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Politics : Politics for Pros- moderated

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To: isopatch who wrote (775313)3/1/2023 11:19:01 AM
From: Thomas M.6 Recommendations  Read Replies (1) of 793854
 
Vanguard’s CEO Bucks the ESG Orthodoxy

Tim Buckley pulls out of the Net Zero Managers initiative and affirms his fiduciary duty to clients.

By Terrence Keeley

Vanguard’s Tim Buckley is having a Copernican moment. Like the famous Renaissance polymath who challenged conventional wisdom about celestial movement, the 54-year-old CEO is challenging the asset-management industry’s environmental, social and governance orthodoxy.

“Our research indicates that ESG investing does not have any advantage over broad-based investing,” Mr. Buckley said in a recent interview with the Financial Times. Matching word to deed, his comments came after he had withdrawn his firm from the $59 trillion Net Zero Asset Managers initiative, an organization that is part of the $150 trillion United Nations-affiliated Glasgow Financial Alliance for Net Zero.

wsj.com

Tom
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