In a recent article, Sarah Nassauer and Theo Francis, reporting on the efforts of “anti-woke” shareholder representatives, made a small error that occluded a vital fact about modern American investing: the Big Three investment houses – BlackRock, State Street and Vanguard – are so steeped in personal-policy bias throughout their operations that they have become, collectively, the greatest fiduciary-breach machine in human history.
The authors’ error is a syntactical trifle. The article reports that “Most anti-ESG proposals received support from less than 2% of shares voted, and none have passed—among the worst showing of the categories tracked by ISS,” and this is true. The rest of the article ascribes those anemic showings, especially in comparison to those of left-ESG proposals, to a failure “to gain traction” amongst shareholders. That’s the bit that’s vitally false.
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