Subscribe
‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInSuits Targeting Firms Seeking to Boost Minorities Highlight ESG Risks | The D&O Diary
As I have previously noted (most recently here), something of an anti-ESG backlash has started to take shape, at least in certain quarters. Legislatures in several states have passed legislation prohibiting state pension funds from investing in ES- focused investments or prohibiting the state from doing business with companies that boycott certain industries. The backlash […]
Proposed health warning label for all ESG funds not in the impact investing space | Douglas Chia, LinkedIn
Proposed health warning label for all ESG funds not in the impact investing space: “This fund was not created with the goal of cooling the planet, saving the whales, combating racism, or having any other positive impact on the environment or society, either in the short or long term. Any positive impact this fund does […]
ESG non-PR
Eventually some US company is going to attempt to win favor with Texas regulators by announcing “we have a plan to increase our use of fossil fuels in order to pollute more,” and then it will turn out that it did not actually increase its use of fossil fuels, and then it will get sued for securities […]
There Is No “C” in “ESG”: An Illustration of ESG’s Biggest Risk
Cyber security is not the only subject matter that some have added to the universe of ESG (e.g., tax strategy, Russia’s invasion of Ukraine). Nor is it the only one that experts differ on what letter gets assigned (e.g., DE&I, talent). But the various and creative ways in which cyber security can be packaged as […]
SEC Climate Regulation Burdensome, Crypto Rules Unclear | National Review
Besides the legitimate question of whether the SEC has the authority to impose these disclosure obligations, and the hurdle crystallized in the Supreme Court’s West Virginia v. EPA ruling, Gensler steadfastly refuses to consider the evidence that these disclosure obligations risk burdening companies and their shareholders with high regulatory costs while providing little information of value for investors. As […]
GOP treasurers withdraw $1B from BlackRock over ESG investments
The world’s largest asset manager is facing $1 billion in withdrawals from Republican state treasurers because of the financial giant’s investment priorities, according to published reports. BlackRock, which manages $8.5 trillion, has come under fire for its aggressive push on so-called ESG investments that promote environmental, social and governance issues. The outrage has led multiple […]
Vivek Ramaswamy: the self-styled scourge of ‘woke’ boardrooms | Financial Times
Ramaswamy last week wrote public letters to Apple telling it to halt plans for a racial equity audit and to Disney insisting that the company stop “speaking out on political issues that do not affect its business” such as gay rights. He also said he met recently with Chevron’s chief financial officer to lay out […]
ESG Threat Goes Beyond BlackRock – WSJ
This process is already happening in Europe and the U.K. The Securities and Exchange Commission is following suit by proposing new rules that would require public companies to provide detailed reporting of their climate-related risks, emissions and net-zero transition plans. This is the tomorrow war that the ESG opposition needs to start waging today, rather […]
Companies That Really Want to Do Some Good Should Unbundle ‘ESG’ and ‘DEI’ – Bloomberg
Both ESG and DEI have generated massive industries. Investment giants, notably BlackRock Inc., State Street Corp. and Vanguard Group Inc., claim that more than a third of their assets, or $35 trillion, are monitored through one ESG lens or other. Every Fortune 100 company and most Fortune 500 companies have adopted DEI programs. Walmart has […]
Evangelical Investor’s $2 Billion Fund for Faith-Based Stocks – Bloomberg
It’s a good day on Wall Street, high temple of Mammon, when Robert Netzly proclaims the power of God. At 4 p.m. New York time, 2 p.m. here in Idaho, Netzly takes a break after the market close, gathers his analysts and sales reps and turns to the Book of Romans. He’s been praying on […]