Baby steps – fund managers ditch ESG and “climate change” policies – next difficult step is to ditch DEI policies

After a long intro on AI converting text to video, the excellent Jeff Childers commented on a change of heart by fund managers as far as ESG is concerned,

From here:

(100) ☕️ SUDDENLY ☙ Tuesday, February 20, 2024 ☙ C&C NEWS 🦠 (coffeeandcovid.com)

“🔥 Suddenly, as the economy’s nose-cone turns back Earthward and heads down, big corporations are ditching — not just ESG — but now their climate pledges too. In bunches.  Yesterday’s New York Times carried the story, dramatically headlined:

Jeff goes on:

“A pesky awkwardly-named group, the ‘Climate Action 100+,’ has been collecting Fortune 100 companies that “pledge” to adopt expensive, useless, and money-wasting green policies.

 But conservative lawyers have been claiming all this concerted corporate action violates antitrust laws, and on top of that, is usually not in the shareholders’ best interests.

Directors, after all, are responsible to shareholders rather than to The Earth, which does not pay their oversized salaries or vote or attend shareholder meetings.”

Exactly.

The same goes for all those trips by CEOs of investment managers and banks like Larry Fink and Jamie Demon. Jetting off for a few days after filling a diary with dinners and parties in five-star hotels in Davos is a PERSONAL matter and not an activity that these followers of the Cult of Moloch can bill their companies – or shareholder.

I am of the view that people should stick to their day jobs and not bilk others out of money to pursue personal crusades – Lindsey Graham can go fight the Russians in Ukraine on his own ticket, for example.

“On Friday, JPMorgan, Blackrock, State Street, and IMCO all pulled out of the Climate Action 100+ group.  On the same day. Which doesn’t show concerted action, at all, so stop whining. Oh, and Goldman Sachs ‘declined to comment’ on Saturday, which is not a good sign for that one, either.”

I would say there is a case for these companies to dock the pay of all the expenses billed by individuals attending all “Net Sero” or “Climate Change” meetings, not just those at the WEF in Davos – AND dock their pay for time spent – days off work – as well.

If they want to join a Cult, that is their business, but on their own time.

Climate change BS is a key part of the E in ESG – Environment.

Investors own all the assets run by investment managers such as BlackRock. Barring BlackRock’s 112 billion bucks of capital, accumulated from retained earnings from fees paid by investors over decades, ALL of the ten trillion bucks it manages belong to investors, NOT BlackRock. BlackRock has a fiduciary responsibility to act in the FINANCIAL interests of its investors not any vague BS on ENVIRONMENTAL interest based on faux science, puked up by some Cult of hobgoblins and global socialists at the United Nations.

In fact, it is illegal for fund managers to act outside the scope of contractual investment management agreements without a clients’ (e.g. a pension fund or 401k Trust Deed) express written consent.

The next step is to get, not just financial institutions, but all employers to ditch the “Diversity, Equity and Inclusion” policies that result in quota hires of interest groups of a certain race, skin colour, sexual preference pr religion.

All discrimination is odious – whether it is positive or negative. It Is also illegal in every court in the land.

Favouring any individual who is not as well qualified as another based-on discrimination is illegal. That individual will know that they are not the best person for the job, so will anyone that individual works with who will have to work harder to compensate. As a result, a culture of resentment is created.

Not only that, but all those in that “special interest” group are tarred with the same brush, so to speak. The truly gifted ones in the special interest group will be treated the same as the “quota hire”, rather than as gifted, thus denying an individual the ability to participate with a peer group of another gifted individual.

You can probably work out why I think BLM are racist bigots or why I think pf HBCU’s. I would think the same of YLM, WLM, RLM pr BrownLM – and HWCU’s or HYCU’s etc. pr even Gay only or trans only or hetero only colleges.

So, baby steps on the chicken little climate and environment agendas. We will have to see if these stick and go back to wasting money on BS.

Nest step the odious discrimination of DEI.

Onwards!

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