The Missouri State Treasurers office also noted in the release that large asset managers such as BlackRock have begun to "exercise the immense power they have amassed, even bragging about it publicly, to advance political causes which sacrifice return on investment for their customers." Proxy voting, the state treasurer's office noted in the release, "allows shareholders in companies to have a say in decisions on issues facing publicly traded companies and vote in elections for board members. Proxy voting power has historically been delegated to asset management firms who hold stock in companies on behalf of MOSERS, and millions of other investors, with the expectation that those firms would exercise those votes with their fiduciary obligation to maximize value for the retirement system and its beneficiaries being the sole consideration." A BlackRock spokesman said by email: "BlackRock has built its business on providing our clients choice to reflect their unique goals and preferences.