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BlackRock’s support for ESG measures falls to new low

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BlackRock’s support for ESG measures falls to new low

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BlackRock’s support for shareholder proposals on environmental and social issues has fallen to a fraction of its 2021 peak, it disclosed on Wednesday, even as its support for governance-related questions rose.

In the 12 months to the end of June, BlackRock supported just 20 of the 493 environmental and social proposals put forward by shareholders at annual meetings, or about 4 per cent of the total, according to its annual investment stewardship report.

That compares with a high of 47 per cent in 2021. By last year the figure had fallen to 7 per cent.

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The decline in support comes as companies’ efforts to address climate change and inequality — issues that were once bundled together with governance under the ESG umbrella — have become politically fraught.

Conservatives have accused BlackRock and other large asset managers of using their large holdings to pursue “woke capitalism”, while the left has complained that investors have failed to push hard enough for decarbonisation.

But governance-related activities seeking to protect shareholder rights and promote strong boards have escaped similar criticism.

The $10.6tn asset manager said that it had voted on a record 867 shareholder proposals overall, but had found very few of those on environmental and social issues to be in the best interest of its clients.

Many of this year’s proposals were “overly prescriptive, lacking economic merit or asking companies to address material risks they are already managing”, wrote Joud Abdel Majeid, BlackRock’s global head of investment stewardship.

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The number of no votes was lifted this year by BlackRock’s uniform opposition to 88 conservative-backed anti-ESG resolutions seeking to prevent companies from addressing such issues.

The world’s largest money manager voted in favour of 79 of the 374 governance proposals it considered, or 21 per cent, up from 11 per cent last year. Among the most common were proposals to introduce simple majority voting, rather than requiring a supermajority.

BlackRock’s lack of enthusiasm for environmental and social proposals contributed to low overall support for such measures at many corporate annual meetings.

The median support for environmental and social shareholder proposals at Russell 3000 companies was 21 per cent and 18 per cent, respectively, this year, according to data from ISS-Corporate. Only two climate-related questions received majority support.

Globally, BlackRock supported 88 per cent of proposals put forward by the companies it invests in, including 82 per cent of those related to pay. It also backed 90 per cent of company-nominated directors, similar to its voting in previous years.

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It said its main reasons for opposing directors were lack of independence, membership on too many boards and concerns about executive compensation.

Video: Who killed the ESG party? | FT Film

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Roommate faces murder charges in deaths of 2 University of South Florida doctoral students

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Roommate faces murder charges in deaths of 2 University of South Florida doctoral students

A 26-year-old man is facing two counts of first-degree murder in the deaths of two University of South Florida doctoral students who went missing last week, local authorities said Saturday. 

The Hillsborough County Sheriff’s Office in Florida said that evidence presented to the state attorney’s office resulted in the charges against Hisham Abugharbieh, the roommate of Zamil Limon, one of the doctoral students. 

Abugharbieh is accused of premediated murder with a weapon. He was arrested on Friday, the same day Limon was found dead. 

The family of Nahida Bristy, the other doctoral student, told CBS News that police said she is also likely dead. That is based on the volume of blood discovered at Abugharbieh’s residence, which he shared with Limon.

“Police told us she is no longer with us,” Bristy’s brother, Zahid Prato, said early Saturday.

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The family was told her body may never be found and police believe she may have been dismembered, according to Prato. 

CBS News has reached out to police for more information.

Authorities said in a statement Saturday they were still searching for Bristy.

Limon’s remains were found on the Howard Franklin Bridge in Tampa Friday morning, Chief Deputy Joseph Maurer with the Hillsborough County Sheriff’s Office said. His cause of death was pending autopsy results.

Deputies with the sheriff’s office took Abugharbieh into custody on Friday after responding to a domestic violence call at a home in the Lake Forest Community, a neighborhood near USF’s Tampa campus, officials said. He also faces charges of domestic violence and evidence tampering, as well as a charge of failing to report a death to law enforcement.

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Limon and Bristy, both 27, had last been seen in the Tampa area on April 16. 

Limon was studying the use of AI in environmental science and was set to present his doctoral thesis this week, his family said. Bristy is studying chemical engineering. 

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Rubio’s Absence From Iran Talks Highlights Stay-at-Home Role

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Rubio’s Absence From Iran Talks Highlights Stay-at-Home Role

When President Barack Obama negotiated a nuclear deal with Iran more than a decade ago, his point man was Secretary of State John Kerry. Over 20 months of talks, Mr. Kerry met with his Iranian counterpart on at least 18 different days, often several times per day.

High-level nuclear diplomacy was a natural role for the top U.S. diplomat. Secretaries of state traditionally take the lead on the country’s biggest diplomatic tasks, from arms control treaties to Israeli-Palestinian agreements.

But as President Trump prepares to send a delegation to the latest round of U.S.-Iran talks in Pakistan this weekend, his secretary of state, Marco Rubio, will remain where he often does: at home.

Mr. Rubio did not attend the last U.S. meeting with Iran earlier this month. Nor did he join several meetings held over the past year in Geneva and Doha. Mr. Rubio has also been absent from U.S. delegations abroad working to settle the war in Ukraine and Israel’s war in Gaza. Despite a long period of crisis and war in the region, he has not visited the Middle East since a brief stop in Israel last October.

