A group of shareholders in America’s largest bank has banded together to fight against the company’s “woke” policies.
Members of a group called The Boardroom Initiative issued a shareholder proposal that rebuked some of Bank of America’s “wokeness,” and though the proposal was shot down, members of the group remained upbeat.
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States across the country are preemptively banning Environmental, Social and Governance (ESG) scoring, which some say would lead to a massive consolidation of wealth among the most powerful investment companies in America.
“In an attempt to secure vast amounts of wealth and influence over society, corporations, bankers, and investors, working closely with key government officials, have launched a unified effort to impose environmental, social, and governance (ESG) standards on most of the industrialized global economy. (ESG standards are also referred to as ‘sustainable investment’ or ‘stakeholder capitalism.’),” Justin Haskins at The Heartland Institute said.
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Blackrock CEO Larry Fink warned Environmental, Social and Governance (ESG) investors in his $10 trillion hedge fund’s annual shareholder letter that Russia’s invasion of Ukraine — and the resulting Western sanctions on Russia — had disrupted globalization and interdependent supply chains and would result in “increasing oil and gas supply” in the U.S. and “coal consumption may increase over the next year” in Europe and Asia to offset the drop in Russian exports.
As a result, Fink projected, “This will inevitably slow the world’s progress toward net zero in the near term,” referring to ESG goals like net zero global carbon emissions by 2050 that would encounter challenges, particularly as American consumers pay much higher prices with consumer inflation up 7.9 percent and producer inflation up 10 percent the past twelve months.
Those price pressures will mean more oil and gas production immediately, Fink said.
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Before Joe Biden’s election, environmental, social and governance (ESG) investing was sweeping all before it. Wall Street was coming to the planet’s rescue and saving capitalism at the same time. It was a self-serving myth. As I show in my new report Capitalism, Socialism and ESG published today, doing well by doing good is no more than Wall Street sales patter. But since the election, financial regulators have been falling over themselves playing catchup.
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