The pushback to ESG has come in response to new ESG-type initiatives being pushed by the federal government as well as the simple fact that ESG has become increasingly accepted by corporations, many of which have tethered themselves to activist groups.
Just a few years ago, no politicians were talking about environmental, social, and governance principles, known as ESG, but ESG has emerged over the past couple of years as a major flashpoint. The fierce pushback to ESG has come in response to new ESG-type initiatives being pushed by the federal government as well as the simple fact that ESG has become increasingly accepted by corporations, many of which have tethered themselves to activist groups.
The first mention of ESG in its current context came nearly two decades ago, in 2004, in a report by the United Nations, according to the Corporate Governance Institute. The report called on business stakeholders to embrace the movement in the long term. Certain entities, such as the U.N. and other international organizations, have been influential in pushing for a shift toward corporate stewardship and ESG.
“I think it may have been at that point where BlackRock sort of defined ESG risk as investment risk,” Oaks said. He added that after BlackRock’s plunge into the ESG realm, other investment managers began to follow suit, which can be seen through proxy voting. “Once you introduce another objective like ESG, then you are, by definition, going away from that fiduciary standard,” he added.
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