Commentary – In Politics, Corporations Need a Roadmap Back to Neutral – By Paul Fitzpatrick (Real Clear Politics) / Mar 24 2023
The tide is turning against woke agendas in corporate America.
Just recently Vanguard CEO Tim Buckley announced that his investment firm – the largest or second largest in the world (depending on how you measure it) – will no longer be committed to ESG, or other “net-zero” initiatives.
“Our research indicates that ESG investing does not have any advantage over broad-based investing,” he said in a recent interview.
This comes after Buckley had previously withdrawn Vanguard from the Net Zero Asset Managers Initiative. This initiative, which garnered $59 trillion in commitments from corporations around the world, commits companies to complying with the Paris Agreement’s objective of net-zero greenhouse gas emissions by 2050. Such a commitment, Buckley says, is incompatible with the fiduciary duties of asset managers like Vanguard.
