact and notes other watchdog reports alleging declining ESG support by these asset managers in recent proxy seasons.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<article class=\"fn-body\">\n<p class=\"wp-block-paragraph\"><strong>EXCLUSIVE \u2014 <\/strong>Three of the world\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-takes-action-to-expose-asset-managers-pushing-esg\/\" title=\"Texas Takes Action to Expose ... Pushing ...\">largest asset management firms<\/a> have used retirement shares as leverage in corporate political fights to push <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/ESG\/\">environmental, social, and governance<\/a> investing goals on Wall Street, a free market watchdog is claiming.<\/p>\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/BlackRock\/\">BlackRock<\/a>, Vanguard, and State Street have effectively turned clients\u2019 retirement accounts into pro-ESG voting power, according to a new report from the Bull Moose Project shared exclusively with the <em>Washington Examiner<\/em>.<\/p>\n<section class=\"explore-more-section\" id=\"wex-recommended-widget\">\n<div class=\"magazine-container single\">\n<h1 class=\"magazine-title mt-2\">Recommended Stories<\/h1>\n<p>             <i class=\"fa-solid fa-play icon\"><\/i>         <\/div>\n<div class=\"explore-grid\">\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/4583814\/gavin-newsom-trolls-ted-cruz\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Gavin Newsom trolls \u2018good boy\u2019 Ted Cruz with AI photo<\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/healthcare\/4582768\/amy-acton-runs-medical-debt-forgiveness-ohio-governor\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Democrat Amy Acton runs on medical debt forgiveness in Ohio governor\u2019s race<\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/4582966\/trump-supports-cftc-regulate-prediction-markets\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Trump voices support for CFTC in battle for authority to regulate prediction markets<\/h3>\n<p>                         <\/a>                     <\/div>\n<\/p><\/div>\n<\/section>\n<p class=\"wp-block-paragraph\">The <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/bullmooseproject.org\/\">Bull Moose Project<\/a>, a populist conservatism advocacy group, found that the Big Three asset managers have cornered the market on \u201cpassive funds,\u201d which many Americans rely on for retirement, to accumulate outsized voting power inside major American corporations.<\/p>\n<div class=\"article-paywall\">\n<p class=\"wp-block-paragraph\">These funds are considered \u201cpassive\u201d because they simply track the stock market and are designed to replicate its performance. Mimicking market returns, passive funds fluctuate in accordance with the index they are tied to, such as the S&#038;P 500 or Nasdaq.<\/p>\n<p class=\"wp-block-paragraph\">The Bull Moose Project says passive funds that automatically mirror the market do not draw from detailed, company-specific research that informs how traditional active investors choose to cast shareholder votes. Rather, according to the Bull Moose Project, the massive reservoir of shareholder voting power consolidated by the Big Three is largely delegated to the whims of small \u201cstewardship\u201d teams inside these firms that focus on top-down ideologies and political trends, not bottom-up business analysis.<\/p>\n<p class=\"wp-block-paragraph\">Stewardship team members entrusted with such decision-making concerning corporate governance are often advocates of ESG principles, such as racial hiring quotas or net-zero carbon emission goals. For instance, State Street\u2019s Americas head of asset stewardship, <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/x.com\/ComfortablySmug\/status\/1950926696795848993\">Holly Fetter<\/a>, has championed wealth redistribution in order to disrupt \u201c<a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/music.amazon.com.au\/podcasts\/3240ad07-57c8-4c52-aa31-014974dea244\/episodes\/6ded392e-5d5d-4c55-a514-707d7dd0b1b4\/philanthropy-and-social-movements-episode-1-radical-redistribution\">class oppression<\/a>\u201d and encouraged companies to <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/corpgov.law.harvard.edu\/2021\/07\/22\/boards-oversight-of-racial-dei\/\">consider the racial diversity<\/a> of their boards.<\/p>\n<p class=\"wp-block-paragraph\">BlackRock, Vanguard, and State Street accordingly hold significant sway over shareholder voting outcomes. When it comes to voting on shareholder proposals, their internal stewardship teams can weigh in on ESG resolutions, DEI policies, and other ideological corporate battles.