Posted on 09/02/2023 6:34:14 PM PDT by Twotone
The Vanguard Group has joined fellow investment giant BlackRock in drastically reducing the number of projects it plans to fund that are under the environmental, social, and corporate governance umbrella.
BlackRock, the world's largest money manager, reported a massive scale-back in ESG-related backings in late August 2023, according to the Epoch Times.
The group said that it has recently backed about 7% of ESG proposals at company meetings the last 12 months leading up to June 2023. In 2022, that number was 22%, and in 2021 the company reportedly voted in favor of nearly half of all ESG proposals.
For better or for worse, BlackRock CEO Larry Fink said in June 2023 that he would no longer use the term "ESG" because it has been "weaponized by the far left and the far right."
"I don't use the word ESG anymore, because it has been entirely weaponized," Fink stated.
"I'm a big believer that you have to focus on all your stakeholders," he added. "But I'm not going to use the word ESG because it has been misused."
BlackRock denied attacks that it was succumbing to right-wing pressure and said it was "solely to advance the financial interests of our clients."
Vanguard made similar moves and chose to back only 2% of ESG proposals at meetings across the United States, despite a large increase in the number of ESG-related proposals that were pitched.
Vanguard stated that shareholders submitted 359 ESG proposals for 2023 and 290 in 2022.
"The funds supported just 2 percent of such proposals in the 2023 proxy year, down from 12 percent in the 2022 proxy year," the investment advisors said.
The company reported that 274 proposals were related to social issues such as "racial equity, reproductive rights, and pay gaps, with several notable proposals in the sector concerning unionization and worker safety."
Vanguard also chose to leave a coalition of Net Zero Asset Managers in December 2022, which was reportedly seen as a result of 13 Republican states asking the FERC to block them from buying publicly traded shares from electricity providers.
Attorney generals from Alabama, Arkansas, Indiana, Kentucky, Louisiana, Mississippi, Montana, Nebraska, Ohio, South Carolina, South Dakota, Texas, and Utah were in the mix.
"After a considerable period of review, we have decided to withdraw," Vanguard said. The move was allegedly to "provide the clarity our investors desire about the role of index funds and about how we think about material risks, including climate-related risks."
There is no doubt that this shift will be seen as a temporary victory for right-leaning politicians and supporters, even as the Biden administration continues its own funding of climate initiatives.
they will just change the name
global warming....climate change
pc....woke
Any is too many.
It's amusing the left still thinks they can bully large corporations into acting against the shareholders for the nonsense notion that ESG will make the company more competitive and better.
They should be sued by shareholders for fiduciary negligence.
“”I don’t use the word ESG anymore, because it has been entirely weaponized,” Fink stated.”
In other news Fink stated he would no longer used the words “concentration camps”. He would now call them “re-education camps”.
;-)
Rebranding time.
Vanguard stated that shareholders submitted 359 ESG proposals for 2023 and 290 in 2022.
“The funds supported just 2 percent of such proposals in the 2023 proxy year, down from 12 percent in the 2022 proxy year,” the investment advisors said.
Cant hide their fingerprints on all this.
I immediately moved everything to a different advisor who follows my wishes to the letter without a lecture. He also has proven to be much better at his job.
Is The Enemy retreating a little, or have they simply slowed their advance? At least the momentum has been lessened.
SLOW LEARNERS
SLOW LEARNERS
You said it!
and
Vanguard made similar moves and chose to back only 2% of ESG proposals at meetings across the United States, despite a large increase in the number of ESG-related proposals that were pitched.
Has anyone done the math on how much was spent? This might just be a huge increase in the number of people with their hands out with a similar number to the past approved. They might have even increased spending in absolute terms.
They have a fiduciary responsibility to their shareholders and investors (which in Vanguard are the same). Spending money on ESG is counter to that.
Too late I pulled all my money because they’re stupid
Yeah, I assume that the building of their ‘15 minute cities’ is going to reduce what they can spend on stupid propaganda to corporations they have already perverted anyway.
Bud Light em.
Some major investors m ust have made some complaints. The projects might remain but un different names and with no advertising them.
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