BlackRock first warned several months ago that its 2022 climate-related shareholder proposals had become more prescriptive compared to the previous year, in the wake of new guidance from the U.S. Securities and Exchange Commission that broadened the scope of permissible proposals that address shareholder social policy issues. The note acknowledged there were "unique dynamics" at play during this year's season, arguing that Russia's invasion of Ukraine had made investments in companies that invest in both fossil fuel and renewable energy sources of energy more attractive. It also claimed to have seen a growing trend whereby companies, particularly in Europe, were increasingly choosing to introduce management proposals on climate action plans and progress, alongside those introduced by shareholders. In these instances, Blackrock said it and other investors were "increasingly inclined to support the management proposal."