How State Street came to vote against polluting companies

Richard Lacaille — Lacaille: “It’s important that we show leadership in areas like ESG”

Kris Devasabai
09 Dec 2021

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How can an asset manager reallocate capital to the companies that are delivering the energy transition when its investment mandate is to own every stock in the index? The board of ExxonMobil found out the answer earlier this year when State Street Global Advisors joined BlackRock and Vanguard in voting for new board directors at America’s largest fossil fuel company.

The vote on a shareholder resolution from Engine No. 1 – a climate-focused hedge fund – sent a strong message that the company

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