BlackRock Inc (NYSE: BLK) plans to expand its Voting Choice program to its largest ETF - the iShares Core S&P 500 ETF (NYSE: IVV) with $305 billion in assets under management (AUM), subject to iShares Board approval.
Over three million IVV shareholder accounts and more than half of BlackRock's index equity AUM will be able to participate in Voting Choice.
This proposed expansion of BlackRock Voting Choice is expected to be in effect for the 2024 proxy voting season.
BlackRock will use this test to assess investor interest, the required proxy voting infrastructure, and overall user experience before expanding the initiative further.
Salim Ramji, Global Head of iShares and Index Investments, BlackRock commented, "BlackRock has been working for years with public and corporate pension funds and other institutional investors to make voting easier and more accessible than ever before. These efforts have spurred innovation in the proxy voting ecosystem, catalyzing an industry movement to further shareholder democracy. As we work towards a future where every investor can participate in proxy voting choice, we are excited to launch BlackRock Voting Choice for millions of investors by expanding the program to our iShares Core S&P 500 ETF, our largest ETF and one of the most widely held."
Price Action: BLK shares closed lower by 1.59% at $728.03 on Friday.