Feb 27 (Reuters) - The U.S. Securities and Exchange Commission made waves across the asset-management industry when it issued new guidance about how big fund firms report their holdings.

But the biggest impact may fall on the two largest firms, BlackRock and Vanguard, new research shows. You can read more in my column this week, linked below.

With proxy season getting into gear I've also included links to some of our other shareholder engagement coverage. You'll see that investors at Apple and Deere shrugged off anti-DEI efforts but that PepsiCo made a change ahead of its meeting.

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New SEC guidance hits the Big 2, BlackRock and Vanguard

New restrictions on U.S. asset managers' stewardship will fall mainly on industry leaders BlackRock BLK.N and Vanguard, a new analysis shows.

The two firms together manage nearly $22 trillion, reflecting the success of their low-cost passive funds. But their size has brought criticism across the political spectrum including, on February 11, new filings guidance for fund managers who pressure companies on environmental, social or governance $(ESG.NZ)$ issues.

A review by Matt Moscardi, CEO of director analytics firm Free Float Analytics, found BlackRock and Vanguard made by far the largest number of filings that could be affected. You can read about his findings by clicking here.

Company news - DEI edition

Apple AAPL.O faces pressure from two important camps. U.S. President Donald Trump on Wednesday urged the company to scrap its diversity, equity and inclusion $(DEI)$ policies, just a day after the iPhone maker's shareholders voted overwhelmingly to keep them. You can click here for the rundown.

There was a similar outcome at Deere DE.N where only 1.3% of votes cast on Wednesday were in support of a resolution aimed at restructuring DEI efforts.

PepsiCo PEP.O on the other hand had said on February 20 it would end its workforce representation goals and change the role of its chief DEI officer. In addition it said it would end representation metrics for its executive compensation programs, a change the National Legal and Policy Center said led it to withdraw a shareholder proposal along the same lines.

Finally, top mutual fund manager Vanguard said its 13 fund board nominees got a big majority of support. While no surprise, the outcome showed the Pennsylvania firm overcoming a political hurdle from Republican state treasurers concerned about the board's ideological makeup.

On my radar

After U.S. regulators made it easier for companies to block shareholder proposals, a group of investor activists came out with a defense of the items and "their role in creating a powerful public platform for challenging and improving corporate policies."

One way asset managers have tried to counter criticism of their proxy voting is by handing off voting powers to clients. In a recent update BlackRock said of the $3.1 trillion in eligible index equity assets, clients with $679.3 billion in assets had used the choice - a relatively high rate reflecting the firm's institutional client base.

Let's finish with some words from Berkshire Hathaway CEO Warren Buffett. In his annual shareholder letter Buffett cautioned Washington to spend money wisely and take care of those who get the "short straws in life."

(Reporting by Ross Kerber; Editing by David Gregorio)

((ross.kerber@thomsonreuters.com; (617) 412 0093;))