Evidence continues to mount that ESG/CSR investments are a feel\u002Dgood luxury that doesn\u0027t stand up to tougher times. Read on.
’s impact on their businesses’ ESG programs, 50 per cent of CEOs said they are “pausing or reconsidering” planned or existing ESG programs in the next six months, while 34 per cent had already done so. You would think improving or at least sustaining financial performance is an even greater imperative in lean times than prosperous so if ESG is so profitable, CEOs should want to ramp up their ESG efforts in the face of a recession, not cut back.
In the technology sector, which has been hit hardest in recent months, cutbacks in social responsibility initiatives are widespread. Layoffs in Big Tech, Bloomberg News recently, “are hitting diversity and inclusion jobs hard.” At Elon Musk’s Twitter, the DEI team was slashed from 30 people — which, while there can be value in making employees feel included, seems excessive — to a more reasonable two. Other companies, like Amazon and Facebook, have also cut such roles.
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Matthew Lau: Tougher times explain ESG/CSR backlashEvidence continues to mount that ESG/CSR investments are a feel\u002Dgood luxury that doesn\u0027t stand up to tougher times. Read on.
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