Investment managers in passive/index tracking strategies (Option C) frequently use proxy voting as a primary tool to influence companies because:

They cannot sell underperforming ESG stocks easily (since they track an index), so they engage through voting and shareholder resolutions.

Major passive fund managers like BlackRock, Vanguard, and State Street use voting to drive ESG changes.

Option A (Real estate) lacks public voting mechanisms—investors engage via direct ownership.

Option B (Private debt) involves debt covenants, not voting rights.