September, 17 2019, 12:00am EDT
Investment Giants BlackRock and Vanguard Fail to Live Up to Climate Commitments by Voting Against Shareholder Resolutions
BERKELEY, CALIFORNIA
Corporate governance nonprofit Majority Action released today its report analyzing asset managers' 2019 voting records on climate-related shareholder proposals and CEO pay at energy and utility companies. The report finds that influential firms like BlackRock and Vanguard repeatedly voted with corporate management in opposing climate risk mitigation proposals. In fact, BlackRock and Vanguard voted against every proposal supported by the Climate Action 100+, an investor coalition with $34 trillion assets under management; in 16 cases the asset managers' support would have led to majority votes. Instead, the report states, "BlackRock and Vanguard chose to shield management from accountability, serving as a blockade for global investor action on climate."
In contrast, the report noted Legal & General, BNP Paribas, and PIMCO supported more than 95 percent of the shareholder proposals analyzed in this study, as did DWS Group, voting in favor of improved emissions disclosures and reduction plans, transparency regarding corporate political influence activity, and governance reforms to improve accountability to long-term shareholders. In addition, Legal & General Investment Management, BNP Paribas Asset Management, PIMCO, and Standard Life Aberdeen had the highest rate of voting against management proposed director candidates and say on pay proposals in the oil and gas and utility industries. These large asset managers are choosing to set and enforce policies to hold corporate boards accountable if climate-related concerns are not adequately addressed.
Danielle Fugere, president of As You Sow, made the following statement:
"This year we saw many shareholder proposals encouraging companies to take action to mitigate the material climate risks facing their companies and the global economy. By voting against such proposals, BlackRock and Vanguard are demonstrating a profound inconsistency with their own stated purpose, while also jeopardizing shareholder value. There is little time left to change the trajectory of a warming globe, yet these firms are abdicating the power of their proxy vote to help protect the climate, the economy, and investor portfolios from systemic climate risks."
Lila Holzman, energy program manager of As You Sow, made the following statement:
"Transparency is key to investors' ability to assess climate-related risks. While firms like BlackRock and Vanguard have acknowledged climate change risks, they counterproductively vote against proposals that ask for enhanced disclosure and action and fail to transparently explain why. This exposes their clients to even greater risks."
Rosanna Landis Weaver, executive compensation program manager of As You Sow, made the following statement:
"BlackRock and Vanguard voted for 99 percent of U.S. energy and utility companies' proposed directors and 100 percent of their pay packages rewarding CEOs of companies that have underperformed the S&P500 for the past decade. Shareholders should be particularly focused on what behavior is incentivized in this industry, and whether compensation aligns executives' long-term interests with those shareholders."
Andrew Behar, CEO of As You Sow, made the following statement:
"We are pleased to see some of the large asset managers, including BNP Paribas, Legal & General, DWS, and PIMCO, taking climate change seriously by supporting these resolutions. This sends a strong message that shareholders see business as usual by the energy sector no longer acceptable and negatively impacting the entire economy."
For more information on As You Sow's work on climate change, click here.
As You Sow is the nation's non-profit leader in shareholder advocacy. Founded in 1992, we harness shareholder power to create lasting change that benefits people, planet, and profit. Our mission is to promote environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies.
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'The Stakes Could Not Be Higher': Debate Disaster Ignites Calls for Biden to Step Aside
"You're deluded if you believe Joe Biden, at this stage of his life, is the best person Democrats have to offer against Donald Trump, against a fascist," said journalist Mehdi Hasan.
Jun 28, 2024
President Joe Biden's disastrous debate performance Thursday evening against presumptive GOP nominee Donald Trump—an unhinged, would-be authoritarian whose lies were glaring and constant—sent much of the Democratic Party establishment into a spiral of panic and ignited calls for the incumbent to step aside to allow another Democratic candidate to take on the former president in November.
The alarm began to set in just minutes into the
CNN-moderated event in Atlanta, with Democratic operatives and lawmakers exchanging despairing texts with reporters and each other after the president declared—after appearing to lose his train of thought—that "we finally beat Medicare," an absurd line that followed his stumbling attempt to explain that the nation's ultra-rich pay far too little in taxes.
"For example, we have a thousand trillionaires in America—I mean billionaires, in America," said Biden, his voice raspy from what his campaign says was a cold. "And what's happening? They're in a situation where they, in fact, pay 8.2% in taxes. If they just paid 24% or 25%, either one of those numbers, they'd raised $500 million—billion dollars, I should say, in a 10-year period."
The beltway access outlet Politicoreported that the text message inboxes of its journalists quickly blew up with expressions of dismay from Democratic lawmakers and the names of potential options to replace the 81-year-old incumbent, who cruised through the primary process without a serious challenge.
"I picked the wrong day to stop sniffing glue," an unnamed member of the House Democratic caucus wrote to Politico. An anonymous Democratic insider told the outlet that they believe "there are short lists being made" for Biden's potential replacement, lists that reportedly include Michigan Gov. Gretchen Whitmer, Kentucky Gov. Andy Beshear, North Carolina Gov. Roy Cooper, and California Gov. Gavin Newsom.
An unnamed Democratic lawmaker toldThe Financial Times that "many House Democrats tonight, representing a wide cross-section of the Democratic caucus, were privately texting one another that Biden needs to announce he's decided not to run for reelection"—a belated conclusion that drew disdain from commentators who have been warning for months that a Biden reelection bid could be calamitous.
"Hilarious to watch elite consensus shift and see all the media folk who knowingly created the Biden 2024 catastrophe now desperately try to maintain credibility by depicting themselves as the courageous voices demanding a course correction when it may already be too late," The Lever's David Sirota wrote Friday morning.
The frenzied discussions of a last-ditch replacement effort spilled over into the
editorial pages of major newspapers, panel discussions with former White House officials and ex-lawmakers, and the segments of prominent corporate television shows, including MSNBC's "Morning Joe"—which Biden reportedly watches obsessively.
Morning Joe, Biden’s favorite show, is wavering.
“If he were CEO and he turned in a performance like that, would any corporation in America, any Fortune 500 corporation in America keep him on as CEO?”
pic.twitter.com/bSZisE3FDU
— Alex Thompson (@AlexThomp) June 28, 2024
In a panel discussion following Thursday night's 90-minute debate, CNN national political correspondent John King said that "there is a deep, a wide, and a very aggressive panic in the Democratic Party" that began shortly after the debate kicked off and "continues right now."
"It involves party strategists, it involves elected officials, and it involves fundraisers. They are having conversations about the president's performance, which they think was dismal, which they think will hurt other people down the party in the ticket," said King. "And they're having conversations about what they should do about it. Some of those conversations include should we go to the White House and ask the president to step aside. Other conversations are about should prominent Democrats go public with that call."
Dire concerns about Biden's performance and broader readiness to compete in the November election were amplified by Trump's showing during Thursday night's debate, which further showed that the presumptive Republican candidate poses a grave threat to democracy, the climate, workers, and fundamental rights.
"Tonight put on full display how broken our political system is. Our generation deserves better," Stevie O'Hanlon, communications director for the youth-led Sunrise Movement, said in a statement. "The debate also made it undeniable that a Trump presidency would be a climate catastrophe. When Trump was asked if he would address the climate crisis, he ignored the question completely—because he can't answer it. He has promised oil and gas CEOs that he will expedite drilling permits, hasten fracked gas pipeline approvals, and release 'vast stores' of oil and gas on public lands. In return, they're bankrolling his campaign."
"Biden touted achievements that young people fought hard and long to win: the Civilian Climate Corps and the Inflation Reduction Act. Like in 2020, we will fight like hell to defeat Donald Trump so we have the political conditions to end the fossil fuel era and win a Green New Deal," O'Hanlon added. "But President Biden and the Democratic establishment's choices have made an election against a convicted felon dangerously tight. Young people have offered Democrats the vision, energy, and policy on which to beat Donald Trump. They have turned away from it. If there is to be any chance of beating Trump this November, they must listen to young voters."
"Biden is manifestly not up to the task of combating Trump's lies, vitriol, and neofascism—nor is he capable of articulating a coherent progressive vision capable of galvanizing voters this fall."
