ESG, Larry Fink, and Other Peoples’ Money

This op-ed by NLPC Chairman Peter Flaherty appears today on Real Clear Markets:

Last week, Exxon Mobil, one of the world’s largest publicly traded international oil and gas companies, lost a critical board fight with Engine No.1, a “woke” small investor group. The win was predictably spun by the mainstream media as a David vs. Goliath story as well as a milestone moment for a new type of altruistic Environmental, Social and Governance investor.

The truth, however, is more cynical than heroic. Among other things, this is a story of how a billionaire like Larry Fink, a true Wolf of Wall Street, uses other people’s money to simultaneously camouflage his checkered past and help promote himself as an elder statesman of the markets, a beneficent oligarch with a penchant for saving the planet. 

The popular media narrative is that this latest Exxon shareholder campaign was conducted by a small group … Read More ➡