More than 1,400 Vanguard investors have signed a letter to the firm’s general counsel, accusing it of violating its fiduciary duty to mitigate the financial risks of climate change.
The letter criticised Vanguard for falling behind peers on the mitigation of climate risk, arguing it has given a "lack of attention to prudent proxy voting". Addressed to Anne Robinson, general counsel of the firm and secretary of Vanguard's funds, the letter was first drafted by Paul Rissman, former executive vice president of AllianceBernstein and CIO of Alliance Growth Equities. He is currently a director of the Sierra Club Foundation. Also alleged within the letter is the violation of Vanguard's ‘duty of loyalty' to investors, following its withdrawal from the Net Zero Asset Mana...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
