Suffice to say, champions of Environmental, Social, and Governance (ESG) scores have had a “cruel, cruel summer,” as the classic Ace of Base lyric goes.
First, BlackRock CEO Larry Fink, one of the foremost champions of ESG investing, disavowed the very term, saying , “I don’t use the word ESG anymore, because it’s been entirely weaponized.”
Apparently, Fink “saw the sign,” as Ace of Base might say.
Then, just a few weeks later, the first-ever lawsuit over ESG investing practices in a private company’s 401(k) retirement plan was filed. The lawsuit, filed against American Airlines and Fidelity Investments, accuses Fidelity of offering several funds to plan participants that “pursue nonfinancial and nonpecuniary ESG policy agendas” and “have underperformed compared to other similar investment funds.”Keep in mind, this lawsuit came soon after more than a dozen state attorneys general filed an investigation into asset managers such as BlackRock and Fidelity, claiming they are […]
Read the Whole Article From the Source: www.americanthinker.com
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