Finally some common sense from our financial sector! Vanguard CEO Tim Buckley is challenging the asset-management industry’s environmental social governance ideology – a win for our country, a loss for socialism (and marxism).
Buckley said in a recent interview with Financial Times, “Our research indicates that ESG (Environmental Social Governance) investing does not have any advantage over broad-based investing,” . He also knows that Vanguard can’t promise to be a fiduciary to its clients while also committing to align its assets with the 2050 net-zero target. His comments came after he had withdrawn his firm from the $59 trillion Net Zero Asset Managers initiative, an organization that is part of the $150 trillion United Nations-affiliated Glasgow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. Both alliances are committed to restricting their investments over time to companies that are compliant with the Paris Agreement’s objective of net-zero greenhouse gas emissions by 2050. We all know how that’s going. Mr. Buckley claims the financial world, swept up in “climate-change fervor”, can’t make such commitments without reneging on its fiduciary duties.
Mr. Buckley’s assertions would be innocuous if he were a small hedge-fund manager or a so called “climate-change denier”. He is a business man. Vanguard is the largest or second-largest asset manager in the world. Pulling his firm out of the world’s largest association of financial institutions dedicated to net-zero goals will have seismic implications. What is it that Mr. Buckley knows that so many others don’t? What is best for society and his investors.
DEMOCRATS VOTE AGAINST BIDEN’S ESG “INVESTMENT PLAN”
Even Democrat Senators Joe Manchin and John Tester voted against ESG: