News, Vision & Voice for the Advisory Community A handful of super-charged fund managers control $34 trillion of assets and most of the ESG inflows, giving them 'carte blanche' to shape corporate policies. Comments The embrace of ESG by an ETF power bloc of BlackRock, Vanguard Group, Fidelity Investments, Capital Group and State Street may augur a dark future where they hold the power to sway shareholder votes, according to RIAs, fund trackers, hedge funds and ESG advocates alike. Vincent Deluard: Shareholder democracy will not work as intended. The rising chorus of critics say the elite exchange-traded-fund producers from Boston, New York, Philly and Los Angeles pose a rising threat to "shareholder democracy" -- albeit because the power has been thrust upon them.