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...
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