SPOTLIGHT
Washington D.C. Attorney General Brian Schwalb is investigating anti-ESG ringleader Leonard Leo and his dark money ring. While the scope of the probe is unclear, it likely has to do with multi-million dollar payments—totaling $73 million over six years—made from Leo’s nonprofits to his for-profit companies, violating laws against using charities for personal gain. Leo, AKA the “court whisperer,” also likely made a pretty (dirty) penny for his behind-the-scenes role in Trump’s three Supreme Court picks.
Elsewhere, BlackRock’s support for shareholder proposals fell by half this year, and the SEC is set to announce new rules for large, non-bank pools of capital.
NEWS
- Axios: Businesses have “blind spot” when it comes to climate risk, new survey finds | BlackRock’s declining support for shareholder proposals
- Bloomberg: Watch CalPERS CIO: We Keep the Politics of ESG Out of the Boardroom | Insured Losses From Natural Catastrophes Set to Top $100 Billion | Panama Canal Drought: Ships Backed Up, Global Trade Snarled By Lack of Rain
- Bossier Press-Tribune: Schroder hails S&P’s ESG ratings drop as progress
- Business Insider: Natural disasters are making it harder for you to insure your home — and costing homeowners thousands | The looming crisis that’s going to crush homeowners from coast to coast
- CBS News: Drought affecting Panama Canal threatens 40% of global cargo ship traffic
- Funds Europe: Surge in ESG investment amid management challenges
- Institutional Investor: Backlash Hasn’t Kept ESG From Seeping Further Into Asset Management — And Compensation
- Investopedia: Here’s Where Climate Change Could Cause Credit Downgrades
- Markets Insider: BlackRock, State Street and Vanguard are ‘arguably the most powerful cartel in human history’, Republican candidate Vivek Ramaswamy says
- Nasdaq: How Sustainable Funds Got Their Grooves Back
- North Bay Business Journal: 2 more carriers stop insuring California homeowners
- Overton County News: AG joins coalition warning over ESG investments
- Pensions & Investments: BlackRock voted against a record 91% of all shareholder proposals in 2023 proxy season | 2 Danish pension funds commit $220 million to sustainable credit fund
- Politico: D.C. Attorney General is probing Leonard Leo’s network | Wealthy oil nation lays groundwork for ‘eye-popping’ climate fund | The private funds rule is here. Wall Street might take the SEC to court.
- Reinsurance News: Third consecutive year of weather-event insurance claims exceeding $100bn
- Responsible Investor: RI asset owner survey: How are you managing your ESG initiative memberships?
- Reuters: US seeks focused, efficient fund for climate disasters
- S&P Global: States’ anti-ESG push leaves patchwork of policies, unclear mandates
- The Washington Post: What Vivek Ramaswamy Doesn’t Understand About the Dollar | Newcomer Vivek Ramaswamy is taking flak ahead of Republican debate
- Yahoo Finance: BlackRock, State Street and Vanguard are ‘arguably the most powerful cartel in human history’, Republican candidate Vivek Ramaswamy says
OPINION
- Barron’s: ESG Backlash Is Real and Growing. What to Know.
- Bloomberg: Tropical Storm Hilary Slams California. Will Flood Insurance Foot the Bill?
- Forbes: CSR And ESG Face New And Familiar Threats | The Role Of The Finance Industry In Driving Climate Action
OPPOSITION
SOCIAL
- Josh Hendrickson shared an article: Vivek Ramaswamy was not misquoted in my story. Here is the unedited audio and a transcript of our exchange about 9/11 and January 6:
- Gene Wu quoted a tweet: Actually, we have accused you and other Republicans of undermining the foundations of our democracy and the United States Constitution by taking away the ability of people and business to speak freely and make their own decisions on what they prioritize for themselves.
DATES
- August 23-25: Global Research Alliance on Sustainable Finance and Investment 2023 Annual Conference. Register here.
- August 24-26: The Federal Reserve Bank of Kansas City 2023 Economic Policy Symposium “Structural Shifts in the Global Economy.”
- September 17-24: Climate Group Climate Week NYC. View list of events here.
- September 19: Sustainable Investment Forum North America. Register here.
- September 20: UN Climate Ambition Summit.