For those of you who want to come up to speed on the latest regarding the #ESGbacklash movement in the US led by Florida Governor Ron DeSantis,, this is a good piece by Cadwalader, Wickersham & Taft LLP.

https://www.mondaq.com/unitedstates/fund-management-reits/1298088/launch-of-state-alliance-against-esg-investing

"With these differing views and the fact these opinions represent widespread beliefs on both sides of the ESG issue, perhaps the marketplace will be the ultimate arbiter for the ESG concept. Will the idea itself become sustainable, or will it disappear as have other investment fads, or will it ultimately wither away and become a narrow niche like those long-standing portfolio instructions that ban the investment in alcohol, tobacco, and firearms?"

#ESG #ESGbacklash

https://www.forbes.com/sites/chriscarosa/2023/03/27/who-supports-esg-investing-and-whos-against-it-and-why/?sh=11fc28eb2cbe

To woke or not to woke ... This one from Harvard Business Review is for those of you who are following closely the #ESGbacklash in certain quarters.

"The key will be returning #ESG to its original and narrow intention — as a means for helping companies identify and communicate to investors the material long-term risks they face from ESG-related issues."

https://hbr.org/2023/02/rescuing-esg-from-the-culture-wars

Shock Horror.

Twenty-one US state attorney generals released a letter to proxy advisory firms today taking issue with their use of ESG criteria in advice to state investment vehicles.

An example can be seen here - https://www.nationalreview.com/wp-content/uploads/2023/01/2023-01-17-Utah-Texas-Letter-to-Glass-Lewis-ISS-FINAL.pdf

https://www.nationalreview.com/2023/01/ags-pressure-advisory-firms-to-ditch-esg-alleging-wrongdoing/

#ESG #ESGbacklash #fiduciaryduties