Adonis Diaries

Posts Tagged ‘Vanguard

The Big Three funds own 22% of S&P 500 companies?

The Big Three are the most important players in corporate America. Whether they like it or not.⠀

● The success of index funds has had a weird and unintended consequence. As millions of investors have done the most sensible thing financially, they’ve also concentrated shareholder power in the Big Three.

Some 22% of the shares of the typical S&P 500 company sits in their portfolios, up from 13.5% in 2008.

Their power is probably greater, given that many stockholders don’t bother to vote their shares.⠀

BlackRock, Vanguard, and State Street combined own 18% of Apple Inc.’s shares, up from 7% at the end of 2009. Of the four largest U.S. banks, the fund companies together own 20% of Citigroup, 18% of Bank of America, 19% of JPMorgan Chase, and 19% of Wells Fargo.

The phenomenon can be even more pronounced for smaller companies.

The Big Three own 28% of Cabot Microelectronics Corp., an Aurora, Ill., seller of materials to semiconductor manufacturers that has a market value of $4 billion.⠀

● The index funds in your piggy bank are great investments. But at what cost? Read more by clicking the link in our bio, and follow @businessweek for more.

Of the $3.6 trillion-worth of capital managed by hedge funds globally, $340bn is handled in and around Greenwich, Connecticut.⁠

Greenwich is a small town with one of America’s greatest concentrations of wealth. It was a powerhouse of 20th-century finance, thanks to low taxes.⁠

Among today’s residents are Ray Dalio of Bridgewater, the world’s most successful hedge fund, Tom Brady, an American footballer, and his wife, Gisele Bündchen, a Brazilian supermodel. ⁠

A Chernobyl type catastrophe in the Amazon – hours left to win!

Joseph Huff-Hannon

Oil giant Chevron dumped billions of gallons of deadly chemicals in the Ecuadorian Amazon, leaving behind rivers full of toxic waste, decimating wildlife and spreading cancer and death in indigenous communities.
The battle between Chevron and Ecuador’s indigenous people has been waged for decades, becoming a landmark case globally.

Over 20 judges in Ecuador and Canada, including the Supreme Courts of both countries, have sided with the Ecuadorians in their pursuit to hold Chevron to account for dumping toxic waste in the water that people drink.

They’ve never cleaned it up!

But Chevron’s impunity could finally end if we persuade just one man to do the right thing, Bill McNabb .

Chevron’s top stockholder is a US retirement fund whose chair has challenged corporate abuse before, and his customers are part of this community!

If we flood him with support in the next 24 hours he could tip a historic vote — at Chevron’s shareholder meeting tomorrow. Add your name now:

Join the Call for Justice for the Amazon’s Chernobyl

A win against Chevron could open a new era where major corporations are finally held accountable for their crimes!

That’s where investor powerhouse Vanguard and its powerful chairman comes in.

Vanguard owns a large share of Chevron, and has just recently voted against management on climate-related resolutions at Exxon/Mobil, criticising executive pay at Viacom and pushing big banks on gender diversity.

With Chevron’s shareholder meeting in days, over 30 major investors are already calling on the company to settle the case. 

Vanguard Chairman Bill McNabb is a father of four who’s called on CEOs to be a “force for good.” Getting him on board could tip the balance toward a majority vote against Chevron’s recalcitrant management!

Add your name now and we’ll deliver our appeal directly to the chairman, right before the meeting:

Avaazers have campaigned against Chevron before, delivering letters to US senators, and filing legal briefings in court cases with partners. This is an incredible opportunity to get Chevron to finally clean up its toxic mess… and open up a new era of investor-driven social change!

With hope and determination,

Joseph, Pascal, Mike, Alice, Emma, Ricken and the entire Avaaz team

More information:

Shareholders Push New Chevron CEO For Answers on Ecuador

Tell Chevron’s New CEO to Finally Clean up Ecuador! (Amazon Watch)

In the Vanguard: Fund giants urge CEOs to be ‘Force for Good’

Investor Letter on Risks from Ecuador Litigation

Exxon Mobil loses support of a powerful voice in climate change policy

Chevron’s “Amazon Chernobyl” in Ecuador: The Real Irrefutable Truths About the Company’s Toxic Dumping and Fraud (Huffington Post)




February 2023

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