The House Financial Services Committee considered testimony on the impact of ESG proxy proposals and recommendations to reform the shareholder proposal process.
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The House Financial Services Committee considered testimony on the "growing influence” of proxy advisory firms and current efforts to reform the proxy advisory system.
The House Financial Services Committee considered testimony from witnesses advocating against the inclusion of ESG proposals or non-material economic matters in the shareholder-proposal process.
The House Judiciary Committee requested information from three of the largest asset managers in finance pursuant to a Committee inquiry into "the sufficiency of existing antitrust laws to address collusive agreements to promote and adopt progressive environmental, social, and governance (ESG) goals."
Senate Banking Committee Republicans expressed concern as to the rising influence of the "Big Three" asset managers - BlackRock, State Street and Vanguard - on corporate America through the voting power resulting from their ownership of index funds.