ShareAction research shows that asset managers’ support for shareholder resolutions aimed at tackling social and environmental issues has reduced in 2024, with only 1.4 per cent of the shareholder proposals assessed in Voting Matters 2024 receiving majority support, down from 21 per cent in 2021.

Asset managers who voted down measures on human rights, nature and climate included the four largest asset managers in the world: BlackRock, Fidelity Investments, State Street Global Advisors and Vanguard who together manage $23tr in assets, more than the total GDP of the EU.

ShareAction's research reveals an additional 48 shareholder resolutions would have passed had these four asset managers chosen to support them. This includes a resolution at Cadbury and Oreo-maker Mondelez International that asked for greater disclosure over the operational and reputational risks associated with the company's continued operations in Russia since the invasion of Ukraine.

Claudia Gray, head of financial sector research at ShareAction, said: “This is the worst result we've seen from asset managers in the six years we’ve been monitoring their voting performance and shows a worrying retreat from ambition when it’s most needed.”

As in previous years, however, there is a striking gulf in performance between asset managers in the US and Europe. Supporting 81 per cent of shareholder proposals on average, European asset managers have once again demonstrated greater commitment to responsible investment than their US counterparts. This is in the context of higher corporate transparency standards set by regulators in Europe.

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