Posted on 10/10/2022 5:04:04 AM PDT by MtnClimber
ESG is not only fiduciary irresponsibility, it is based on junk science, so it is also a fraudulent suicide pact forced on society.
Does anyone have leads on funds that are specifically contrary to ESG?
ESG = Corporate fiduciary negligence
“Fiduciary negligence is a type of professional malpractice in which a person fails to honor their fiduciary obligations and responsibilities. Fiduciary negligence generally comes in the form of passive behavior, in that it is a failure to take action or take any steps to stop or address the actions of others.”
When I see the words “social responsibility” I immediately know it is a euphemism for “leftist dictatorial control.”
I think anti white male.
ESG = Corporate fiduciary negligence
If memory serves, they covered this base with legislation to protect financial advisors and investment firms.
In fact, I believe the laws actually protect such individuals when they make investment decisions bases solely on ESG scores.
This means they can invest someone’s money with climate change as the top priority, not monetary gain of the investor.
What’s the resolution, legally, for having complete contradictory laws on the books?
I don’t know.
“Does anyone have leads on funds that are specifically contrary to ESG?”
Check out Strive started by Vivek Ramaswamy.
Lol oops you beat me to it.
A question I have always had on ESG:
Is there anything that forces a fund manager or financial institution to comply or is it voluntary? Are there any penalties to individual companies for not complying?
What’s the resolution, legally, for having complete contradictory laws on the books?
Seems we’d need a legislature willing to call out the absurdity of the ESG-based investment decisions and rescind the law.
Some states are pushing back. There was an FR article last week about a red state governor prohibiting his state from doing business with a major investment firm based on their ESG practices.
It’s insane. It’s deliberately making foolish financial decisions based on liberal BS.
These selfish bastards are not major shareholders. They are paid massive salaries, with bonuses based on false metrics. In case they fail, or heaven forbid, accidentally get caught breaking one of their leftist credos, they have golden parachutes built into their employment contracts so they can exit richer than ever before. They care not about true innovation, delivering useful products to market, productivity and increasing shareholder wealth in a pragmatic manner. Instead they waste money, shareholders money that is, on marketing and ad campaigns targeted at making idiot consumers feel good about brand, saving the environment and fighting for social change. Worthless Human Resources departments and diversity, inclusion and equity (DIE) organizations pimp Marxist philosophies and sow division between truly productive employees and the undeserving, worthless quota hires. They force racist and diversity training on American employees instead of providing the tools for a more productive workplace, all the while they offshore production to third world hellholes that use slave labor to make inferior products. Customer service is usually nonexistent and when it is provided it is from some incomprehensible foreign piece of excrement.
There once was a time that increasing shareholder wealth was a good thing. It was done by producing quality products and services that benefited customers. Brand loyalty and good will was established by consistently delivering better products over time based on consumers need. Budgets meant something. Money wasn’t wasted on propaganda targeted at making employees feel guilty about success and being American. Productive employees were rewarded. Their ideas were implemented and companies thrived. Non performers were fired. There was completion that benefited the company, employees and shareholders. Profit was good. Capitalism was good. America was good and strong.
Extremely
Stupid
Generation........................
That came earlier; when companies embraced the “diversity tax” (putting uncompetitive preferred minorities on the payroll for virtue-signaling, helping to maintain the illusion of assimilation), they hurt their shareholders - and there were no repercussions. They are paying the Danegeld and it may reap small dividends in terms of slightly reduced Mau Mauing, but the shareholders (and legitimate employees) bear the cost - as do the consumers.
I’ve worked in the electric utility field for about a decade.
The only way we could meet diversity quotas was to make the call center almost 100% minorities and women.
Good luck finding inner city blacks to do electrical distribution design. We can’t even get enough qualified white men.
Our field is undermanned and old.
Indeed. ESG is a future financial crisis in embryo. It requires a cynical ethos to game the system to obtain good ESG scores from the ratings decision makers. Just like buying good ratings from Moody’s and S&P prior to the crisis of 2008 covered up the disaster in coming, so will this entirely new basket of ratings based on little but (purchasable) woke opinion gin up the next catastrophe.
Even with those solutions there is eventually a broad attack about how women/minorities earn less than the whites/Asians - without qualifying the comment with the fact that they are in much less skilled positions. As a result, preferred placeholders are inserted to drive up their salaries (though they contribute little to nothing).
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