A dozen big U.S. financial companies added language to annual reports cautioning that pressures such as ‘divergent views’ or ‘competing demands’ on ESG investing could hurt financial performance
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The statements come in response to a campaign against what opponents describe as “woke capitalism” that has drawn support from such high-profile Republican politicians as U.S. Senate minority leader Mitch McConnell and Florida governor Ron DeSantis. Divergent views on ESG increase the risk that action or inaction “will be perceived negatively by at least some stakeholders and adversely impact our reputation and business,” Blackstone said.
State Street’s filing said scrutiny of ESG practices had become political and a reputational risk, adding that it had received information requests as part of states’ investigations. The disclosures follow several years after money managers began adding language to annual reports about financial risks posed by pro-ESG advocates. Most major banks and asset managers continue to warn about the prospect of failing to meet the demand for ESG-friendly products, claims of “greenwashing” or allegations that they are not adequately addressing the dangers of climate change.
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