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'Woke capitalism' backlash now seen as material risk to investment houses

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Acrimony over ESG principles has become a perceived threat to profits for some of the world\u0027s largest asset managers. Find out mo

Blackstone, the world’s largest private equity firm, disclosed that states’ scrutiny over potential “boycotts” of the fossil fuel industry could affect fundraising and revenues, according to the 2022 annual report it filed with the U.S. Securities and Exchange Commission last week. Divergent views on ESG increase the risk that action or inaction “will be perceived negatively by at least some stakeholders and adversely impact our reputation and business,” Blackstone said.

BlackRock chief executive Larry Fink has said Republican state treasurers last year pulled about $4 billion from the asset manager over ESG concerns. BlackRock and its rival State Street were berated for their ESG investing policies at a Texas legislative hearing in December. In annual reports, both companies also added new language this year about risks stemming from opposition to ESG.

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'Woke capitalism' backlash now seen as material risk to investment housesAcrimony over ESG principles has become a perceived threat to profits for some of the world\u0027s largest asset managers. Find out mo It was bullshit in the first place. People who invest have had 3 to learn and figure the investment schemes out. Ain’t life a bitch. Slow the exercise wheel and even the rat has time to figure things out. Going forward the frantic pressured rush rush rush buy buy now wheel has stopped folks going to be smarter. Nice way of denigrating the idea that capital should have ethics - and we know that this is more advocacy for the unethical oil industry in alberta.
Source: nationalpost - 🏆 10. / 80 Read more »

'Woke capitalism' backlash now seen as material risk to investment housesAcrimony over ESG principles has become a perceived threat to profits for some of the world\u0027s largest asset managers. Find out mo
Source: financialpost - 🏆 7. / 85 Read more »