Stock exchange, Vanguard and BlackRock verdicts on remuneration in listed companies
Italian companies in the FtseMib spotlight. Here are the pros and cons of the two US asset management giants on the remuneration side
3' min read
3' min read
First and second largest asset managers in the world. BlackRock and Vanguard look down on all other asset managers from the mountains of money they manage for millions of clients. The thumbs up or down of these two asset management companies is highly significant. BlackRock has $10.6 trillion in safekeeping; Vanguard $9.3 trillion. In 2024, therefore, together with the research office of Il Sole 24 Ore, we have monitored the vote of BlackRock's (of which iShares is a key company) and Vanguard's funds and ETFs on the remuneration of Italian companies included in the FtseMib, the index of blue chips, i.e. those with the largest capitalisation.
Bocciati
Well, even in 2024, there are the promoted ones, the majority, and the failed ones. Among the latter are two companies that already received bad marks from US asset management companies last year: Amplifon and Diasorin. Funds and ETFs from BlackRock and Vanguard all voted, compactly, negatively in 2024 as well.
We asked both listed companies for their position on the issue to see if there had been any discussions with US managers in recent months on the reasons for the repeated rejection. The companies, however, declined the invitation, preferring not to comment on the vote against remuneration.
Among the losers in the two-year period is also Pirelli. This year, both Vanguard and BlackRock said no to the tyre company's remuneration, but the same had happened in 2023: unfortunately, last year, the delay in convening the Pirelli shareholders' meeting (on 29 June 2023) had not allowed votes on remuneration to be mapped out. Pirelli also preferred not to comment.
E promoted
.Conversely, it went very well for the multi-utility Hera. The Bologna-based company had been rejected in 2023. Instead, this year it received favourable votes from all funds and ETFs (with the exception of a BlackRock fund) of the world's two most important management houses. This is a sign that a fruitful discussion has been initiated to change the line on remuneration. The same happened for Azimut with regard to the "Black Stone"; in fact, BlackRock, unlike its competitor, had rejected Azimut in 2023. This year, however, there was a change of attitude and the Italian asset management company was also promoted by BlackRock managers.
