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Suddenly Vanguard, BlackRock, State Street not only have the assets but the power of ESG mandates, which make them a growing threat to shareholder democracy, critics say


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A handful of super-charged fund managers control $34 trillion of assets and most of the ESG inflows, giving them carte blanche to shape corporate policies.
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The embrace of ESG by an ETF power bloc of BlackRock, Vanguard Group, Fidelity Investments, Capital Group and State Street may augur a dark future where they hold the power to sway shareholder votes, according to RIAs, fund trackers, hedge funds and ESG advocates alike.
Vincent Deluard: Shareholder democracy will not work as intended.
The rising chorus of critics say the elite exchange-traded-fund producers from Boston, New York, Philly and Los Angeles pose a rising threat to shareholder democracy albeit because the power has been thrust upon them.  ....

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