<\/p>\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/justice\/3420262\/trump-doj-paxton-blackrock-antitrust-lawsuit-coal-esg\/\"><strong>DOJ BACKS ANTITRUST LAWSUIT ACCUSING BLACKROCK AND OTHERS OF COLLUDING TO BOOST ESG<\/strong><\/a><\/p>\n<p class=\"wp-block-paragraph\">\u201cThree Wall Street firms have quietly become the most powerful unelected force in American corporate policy, using ordinary Americans\u2019 retirement savings to advance a political agenda those same Americans never voted for,\u201d Aiden Buzzetti, president and founder of the Bull Moose Project, told the <em>Washington Examiner<\/em>.<\/p>\n<p class=\"wp-block-paragraph\">BlackRock referred the <em>Washington Examiner<\/em> to its recently published <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.blackrock.com\/corporate\/literature\/publication\/blackrock-investment-stewardship-annual-report-2025.pdf\">annual report<\/a> on investment stewardship, which outlines the company\u2019s fiduciary obligations to act in the best interest of its clients as stewards of their assets.<\/p>\n<p class=\"wp-block-paragraph\">The yearly report mentions that BlackRock is legally required to make proxy voting determinations on behalf of clients, who have delegated voting authority to the asset manager, \u201cin a manner that is consistent with their investment objectives.\u201d<\/p>\n<p class=\"wp-block-paragraph\">BlackRock <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/corpgov.law.harvard.edu\/2026\/01\/21\/2026-global-principles-for-benchmark-policies\/\">says<\/a> its benchmark policies governing investment stewardship take \u201ca financial materiality-based approach and are focused solely on advancing clients\u2019 long-term financial interests.\u201d<\/p>\n<p class=\"wp-block-paragraph\">BlackRock\u2019s publicly viewable <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/central-webd.proxydisclosure.com\/WebDisclosure\/wdFundSelection?token=BIS\">voting record<\/a> shows the company supported corporate management on approximately 88% of more than 154,000 proposals voted globally in 2025, indicating that investors and company leadership were aligned on a vast majority of proposed items at shareholder meetings.<\/p>\n<p class=\"wp-block-paragraph\">In 2015, BlackRock\u2019s stewardship team did not vote in support of any <a href=\"https:\/\/amzn.to\/3YuVZYV\" >shareholder proposals addressing perceived \u201cclimate-related risks<\/a>,\u201d finding that many of them were \u201cover-reaching, lacked economic merit, or sought outcomes that were unlikely to promote long-term financial value.\u201d<\/p>\n<p class=\"wp-block-paragraph\">While most of BlackRock\u2019s clients defer voting decisions to BlackRock, the company has also created opportunities for eligible clients to participate in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/blackrock-announces-expansion-of-corporate-voter-choice-due-to-gop-pressure\/\" title=\"... Announces Expansion of Corporate ...r Choice Due to GOP Pressure\">proxy voting process<\/a>. <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.blackrock.com\/corporate\/about-us\/investment-stewardship\/blackrock-voting-choice\">BlackRock Voting Choice<\/a>, a pass-through voting program, allows clients to be a part of how their shares are voted, should they elect to do so.<\/p>\n<p class=\"wp-block-paragraph\">Since the initiative\u2019s inception in 2022, BlackRock has <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.blackrock.com\/corporate\/newsroom\/press-releases\/article\/corporate-one\/press-releases\/blackrock-expands-voting-choice\">continued to build out<\/a> Voting Choice by expanding the pool of eligible client assets and extending the range of voting policies that clients can choose from. <\/p>\n<p class=\"wp-block-paragraph\">The Bull Moose Project report proposes \u201cmirror voting\u201d as a remedy to the shareholder voting system that would \u201crein in the Big Three\u2019s radical stewardship teams and reduce Wall Street\u2019s weaponization without cutting off Americans\u2019 access to index fund investing options.\u201d<\/p>\n<p class=\"wp-block-paragraph\">Under mirror voting, during a shareholder vote, active investors\u2019 votes are cast and counted first, then the passive funds\u2019 shares would be allocated proportionally. In practice, if all of the active shareholders in Company A support a given proposal at a vote of 55% to 45%, the Big Three firms would automatically vote their shares to match, with 55% for and 45% against.<\/p>\n<p class=\"wp-block-paragraph\">The Bull Moose Project argues mirror voting would make sure that passive funds function as intended: If passive funds mirror the market in the investment process, they should mirror the market when shareholders vote.<\/p>\n<p class=\"wp-block-paragraph\">\u201c[Mirror voting] prevents the Big Three\u2019s stewardship teams from acting like shadow regulators and prevents corporate governance from becoming a politicized get-out-the-vote contest,\u201d the Bull Moose Project report says.