BlackRock's Equity Index Clients Will Now Be Able to Control Votes In AGM Of Invested Companies: Reuters

BlackRock Inc BLK said that clients owning nearly half of its $4.9 trillion in equity index assets could control vote casting at the annual meetings of the companies in which their funds invest, Reuters reported.
The move marks an expansion of BlackRock's 'Voting Choice' program, launched last October, and could offer institutional clients more say on topics that matter to them, Reuters reported.
"While BlackRock's Voting Choice program is an industry first, we see it as just a beginning," Salim Ramji, Global Head of iShares and Index Investments, said.
"Our ambition is to make voting choice convenient and efficient for all investors, and we are working with policymakers and industry participants worldwide to extend voting choice for our clients."
At the time of launch, clients owning around 40% of BlackRock's equity index assets through U.S. or U.K. segregated mandates or some pooled investments were eligible for the freedom to vote their shares at an AGM.
Now the same choice will be offered to those invested in Canadian and Irish pooled funds and additional U.K. clients.
Since launch, clients holding $120 billion of assets have opted to take control of the voting process.
Price Action: BLK shares closed 6.39% lower at $618.36 on Friday.