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Glenn Booraem, head of Vanguard's Investment Stewardship team. Photo illustration/Axios visuals

Glenn Booraem, head of Vanguard's investment stewardship team, is a key figure in this spring’s annual meetings with publicly owned companies where climate change is expected to be prominently featured.

Why he matters: Vanguard is one of the world’s largest investment firms, with more than $3 trillion in global assets. Climate change has become a top issue for large asset managers like Vanguard. Axios spoke to Booraem about this and much more last week.

On not focusing on the politics of the Trump administration’s rollback of climate policies:

"I don’t look at this from a political perspective. Our role on behalf of our shareholders is to maximize the long-term value of their investments irrespective of what either our government or other governments do from a regulatory standpoint."

On the politics of activist investors pushing non-binding but symbolically important resolutions on climate change:

"The ideology behind a shareholder proposal on climate or any other topic is not the driver for us. We have clients that exist at every point on the ideological spectrum on just about every issue out there. As the long-term owners of the assets, our fund objectives on their behalf are maximizing their long-term value irrespective of their ideological views."

On the balance between pressure to divest from fossil-fuel companies versus actively engaging as investors:

"The alternative to divestment is where we are essentially a permanent owner, which gives us a consistent seat at the table with companies to engage on these issues. … By divesting, we simply put the shares in the hands of another investor presumably who cares less about the issue than someone who is divesting."

On criticism that Vanguard isn’t following through on its rhetoric emphasizing climate change is important by not supporting more resolutions in the spring meeting process:

"Voting is only one of the tools we have at our disposal to improve corporate behavior over time. ... By the time an issue gets to a proxy vote, it’s a black and white issue, either for or against proposal."

Go deeper:

Go deeper

34 mins ago - World

In photos: Egypt unveils 3,000-year-old "lost golden city"

A view on Saturday of the city, dubbed "The Rise of Aten," dating to the reign of Amenhotep III, uncovered near Luxor. Photo: Khaled Desouki/AFP via Getty Images

A top Egyptian archaeologist on Saturday outlined details of a newly rediscovered "lost golden city" near Luxor that dates back more than 3,000 years.

Why it matters: Zahi Hawass told NBC News the large ancient city, unveiled Thursday, tells archaeologists for the first time "about the life of the people during the Golden Age." Johns Hopkins University Egyptology professor Betsy Brian said in a statement it's "the second most important archeological discovery since the tomb of Tutankhamen."

1 dead as severe storms pummel the South

A tree that fell on a home carport damaged a vehicle during a storm in Central, Louisiana. No injuries were reported, according to Central Fire Department. Photo: Central Fire Department/Twitter

Strong storms lashed the South early Saturday, spawning at least one tornado and unleashing powerful winds and hail. And forecasters warned more severe weather was expected to hit parts of the region in the coming hours.

Details: Thousands of customers lost power in Florida, Mississippi, Arkansas, Texas and Louisiana, according to tracking site poweroutage.us. An F3 tornado that hit St Landry Parish, Louisiana, killed one person and wounded seven others.

Scoop: Biden eyes Russia adviser criticized as soft on Kremlin

Photo: Alexander Shcherbak\TASS via Getty Images

President Biden is considering appointing Matthew Rojansky, head of the Wilson Center's Kennan Institute, as Russia director on the National Security Council, according to a source familiar with the situation.

Why it matters: Rojansky has been praised for his scholarship on Russia and is frequently cited in U.S. media for his expert commentary. But his work has drawn criticism — including in a 2018 open letter from Ukrainian alumni of Kennan that blasted the think tank he runs as an "unwitting tool of Russia’s political interference."

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