7/30/2023 0 Comments Arrow and quiver iconLisa Hayles, director of international shareholder advocacy at Trillium Asset Management, said the ESG-backlash is a definite contributor to the drop in support of ESG proposals. The anti-ESG movement has also chilled support for some ESG proposals, with "woke ESG" now part of the culture wars in America. This coincided with increased scrutiny of the use of ESG or sustainability as an investment framework, with concerns about greenwashing top of mind for both investors and policymakers. The war in Ukraine saw oil and gas assets increase in price after years of underperformance, largely due to fears of a scarcity of access to Russian oil and gas. For one thing, the performance of ESG or sustainability-related funds has disappointed recently after years of steady outperformance. There are several factors behind decreased support for ESG resolutions. That compares to average support for pro-ESG proposals of 21.5 percent support in 2023, down from 29.3 percent last year. Support for those sorts of resolutions has tracked in the low single digits (about 4 percent) for years. In contrast, anti-ESG proposals made up about 13 percent of all proposals submitted through May. The next biggest category was proposals focused on political activity (16 percent), followed by human rights (13 percent). The number of proposals addressing climate change were up about 12 percent compared to 2022 and accounted for about a quarter (23 percent) of all ESG proposals, with most focused on emissions disclosures or net-zero goals. That’s just one less for all of 2022, so a new high-water mark is a given for 2023. By the end of May, shareholders had filed 626 ESG-related resolutions at public U.S.
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