What a welcome development, thanks to a bill passed and signed last year that forbids schools from using state and federal funds to support discriminatory initiatives.
Writing earlier this year for I&I, Andrew I. Fillat and Henry I. Miller identified "DEI theology" as a movement that has warped universities' moral compasses.
Under the ESG banner, companies are expected to make decisions based not on their bottom lines but on trendy, leftist causes, such as global warming, diversity-based rather than merit-based hiring, and how companies "Police" themselves.
ESG is as toxic as DEI. While his description would differ from ours, BlackRock CEO Larry Fink is admitting that ESG investing is a poor allocation of capital.
His firm, according to our friends at the Committee to Unleash Prosperity, "With trillions of dollars of their clients' money under management, is no longer trying to steer corporate behavior away from profitability, which in our view was actively destructive of shareholder value." In a report for the Pacific Research Institute, economist Wayne Winegarden looked at the 18 ESG funds with a 10-year track record and found their returns on investment are 44% smaller than returns from an S&P 500 index fund.
While Fink, says the Committee, "Was the leader" among CEOs adopting ESG practices, his "Remarkable turnaround" is only one a of a number of ugly corporate episodes that appears to be winding down.
We hope that in just a few years, we'll all have to think hard just to remember that DEI and ESG even existed.
https://issuesinsights.com/2024/03/05/are-dei-and-esg-finally-going-mia/
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