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 ➡

Democratic Candidates Seek to Weaponize SEC Over Climate Change

Elizabeth Warren/PHOTO: Gage Skidmore via Creative Commons

The 2020 presidential primary campaign has most of the Democrat candidates competing for who can impose the most requirements upon corporations to disclose the threats their assets, operations and profits face from climate change (formerly known as “global warming”).

Except the risks – at least with specificity – aren’t defined.

What is a “threat” from climate change? An extensive list of societal ills have been blamed on global warming, so many that it can be argued that everythingbad is caused by it. Of course, that’s the brilliant intention of the alarmists – create an all-encompassing source of destruction that cannot be averted without their prescriptions for massive government intervention, wealth redistribution, and the affliction of anyone who is comfortable.

While all corporations are in the environmental left’s crosshairs, the major targets are the fossil fuel companies. If they can get CEOs … Read More ➡