t’s not good for business for lobbyists to cross the legislators they’re meant to sway in a public setting. And yet on March 14, a stream of insurance lobbyists stepped up to the podium at a hearing of the insurance committee of the Texas House of Representatives to oppose the state’smeant to cut the legs out from under Environmental, Social, and Governance efforts.
The tone was conciliatory, but it was clear that the lobbyists firmly opposed a policy that would ban insurers from using ESG considerations in the state. “Can we do our business the way that we do it?” asked Lee Ann Alexander of the American Property Casualty Insurance Association. “Can we use the tools at hand that are legal, not unfairly discriminatory, and actuarially justified?”
Whether, and how quickly, businesses stand up and push back, will shape whether the anti-ESG movement balloons or deflates. If the Texas case is any indicator, the best motivator to get businesses to push back will be the bottom line.is so alarming to businesses, it’s helpful to look back at the first widely-referenced mention of ESG: a 2004 United Nations report.
, endorsed by major banks like Goldman Sachs and Morgan Stanley, made the case that in a globalized economy ESG matters would affect financial returns, so therefore financial firms needed to do a better job considering ESG in their operations.
American people's big problem are 'Baby Boomers' because 'Millennials' Or 'Gen Z Have no future & they are waiting that when they are reach retirement age limit 67 but if retirement age limit change into 55 then all problems are solved. Thanks younger4older youngcontentt
Behind closed doors, corporations laugh at ESG. Anything to suck in more dollars from good-hearted but stupid people.
The EU and Singapore Exchange have ESG rules that will only strengthen over time. US publicly traded companies have long been required to disclose risk. Republicans are fighting an unwinnable war. Companies need to be vocal in their opposition to this Republican war.
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