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Way to go S&P! Let’m stick this ESG nonsense where the sun don’t shine!
“where the sun don’t shine” with regard to ESG ratings would be somewhere above the neck for many, especially the MAGAtts. They’ve already dropped their drawers and bent over to put their heads into the ground…
ESG, Environment, Social, and Governance, is how companies are evaluated as potential partners and vendors by businesses very large and very small. It is how business is done. Not just in the US, but around the world. If the rating metrics aren’t yet adequate, the solution is to develop better metrics. Eventually, in the next few years, S&P will quietly reintroduce ESG metrics. There will be no fanfare. They will just do it. Because to not do it will spell the end for S&P as a rating service.
So who are the most enlightened that get to judge others on ESG? Leave the “scoring” to society. S&P is in the credit rating business, not administering social issues.
Tim is much smarter than us, John, and knows who the true coterie of experts are that should be deciding things for us.
Never mind the fact that it didn’t exist in name–and barely existed in concept–as recently as 2007. It’s still “how business is done”. To some extent, he’s right: dozens if not hundreds of failing corporations have been rescued (propped up) through ESG dollars. Do you think the collapse in credibility that CNN has suffered the last 5-6 would keep it afloat any other way? What about Disney? The market has rejected these companies because they do things that are divisive, but ESG is the incentive and it means they don’t have to think about their market’s fickle and sensitive nature. Just check a few boxes and the investment dollars come pouring in. Problem is, the public is still rejecting them, so they survive from a handful of investors rather than any true grassroots support.
As for the rest of us who don’t have the sway of a Larry Fink, we should just shut up and know our place. Let Tim S be our local ambassador.
Black Rock with their 10 trillion dollars in assets is playing a quasi-government role by pushing an ESG agenda on companies they control! There is nothing to evaluate, companies who don’t toe the line on DEI, climate change and over regulation to eliminate the small player will not get funneled government cash.