It's far from clear that mounting calls for Biden to end his reelection campaign and clear the way for a viable replacement will move Democratic leaders or the White House, which has been adamant that the president will be on the ballot in November even as Democratic voters indicate they would prefer someone else as their nominee.
A Gallup survey released ahead of Thursday's debate showed that just 42% of Democratic voters are pleased with Biden as the nominee and a majority want a different candidate.
But Robert Costa of CBS News reported in the debate's aftermath that unnamed sources close to Biden said there is "zero chance" the president "steps away from running."
Newsom, one of the Democrats most commonly floated as a potential alternative to Biden, came to the president's defense Thursday night, urging the party to rally behind the incumbent.
"You don't turn your back because of one performance," Newsom said. "What kind of party does that?"
Alex Wagner presses Gov. Gavin Newsom on questions about whether Biden should step down.
Newsom: “You don’t turn your back because of one performance. What kind of party does that?”
“This president has delivered. We need to deliver for him at this moment.” pic.twitter.com/J5G9XGNYWn
— MSNBC (@MSNBC) June 28, 2024
House Minority Leader Hakeem Jeffries (D-N.Y.) also stood by the president, telling reporters on Friday that he should not drop out of the race even as one unnamed House Democrat—described as an "outspoken defender" of Biden—toldPolitico's Jonathan Martin that Jeffries and Senate Majority Leader Chuck Schumer (D-N.Y.) should seriously consider a "combined effort" to convince the incumbent to step aside.
"The movement to convince Biden to not run is real," the lawmaker said.
However, Martin noted, "many top party officials" feel that "Biden can't be persuaded let alone pressured."
"One Democratic governor called the debate 'beyond bad,' but said it was 'too late' to nominate a new standard bearer," Martin reported.
But analysts argued Thursday's debacle solidified the case that a Biden candidacy is untenable—and could gift Trump and his far-right allies another four years in power, which they're planning to use to unleash a massive assault on reproductive rights, public education, immigrants, environmental regulations, and more.
"I'm not saying that Joe Biden is going to lose the presidential election because of tonight's debate. The race is still ridiculously too close to call at this point," saidZeteo's Mehdi Hasan, a former MSNBC host. "But it's not looking good. And what I am saying is that you're deluded if you believe Joe Biden, at this stage of his life, is the best person Democrats have to offer against Donald Trump, against a fascist."
"Small-d American democracy, if it is to survive, needs Democrats—big-d Democrats—to put their big boy pants on and get their act together," Hasan added.
I have spent months, both on MSNBC and at Zeteo, refusing to obsess over Biden’s age and fitness for office. But no longer. Not after tonight’s car crash of a ‘debate’.
It’s time for Biden to step aside. The Democrats need to find a new nominee. https://t.co/20UUcW06TK pic.twitter.com/oMtRbED3Bx
— Mehdi Hasan (@mehdirhasan) June 28, 2024
After acknowledging that "a comatose Joe Biden would make a better president than Donald Trump," Vox's Eric Levitz wrote Thursday that even though "there is no way for the Democratic Party to deny Biden the nomination at this point," party leaders could "personally lobby the president to step aside and endorse his preferred successor, preempting the hazards of a contested Democratic convention in late August."
"Waiting months to anoint a presumptive nominee would be highly risky. Rallying around Biden's handpicked heir now would be much less so," Levitz added. "The president's policy positions and governing record matter more than his current skills as a rhetorician. But precisely because of how much is substantively at stake in this election, Democrats cannot afford to wager it on American voters changing their minds and deciding that Biden isn't too old for his job after watching him struggle to remember the topics of his own sentences."
RootsAction, a progressive group that urged Biden in late 2022 not to run for reelection and has been calling on the president to step aside for more than a year, said in a statement that Thursday night underscored the incumbent's "severe liabilities as a candidate.
"Biden is manifestly not up to the task of combating Trump's lies, vitriol, and neofascism—nor is he capable of articulating a coherent progressive vision capable of galvanizing voters this fall," the group said. "There is still time before the party convention to decide on a different nominee for the party. Democratic leaders must finally heed the clear preference of Democratic voters and reconsider their backing of Biden’s candidacy."
