In the November 12, 2024, filing, the coalition argues that FERC should not grant BlackRock's request for reauthorization unless it requires that BlackRock (and all affiliates and subsidiaries) limit their collective ownership to 20% or less of the shares of each FPA-covered utility, that BlackRock functions only as passive investors, that BlackRock solely holds the shares subject to its fiduciary duties to its investors, and that reports are filed with the Commission to document and explain whenever asset managers voted contrary to the recommendation of utility management on a shareholder proposal or board of director nomination.