What is the purpose of ultra-processed food? An exploratory analysis of the financialisation of ultra-processed food corporations and implications for public health

Table 2 Number and percentage of times that five of the world’s largest institutional investors voted for and against proposals at annual shareholder meetings, 2012–2022

	Proposal put forward by the board of directors		Shareholder proposals on a specific public health issue		Shareholder proposals on lobbying and political influence		All ESG-related shareholder proposals
	For	Against	For	Against	For	Against	For	Against
BlackRock	1151 (98.8%)	14 (1.2%)	0 (0%)	14 (100%)	0 (0%)	10 (100%)	1 (1.1%)	89 (98.9%)
Vanguard	1164 (99.7%)	4 (0.3%)	0 (0%)	12 (100%)	0 (0%)	7 (100%)	0 (0%)	77 (100%)
State Street	1113 (97.4%)	30 (2.6%)	0 (0%)	12 (100%)	0 (0%)	10 (100%)	3 (3.4%)	84 (96.6%)
Capital Group	1058% (97.2%)	31 (2.8%)	0 (0%)	13 (100%)	0 (0%)	10 (100%)	20 (23.8%)	64 (76.2%)

Data sourced from filings made to the U.S. Securities and Exchange Commission. Data includes ‘for’ or ‘against’ votes, but excludes abstentions, votes withheld, ‘take no action’ votes, and votes on ‘transact other business’ proposals. In some cases, vote data were unable to be found. The six major UPF corporations included in this analysis were: Nestlé, PepsiCo, Unilever, Coca-Cola Co, McDonald’s, and Yum Brands

ISSN: 1744-8603