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"His candidacy remains an existential threat to our democracy and the very communities he scapegoats on the campaign trail," said one campaigner.
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Presumptive Republican nominee Donald Trump on Thursday refused to commit to accepting the results of his looming rematch with incumbent President Joe Biden, the latest indication that the former president is bent on sowing potentially violent chaos as he seeks another four years in the White House.
Asked several times during Thursday night's debate in Atlanta whether he would accept the outcome of the November election, Trump demurred, veered off course, downplayed the January 6, 2021 insurrection as "a relatively small number of people that went to the Capitol," and repeated lies about election fraud.
Eventually, Trump said in response to a yes-or-no question from CNN's Dana Bash that he would accept the results "if it's a fair and legal and good election," suggesting he would only view the contest as legitimate if he wins.
"I would have much rather accepted these but the fraud and everything else was ridiculous," said Trump, falsely insisting the 2020 election was stolen. "If you want, we'll have a news conference on it in a week."
Bash: The question was will you accept the results of the election?
Trump: If it’s a fair and legal and good election, absolutely. I would’ve much rather accepted these but the fraud and everything else was ridiculous pic.twitter.com/SQpup59HM5
— Acyn (@Acyn) June 28, 2024
Alejandra Gomez, executive director of Living United for Change in Arizona, said Trump's election remarks make clear he is "still the same wannabe dictator he was during his first term" and that "his candidacy remains an existential threat to our democracy and the very communities he scapegoats on the campaign trail."
"If Donald Trump wins in November he will unleash an all-out attack on our institutions from the media to our Justice Department," Gomez added, referring to the former president's threat to weaponize arms of the federal government against his political opponents.
Stand Up America's Christina Harvey echoed Gomez's warning, saying in a statement that Thursday night's debate underscored "the extraordinary danger that Donald Trump poses to our democracy."
"Trump refused to denounce the January 6 insurrection, would not promise to accept the election results, bragged about ending Roe v. Wade, and spewed endless lies and conspiracy theories," said Harvey. "The stakes in this year's election are enormous, and the future of our democracy and our fundamental freedoms are on the line. We cannot let Trump ever step foot in the Oval Office again."
The dire threat Trump and his far-right allies pose to U.S. democracy, fundamental freedoms, the climate, workers, and more served to amplify concerns among Democratic insiders and outside progressives about Biden's stumbling performance Thursday night, which solidified for many that he is the wrong person to take on the former president in November.
"I'm not saying that Joe Biden is going to lose the presidential election because of tonight's debate. The race is still ridiculously too close to call at this point," saidZeteo's Mehdi Hasan following the Atlanta event. "But it's not looking good. And what I am saying is that you're deluded if you believe Joe Biden, at this stage of his life, is the best person Democrats have to offer against Donald Trump, against a fascist."
"Small-d American democracy, if it is to survive, needs Democrats—big-d Democrats—to put their big boy pants on and get their act together," Hasan added.
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Israeli Officials Hiding Data About Forced Starvation of Gaza Prisoners: Report
Former detainees say the Israel Prison Service "has significantly reduced their food rations, to the point of starvation, causing them to shed dozens of kilograms."
Jun 27, 2024
Israeli prison officials are concealing information about reductions in food rations for Palestinians held in the Gaza Strip, where detainees—who have also reported horrific abuse including alleged rape and deadly torture—have been deliberately driven "to the point of starvation," according to a report published Thursday.
Security sources
told the Israeli newspaper Haaretz that the Israel Prison Service (IPS) is intentionally cutting Palestinian prisoners' caloric intake, a move confirmed by Israeli National Security Minister Itamar Ben-Gvir, who called the policy a "deterrent."
"The Palestinian detainees will receive the minimum rights and the minimum food, and I will ensure that this policy is implemented," Ben-Gvir, who leads the far-right Otzma Yehudit (Jewish Power) party,
said Thursday in response to a query from Israel's Supreme Court.
"There is no starvation, but my policy does call for reducing conditions, including food and calories," Ben-Gvir added.
"The IPS has been deploying a policy of starvation towards Palestinian prisoners and detainees."
