In response to a March 1 report from shareholder advocacy group Majority Action criticizing the four largest asset managers — BlackRock, Vanguard, Fidelity Investments and State Street Global Advisors — for not holding corporate boards accountable for managing climate risk, Vanguard said it considers climate change "to be a material risk to companies and their shareholders." Citing that statement, the letter writers claim that by having "one of the worst records of voting for shareholder climate resolutions of any firm in the industry," Vanguard is neglecting its fiduciary duty. A Sierra Club news release about the letter addressed that potential legal risk. It cited Susan Gary, University of Oregon law professor emerita and an expert on fiduciary duty, who said that since Vanguard has called climate change a material risk, failing to address it could violate several fiduciary duties.