<\/p>\n<p class=\"wp-block-paragraph\">Buzzetti urged oversight officials in the Trump administration not to leave the Big Three\u2019s voting power unchecked.<\/p>\n<p class=\"wp-block-paragraph\">\u201cThe Trump administration has rightly begun dismantling the woke capital regime, and Chairman Atkins\u2019s SEC has taken important first steps,\u201d Buzzetti said. \u201cBut unless Washington confronts the Big Three\u2019s stewardship teams directly, ESG will not disappear. It will simply be put on ice, waiting for the next administration.\u201d<\/p>\n<p class=\"wp-block-paragraph\">Under the Trump administration, the Securities and Exchange Commission has moved to crack down on the influence of proxy advisers, such as Glass Lewis and the Institutional Shareholder Services, over shareholder decisions.<\/p>\n<p class=\"wp-block-paragraph\">Asset managers have historically relied on recommendations from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jp-morgan-shareholders-hand-jamie-dimon-a-rare-rebuke-disapprove-52-6-million-bonus\/\" title=\"JP Morgan Shareholders Hand Jamie Dimon a Rare Rebuke, Disapprove .6 Million Bonus\">proxy advisory firms<\/a>, which offer what conservative critics deem highly politicized advice during the vote-casting process. However, there is <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.realclearpolicy.com\/articles\/2023\/09\/21\/why_the_esg_battleground_must_shift_from_asset_managers_to_proxy_advisors_981133.html\">an ideological divide<\/a> growing between proxy advisers, which remain strong proponents of ESG, and the Big Three asset managers, whose support of ESG practices has dramatically dwindled in response to changing market trends.<\/p>\n<p class=\"wp-block-paragraph\">Several watchdog reports have shown the Wall Street giants inching further away from ESG over the past few years.<\/p>\n<p class=\"wp-block-paragraph\">A <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.pensionpolitics.com\/report\/politics-over-pensions-2025\/\">November 2025 report<\/a> from the Committee to Unleash Prosperity, titled \u201cPutting Politics Over Pensions,\u201d examined the votes of 600 investment management companies on ESG proposals over the previous proxy season. BlackRock and Vanguard both <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.pensionpolitics.com\/wp-content\/uploads\/2025\/10\/Putting-Politics-Over-Pensions-2025-Scorecard.pdf\">received<\/a> an A grade in the report for voting against ESG-focused proposals 90% or more of the time, while State Street earned a B rating with a 75% rejection rate, which is up from a C in 2023 and D in 2022.<\/p>\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/in_focus\/3806292\/proxy-firm-critics-calling-shots-corporate-america\/\"><strong>PROXY FIRM CRITICS SAY THEY\u2019RE CALLING THE SHOTS IN CORPORATE AMERICA<\/strong><\/a><\/p>\n<p class=\"wp-block-paragraph\">A <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/shareaction-api.files.svdcdn.com\/production\/resources\/reports\/ShareAction_Voting-Matters_2024-Final_2025-02-20-101038_pzfj.pdf?dm=1740046238\">February report<\/a> by ShareAction ranked State Street 63rd and BlackRock 67th out of 70 organizations analyzed based on their lack of support for environmental and social issues in the 2024 proxy voting cycle. Vanguard, meanwhile, landed last in 70th place.<\/p>\n<p class=\"wp-block-paragraph\">Vanguard did not respond to a request for comment. State Street declined.<\/p>\n<\/div>\n<\/article>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE: Watchdog claims BlackRock, Vanguard, and State Street use retirement shares to push pro-ESG goals in corporate politics<\/p>\n","protected":false},"author":3767,"featured_media":2607690,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/03\/iStock-1446334594-e1779935862435.jpg?w=696","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[7002,80378,51584,80379],"class_list":["post-2607689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-blackrock","tag-esg-investing","tag-financial-regulation","tag-retirement-portfolios"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/03\/iStock-1446334594-e1779935862435.jpg?w=696","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2607689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3767"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2607689"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2607689\/revisions"}],"predecessor-version":[{"id":2607693,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2607689\/revisions\/2607693"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2607690"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2607689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2607689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2607689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}