The world’s two largest asset managers have been accused of hypocrisy after voting to defeat an investor-led climate change resolution tabled at ExxonMobil's annual general meeting in May.

While some fund houses lined up behind investors' attempts to force the energy company to better illustrate its climate change risk exposure, BlackRock and Vanguard - two of its largest shareholders - voted against the resolution, according to climate lobby group the Asset Owners Disclosure Project. The resolution was defeated at ExxonMobil's AGM.