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[07/18/23] BlackRock Expands Proxy Voting to Retail Investors
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WEEKLY ROUNDUP OF ETF FILINGS, LAUNCHES & CLOSURES
BlackRock Inc. has joined fellow fund titans Vanguard Group and State Street Corp. in allowing retail investors holding their ETFs to choose how the shares they hold through those funds vote in corporate proxy votes.
The three fund companies hold large portions of major companies, with 18.4% of even the giga-cap stock Apple held by those three fund shops. This means large swaths of investors are delegating their voting power in proxy votes to these fund shops, who may or may not vote the way individual investors might.
BlackRock’s program, which is pending board approval later in the year, would allow investors in its largest ETF, the $343 billion iShares Core S&P 500 ETF (IVV), to choose from one of seven voting policies, which are sets of guidelines that would determine proxy votes for shares they own through the fund. BlackRock’s own Investment Stewardship policy voted with management on proxy votes 97% of the time.
Below is a roundup of the key developments in the ETF industry during the week ending July 14, 2023:
Fund to invest in range of entertainment companies as music revenue tops $26 billion a year.
SCYB offers investors competitive fees even as rising rates scare investors away from junk bonds.
The issuer says fund has appeal during high interest rate periods.
Two funds would receive a boost from recent legislation.
Also, Dimensional applies for ETF share class model.
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IVV tracks a market cap-weighted index of US large- and mid-cap stocks selected by the S&P Committee.
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