In recent months, Mr. Rubio — consumed with his second role, as Mr. Trump’s national security adviser — has not traveled much at all.

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During the Biden administration, Secretary of State Antony J. Blinken made 11 foreign trips from January 2024 to late April 2024, stopping in roughly three dozen cities, according to the State Department. So far this year, Mr. Rubio has visited six foreign cities, including a stop in Milan for the 2026 Winter Olympics.

Mr. Trump has outsourced much of his diplomacy to others, including his friend Steve Witkoff, a wealthy associate from the world of Manhattan real estate, and his son-in-law, Jared Kushner. Mr. Witkoff and Mr. Kushner have spearheaded diplomacy with Israel, Ukraine and Russia, as well as Iran, whose delegation they will meet for the second time this month in Islamabad, Pakistan’s capital.

Mr. Rubio’s distance from the trenches of diplomacy reflects his dual role on Mr. Trump’s national security team. For the past year, he has served as the White House national security adviser even while leading the State Department — the first person to do so since Henry A. Kissinger in the mid-1970s.

The secretary of state runs the State Department, overseeing U.S. diplomats and embassies worldwide, as well as Washington-based policymakers. Working from the White House, the national security adviser coordinates departments and agencies, including the State Department, to develop policy advice for the president.

The twin roles reflect Mr. Rubio’s influence with Mr. Trump, and offer him a way to maintain it. For Mr. Rubio, less time abroad means more time at the side of an impulsive president prone to making critical national security decisions at any moment.

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As Mr. Witkoff, Mr. Kushner and Vice President JD Vance met with Iranian officials in Pakistan earlier this month, Mr. Rubio was at Mr. Trump’s side at an Ultimate Fighting Championship event, noted Emma Ashford, an analyst of U.S. diplomacy at the nonpartisan Stimson Center in Washington. “Rubio clearly prefers to stay close to Trump,” Ms. Ashford said.

Mr. Rubio accepted the national security adviser job on an acting basis last May after Mr. Trump reassigned the job’s previous occupant, Michael Waltz. But officials say that Mr. Rubio is expected to keep it indefinitely.

That arrangement is not inherently bad, Ms. Ashford added. And she noted that previous presidents had entrusted major diplomatic tasks to people other than the secretary of state. President Joseph R. Biden Jr. delegated his C.I.A. director, William J. Burns, to handle diplomacy with Russia and cease-fire negotiations between Israel and Hamas, for instance.

But she echoed the complaints by many current and former diplomats that Mr. Rubio seems less like someone performing both jobs than a national security adviser who sometimes shows up at the State Department. “I do think it’s to the detriment of the whole department of State and to America’s ability to conduct diplomacy in general that we effectively have the secretary of state position sitting vacant,” she said.

Tommy Pigott, a State Department spokesman, contested such claims. “Anyone trying to paint Secretary Rubio’s close coordination with the White House and other agencies as a negative could not be more wrong,” he said. “We now have an N.S.C. and State Department that are totally in sync, a goal that has eluded past administrations for decades.”

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Mr. Rubio divides his time between the State Department and the White House, often spending time at both in the same day. In an interview with Politico last June, Mr. Rubio said he visited the State Department “almost every day.”

While there, he often meets with visiting dignitaries before returning to the White House. Last week, Mr. Rubio presided over a meeting at the State Department between Lebanese and Israeli officials that set the stage for a cease-fire in Lebanon.

His twin jobs “really do overlap in many cases,” he said. “In many cases you end up being in the same meetings or in the same places; there’s just one less person in there, if you think about it,” Mr. Rubio added. “A lot of people would come to Washington, for example, for meetings, and they’d want to meet with the national security adviser and then meet with me as secretary of state. Now they can do both in one meeting.”

Asked about his travel schedule during a news conference last December, Mr. Rubio said he had less reason to travel abroad because “we have a lot of leaders constantly coming here” to visit Mr. Trump at the White House. Mr. Rubio also joins Mr. Trump’s foreign trips in his capacity as national security adviser.

Many national security veterans call the arrangement unwise, saying that both jobs are extremely demanding and incompatible with one another.

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It was not easy even for Mr. Kissinger, who had firmly established himself over more than four years as national security adviser before convincing President Richard M. Nixon to let him take on an additional role as secretary of state in 1973. (In a reversal of Mr. Rubio’s approach, Mr. Kissinger was in constant motion, including a round of Middle East shuttle diplomacy that kept him on the road for 33 straight days.)

“In general, it’s a mistake to combine those roles,” said Matthew Waxman, who held senior roles at the National Security Council, State Department and the Pentagon during the George W. Bush administration.

“That said, it’s not necessarily a bad thing that a dual-hatted Rubio is so offscreen right now,” Mr. Waxman added. “Especially while so much attention is focused on high-wire diplomacy with Iran, someone needs to manage foreign policy around the rest of the world.”

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Appeals court rules that Trump’s asylum ban at the border is illegal

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Appeals court rules that Trump’s asylum ban at the border is illegal

President Trump speaks during an event on health care affordability in the Oval Office at the White House on Thursday in Washington.

