ETF Providers Have the Weight to Control Shareholder Votes on ESG Issues August 2, 2021 Investors are increasingly relying on environmental, social, and governance exchange traded funds to easily access socially responsible investments, but with more ESG money being managed by fund providers, some warn that shareholder democracy is now at risk. RIAs, fund trackers, hedge funds, and ESG advocates warn that as BlackRock, Vanguard Group, Fidelity Investments, Capital Group, and State Street accumulate more ESG fund assets, these asset managers now hold the power of ESG mandates at corporate board votes, which makes them a growing threat to shareholder democracy, RIABiz reports.