Vanguard, the world’s second largest asset manager, did not back any environmental or social shareholder proposals in the US during the recent proxy voting season — the second year in a row it has opted not to do so.

The Pennsylvania-headquartered asset manager, which oversees more than $10tn, assessed 261 proposals from shareholders on environmental and social issues ahead of annual shareholder meetings this year. This was down from 400 during the previous year.