Mark Schiefelbein/AP


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Mark Schiefelbein/AP

WASHINGTON — An appeals court on Friday blocked President Trump’s executive order suspending asylum access at the southern border of the U.S., a key pillar of the Republican president’s plan to crack down on migration.

A three-judge panel from the U.S. Court of Appeals for the District of Columbia Circuit found that immigration laws give people the right to apply for asylum at the border, and the president can’t circumvent that.

The court opinion stems from action taken by Trump on Inauguration Day 2025, when he declared that the situation at the southern border constituted an invasion of America and that he was “suspending the physical entry” of migrants and their ability to seek asylum until he decides it is over.

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The panel concluded that the Immigration and Nationality Act doesn’t authorize the president to remove the plaintiffs under “procedures of his own making,” allow him to suspend plaintiffs’ right to apply for asylum or curtail procedures for adjudicating their anti-torture claims.

“The power by proclamation to temporarily suspend the entry of specified foreign individuals into the United States does not contain implicit authority to override the INA’s mandatory process to summarily remove foreign individuals,” wrote Judge J. Michelle Childs, who was nominated to the bench by Democratic President Joe Biden.

“We conclude that the INA’s text, structure, and history make clear that in supplying power to suspend entry by Presidential proclamation, Congress did not intend to grant the Executive the expansive removal authority it asserts,” the opinion said.

White House says asylum ban was within Trump’s powers

The administration can ask the full appeals court to reconsider the ruling or go to the Supreme Court.

The order doesn’t formally take effect until after the court considers any request to reconsider.

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White House press secretary Karoline Leavitt, speaking on Fox News, said she had not seen the ruling but called it “unsurprising,” blaming politically-motivated judges.

“They are not acting as true litigators of the law. They are looking at these cases from a political lens,” she said.

Leavitt said Trump was taking actions that are “completely within his powers as commander in chief.”

White House spokeswoman Abigail Jackson said the Department of Justice would seek further review of the decision. “We are sure we will be vindicated,” she wrote in an emailed statement.

The Department of Homeland Security said it strongly disagreed with the ruling.

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“President Trump’s top priority remains the screening and vetting of all aliens seeking to come, live, or work in the United States,” DHS said in a statement.

Advocates welcome the ruling

Aaron Reichlin-Melnick, senior fellow at the American Immigration Council, said that previous legal action had already paused the asylum ban, and the ruling won’t change much on the ground.

The ruling, however, represents another legal defeat for a centerpiece policy of the president.

“This confirms that President Trump cannot on his own bar people from seeking asylum, that it is Congress that has mandated that asylum seekers have a right to apply for asylum and the President cannot simply invoke his authority to sustain,” said Reichlin-Melnick.

Advocates say the right to request asylum is enshrined in the country’s immigration law and say denying migrants that right puts people fleeing war or persecution in grave danger.

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Lee Gelernt, attorney with the American Civil Liberties Union, who argued the case, said in a statement that the appellate ruling is “essential for those fleeing danger who have been denied even a hearing to present asylum claims under the Trump administration’s unlawful and inhumane executive order.”

Las Americas Immigrant Advocacy Center, one of the plaintiffs in the lawsuit, welcomed the court decision as a victory for their clients.

“Today’s DC Circuit ruling affirms that capricious actions by the President cannot supplant the rule of law in the United States,” said Nicolas Palazzo, director of advocacy and legal Services at Las Americas.

Judge Justin Walker, a Trump nominee, wrote a partial dissent. He said the law gives immigrants protections against removal to countries where they would be persecuted, but the administration can issue broad denials of asylum applications.

Walker, however, agreed with the majority that the president cannot deport migrants to countries where they will be persecuted or strip them of mandatory procedures that protect against their removal.

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Judge Cornelia Pillard, who was nominated by Democratic President Obama, also heard the case.

In the executive order, Trump argued that the Immigration and Nationality Act gives presidents the authority to suspend entry of any group that they find “detrimental to the interests of the United States.”

The executive order also suspended the ability of migrants to ask for asylum.

Trump’s order was another blow to asylum access in the U.S., which was severely curtailed under the Biden administration, although under Biden some pathways for protections for a limited number of asylum seekers at the southern border continued.

Migrant advocate in Mexico expresses cautious hope

For Josue Martinez, a psychologist who works at a small migrant shelter in southern Mexico, the ruling marked a potential “light at the end of the tunnel” for many migrants who once hoped to seek asylum in the U.S. but ended up stuck in vulnerable conditions in Mexico.

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“I hope there’s something more concrete, because we’ve heard this kind of news before: A district judge files an appeal, there’s a temporary hold, but it’s only temporary and then it’s over,” he said.

Meanwhile, migrants from Haiti, Cuba, Venezuela and other countries have struggled to make ends meet as they try to seek refuge in Mexico’s asylum system that’s all but collapsed under the weight of new strains and slashed international funds.

This week hundreds of migrants, mostly stranded migrants from Haiti, left the southern Mexican city of Tapachula on foot to seek better living conditions elsewhere in Mexico.

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