2023-08-31 05:33:10
Published on August 31, 2023 at 07:33. Modified on August 31, 2023 at 08:08.
A series of recent statements from the American groups BlackRock, State Street and Vanguard confirm the data consultancy firm Institutional Shareholder Services on declining shareholder support for environmental and social (ESG) proposals. The median stood at the end of May 2023 at 15% since the beginning of the year, compared to 25% last year and 32% in 2021. The three largest global asset managers cite the lack of relevance of the resolutions filed by shareholders of listed companies on ESG issues.
This reversal over the past three years coincides with the rise of voices against measures described as “woke” or “counterproductive” by local and federal elected representatives of the Republican Party. This rebellion responds to an increasingly strong discontent from institutional investors, from pension funds to local authorities. Fund managers cannot risk losing them by ignoring criticism of their supposedly ESG funds. These funds are also in the crosshairs of the American stock market policeman, the SEC.
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