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NYC Pension CIO Sees Little Impact From Wall Street ESG Pullback

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Steven Meier, the chief investment officer for the New York City Retirement System, said a pullback on ESG efforts by major fund-management companies has little impact on the city’s pensions and their power to vote on shareholder measures seeking to change corporate policies.

Large asset managers like BlackRock Inc. and Vanguard Group Inc. have reduced their backing of shareholder proposals on climate and social issues. BlackRock said in a report published last week that many of the proposed resolutions have become “unduly prescriptive.”

“There is a misconception in the marketplace that passive management means passive ownership,” Meier said in an interview on Bloomberg Television. “We intend to be in these indices and these companies for years and decades, so we want to have the ability to impact performance of those funds.”

 

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