Vanguard, one of the primary asset managers, withdrew from the largest climate change alliance after facing increasing scrutiny of its hostility to the fossil fuel industry.
Vanguard, one of the primary asset managers, withdrew from the largest climate change alliance after facing increasing scrutiny on its hostility to the fossil fuel industry.the decision after a “considerable period of review.” The asset manager said its decision would “will help provide the clarity our investors desire” about Vanguard’s management of passive index funds and the alleged financial risks of climate change.
The financial giant has been one of the leaders in the Environment, Social, and Governance investing scheme. ESG investing is the latest vector by which passive index fund managers such as BlackRock, Vanguard, and State Street, can pressure publicly traded corporations to adopt climate change policies, diversity requirements, and other leftist policies they would otherwise not adopt.
“It is unfortunate that political pressure is impacting this crucial economic imperative and attempting to block companies from effectively managing risks — a crucial part of their fiduciary duty,” Spalding said.Vanguard’s departure from membership in the Net Zero Alliance proves what we’ve been saying from the beginning, this is a conspiracy against the consumer.
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