Biggest Asset Managers Lack Ownership of Major U.S. Corporations

Claims that asset managers like Vanguard, BlackRock, and State Street "own" or "control" major U.S. corporations are debunked. While these companies are top shareholders in many prominent firms, they manage index funds on behalf of investors, not for personal gain. The asset managers use proxy voting to advance the best financial interests of their shareholders, and their voting records show that the majority of votes are on routine corporate matters. Claims of a "cartel" pushing ESG initiatives are unfounded, as the asset managers often disagree on key votes and have launched pilot programs to allow shareholders to direct voting on certain issues.