US money managers cut support for climate proposals

The latest vote tally emerges at a time when the finance industry is under fire from GOP politicians for promoting environmental, social and governance strategies. Photographer: David Paul Morris/Bloomberg

NEW YORK: The three biggest US money managers slashed their support of environmental and social shareholder proposals in the latest voting season amid a Republican-led backlash against sustainable investing.

State Street Corp’s investing unit said it supported 6% of environmental shareholder proposals in the first half of the year and 7% of social ones, less than what it did in the same year-ago period.