Following pressure and engagement from activists and environmental organizations, BlackRock voted in favor of a shareholder resolution to identify further opportunities to combat deforestation and degradation of intact forests in P&G supply chains.
So what?
This move was counter to the recommendations of the P&G board and is the first time one since 2012 that one of the “Big Three” asset managers has voted for a shareholder resolution relating to mitigating deforestation risk in consumer goods companies.
As one of the “Big Three”, Blackrock plays a significant role in shaping deforestation policy across consumer goods companies. This resolution is another signal that global investor pressure is growing on consumer goods companies to accelerate action to protect the environment.
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