https://archive.is/H8krt
https://www.theepochtimes.com/article/corporations-are-losing-the-esg-battle-forcing-them-to-hide-advocacy-5601542
Corporations Are Losing the ESG Battle, Forcing Them to Hide Advocacy
‘If what these groups and these asset managers were doing was so righteous, why are they running from it now?’ says Montana attorney general.
By Kevin Stocklin
|
March 08, 2024
Updated:
March 08, 2024
Wall Street titans appear to be having an increasingly hard time reconciling the conflicting goals of progressive activism and shareholder returns.
Until recently, many banks, asset managers, and insurers portrayed these goals as complementary, asserting that climate risk is financial risk and that the competence of management can be assessed by its commitment to social justice goals.
Today, however, those narratives are rarely heard.
BlackRock, JPMorgan Chase, and State Street recently exited from Climate Action 100+, a coalition of the world’s largest fund managers that pledges to “ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.”
On the heels of that exit, 16 conservative state attorneys general have demanded answers from BlackRock’s directors regarding the firm’s continued membership in other similar groups, which they assert could be a conflict of interest with its fiduciary responsibility to investors.
“We applaud BlackRock’s reevaluation of its status [with Climate Action 100+],” the attorneys general wrote in a Feb. 27 letter to BlackRock’s directors, “but we also note that BlackRock remains a member of other groups such the Net Zero Asset Managers initiative (NZAM), the United Nations Principles for Responsible Investment (UNPRI), and Ceres.”
moar at link
Thx Baker!