However, dozens of Palestinians held by Israel, including so-called security prisoners and detainees unaffiliated with Hamas, have testified that the IPS "has significantly reduced their food rations, to the point of starvation, causing them to shed dozens of kilograms."
One unidentified security source told Haaretz: "Since the start of the war, there's been a deliberate policy of indiscriminate reduction of food. To put it mildly, this policy has raised factual questions about the figures provided by the prison service, to such an extent that it is impossible to get the full picture and to determine whether what is going on is legal at all."
"This is not just a legal question, it can cause security issues with serious implications," the source added.
According to the Association for Civil Rights in Israel, which, along with the Israeli human rights group Gisha, filed a petition in the High Court of Justice earlier this year:
Since October 7, 2023, the IPS has been deploying a policy of starvation towards Palestinian prisoners and detainees. Recently released prisoners testified that they suffered from constant and extreme hunger and very poor quality of food. Among the testimonies presented in the petition were those of a diabetic prisoner who ate toothpaste to raise blood sugar, and of prisoners who lost tens of kilograms in weight in recent months.
The petition argued that the food reduction policy amounts to starvation and torture, and contravenes Israeli and international law. It violates the constitutional right of security prisoners to dignity and health, constitutes a policy of collective punishment, and violates the IPS' obligation to provide detainees in its custody with appropriate prison conditions.
At a hearing on Wednesday, the High Court of Justice slammed the reduction of Palestinian prisoners' food rations as "unacceptable."
Appalling conditions have been widely reported in Israeli military lockups since the start of Israel's bombardment and invasion of Gaza in retaliation for the Hamas-led attacks that left more than 1,100 Israelis and others dead—at least some of whom were killed by so-called "friendly fire"—and over 240 others kidnapped on October 7.
According to Israeli whistleblowers who worked at the notorious Sde Teiman prison camp in the Negev Desert, Palestinian detainees there are tortured not to "gather intelligence," but "out of revenge" for October 7.
Often referred to as "Israel's Abu Ghraib"—the infamous U.S. military prison in Iraq where dozens of detainees died, some of them tortured to death—Sde Teiman has been described by former detainees as hell on Earth. Palestinians held there and at other detention sites described being electrocuted, mauled and even raped by dogs, and starved, among other abuses.
One Sde Teiman physician said that all patients at the camp's field hospital are handcuffed by all four limbs, 24 hours a day, regardless of how dangerous they are deemed. The doctor said that more than half of his patients at the camp have suffered cuffing injuries, including some that have required "repeated surgical interventions."
"Two prisoners had their legs amputated due to handcuff injuries, which unfortunately is a routine event," he toldHaaretz.
Last month, Haaretzrevealed that 27 detainees have died in custody at the Sde Teiman and Anatot camps or during interrogation by Israeli forces since October 7. While some were Hamas or other militants captured or wounded while fighting IDF troops, others were civilians, including some with preexisting health conditions like the diabetic laborer who was not suspected of any offense when he was arrested and sent to his death at Anatot.
One former Sde Teiman detainee also claimed that he personally witnessed Israeli troops execute five prisoners in separate incidents.
Photos and videos of Israeli troops abusing Palestinians—both alive and dead—have been published by perpetrators on social media. According to testimonies collected by the Geneva-based Euro-Mediterranean Human Rights Monitor, Israeli officers brought Israeli civilians into detention centers and allowed them to witness Palestinian prisoners being tortured.
Former detainees said groups of 10-20 Israeli civilians were allowed to record torture sessions in which the men, stripped nearly naked, were beaten with metal batons, electrocuted, and had hot water poured over their heads. The ex-prisoners said some of the Israelis laughed while filming their torture.
The new Haaretz report comes as the International Court of Justice is weighing whether Israel is committing genocide, in part by blocking food aid from reaching starving Gazans, dozens of whom have died of malnutrition.
International Criminal Court Prosecutor Karim Khan is also seeking to arrest Israeli Prime Minister Benjamin Netanyahu and his defense minister, Yoav Gallant, for alleged war crimes and crimes against humanity including forced starvation of Gazans and extermination. Khan is also pursuing warrants to arrest three Hamas leaders.
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