DOL/EBSA ESG Rules Challenged in Court

The new DOL/EBSA rules allowing ESG investments and reiterating the fiduciary obligation of exercising share ownership rights, including proxy voting, is being challenged in court by 25 Republican Attorneys General and fossil fuel companies. The rule was set to take effect January 30, 2023. The lawsuit, filed in the U.S. District Court for the Northern District of…

A baker’s dozen of shareable studies that make the case for ESG – ImpactAlpha

Ryon Harms writes about the data rebutting anti-ESG claims. Despite relentless attacks from anti-ESG operatives, companies and investors are expected to significantly grow commitments to sustainability and diversity. Here are 13 recent studies to share with clients and colleagues that demonstrate the power of ESG investments to drive positive returns and reduce risk. A baker’s…

The Flaw in Anti-ESG Logic: Financial Interests of Companies Like Meta Don’t Always Align with Those of Its Shareholders

In the last few months, there has been an organized effort to falsely argue that companies and institutional investors are inappropriately prioritizing social and environmental responsibility over financial returns. The effort includes state treasurers from Texas, West Virginia, and Florida, as well as anti-ESG activist and fund manager Vivek Ramaswamy. These critics charge that when companies…

What do ESG Advocates and Foes Have in Common

A provocative essay by Peter Vanham at Fortune: What do an environmentally-minded activist investor and an anti-ESG activist investor have in common? More than you would think, if Bluebell and Strive are examples to go by. Both firms made headlines this week. London-based Bluebell demanded several governance changes at BlackRock, including a replacement of CEO Larry…

Vanguard Pulls Out of NZAM

Vanguard explains why it is withdrawing from the climate agreement. Emphasis added More than 30 million individual investors around the world have chosen to entrust Vanguard with their hard-earned savings. We have a singular goal to maximize their long-term returns and give them the best chance for investment success as they save for retirement, a…

Prepare for a New Republican War on “Woke” Capital | The New Republic

Representative Andy Barr, a Kentucky Republican, promises that ESG “will be one of the major focuses of oversight of a Republican majority” on the House Financial Services Committee. He’s probably right (though it should be noted that Barr is not ranking on the committee and that the next chairman will likely be North Carolina Republican…

Anti-ESG Shareholder Proposal at Microsoft

Prepare for even more Trojan horse shareholder proposals from “anti-woke” sources. Microsoft, like other household name companies, attracts a lot of shareholder proposals, and this year’s include inclusive hiring of formerly incarcerated candidates, and reports “assessing how the Company’s 401(k) retirement funds manage the growing systemic risk to the economy created by investing retirement plan…

More Useless Propaganda from Strive’s Vivek Ramaswamy

Vivek Ramaswamy, of the anti-ESG, Peter Thiel-backed Strive fund, is still trying to hide slanted sales material as legitimate commentary, this time at the Harvard Law School Forum on Corporate Governance. Note below, per our comments, that he beings with points no one is arguing with — institutional investors are fiduciaries who must make all…

The ESG industry on becoming a political target – The Washington Post

Lisa Woll is CEO of US SIF, an industry group advocating sustainable investing whose members control $5 trillion in assets under management or advisement. She spoke to the Washington Post about the political push-back on ESG. Some excerpts: It says the field is big enough, concern about climate change and human rights and workers’ rights is…