Good move by Vanguard (link)....

[AgEngDawg]

 

[hmt5000]

I never understood how this didn't break fiduciary duty. Same with ceo's doing woke shit and losing money... Why aren't people suing the shit out of them?

 

[MalO]

Blackrock, Vanguard, and State Street are the "big three" of the financial world.



In addition to owning parts of literally every other company on the stock market, each of these three each own parts of each other.

However Vanguard is a little different from the others. Vanguard doesn't tell you who their shareholders are. They keep the details fo their ownership private.

There must be some very rich and powerful people who own Vanguard. We could only guess as to who they are.

 

[MalO]

It makes me think that if Vanguard isn't behind ESG, then ESG is designed to make everyone else poorer and protect the wealth disparity that these very rich and powerful people benefit from.

I'm going to avoid ESG investing like the plague. Well that's not hard in my case because all my investments are self-directed. But I feel bad for those who are going to get blindsided by this.

DOL Finalizes Rule Opening Door to ESG Investing in Retirement Plans | PLANADVISER

The DOL announced a final rule that retirement plan fiduciaries can consider climate change and other ESG factors when selecting investments.

www.planadviser.com

The U.S. Department of Labor on Tuesday announced a final rule that retirement plan fiduciaries can consider climate change and other environment, social and governance factors when they select investments for retirement plans like 401(k)s, overturning a rule passed under former President Donald Trump that plan fiduciaries only consider “pecuniary” factors.

The news finalizes a discussion started more than a year ago to allow workplace retirement plan providers and their advisers to consider ESG factors when designing plan investments. The initial DOL proposal, made in October 2021, caused a stir in the industry in its reaction to the Trump-era DOL, which had warned against the integration of climate change and ESG factors with the rationale that it would not meet a fiduciary’s obligation to make the best investment decision for participants.

The rule follows an Executive Order from President Joe Biden, to “protect the life savings and pensions of America’s workers and families from the threats of climate-related financial risk.”

If someone else manages your money for you, they could be putting your money into ESG bullshit.

 

[Rube Reaper]

I only invest in ESG (because I’m not a shit human).

I wish governments would mandate that all investment firms and banks be strictly ESG.