Why is this important? While these two interwoven companies primarily manage money for others, "the Big Three do exert the voting rights attached to these shares. Therefore, they have to be perceived as de facto owners by corporate executives. These companies have, in fact, publicly declared that they seek to exert influence. William McNabb, chairman and CEO of Vanguard, said in 2015 that, 'In the past, some have mistakenly assumed that our predominantly passive management style suggests a passive attitude with respect to corporate governance. Nothing could be further from the truth.' When we analysed the voting behaviour of the Big Three, we found that they coordinate it through centralised corporate governance departments. Hence, just three companies wield an enormous potential power over corporate America." (source, also this). In effect Vanguard and Blackrock forgo taking large fees in exchange for having enormous ability to exert power over the economy through influence on corporate boards and leadership. This power that is subject to little public awareness or accountability. This page gives a quick visual overview of it.