When words don’t match actions
We know that Vanguard is the world’s largest investor in the fossil fuels polluting frontline communities and causing climate disasters. We also know that Vanguard repeatedly ranks as one of the worst when it comes to using its enormous shareholder power to support action on climate change at the companies in which it invests. But did you know that Vanguard also actively uses its influence to delay policy and regulation for a livable future?
- Vanguard advocates against sustainable finance regulations, like recent rules from the Securities and Exchange Commission that increase investors’ access to information on corporations’ carbon emissions.
- Vanguard belongs to industry groups, like the Investment Company Institute, that lobby to weaken key sustainable finance policies.
- For this and more, Vanguard received a policy engagement score of D+ from InfluenceMap for its “increasingly obstructive climate policy engagement.”
We need Vanguard to support climate finance policy that would help move us beyond fossil fuels, and we need it to influence its industry associations that are currently opposing ambitious sustainable finance policy.
Months ago, when explaining why Vanguard quit its biggest climate commitment, CEO Tim Buckley said, “Politicians and regulators have a central role to play in setting the ground rules to achieve a just transition to a lower carbon economy.” So, if Vanguard claims policy is the way, why is it thwarting sustainable finance policy? Vanguard can’t have it both ways when the stakes are this high.
As people of conscience, we do not accept Vanguard wielding its power in opposition to a livable climate. Join us in calling for Vanguard leadership to do better, now!
Top photo by Rachael Warriner
