The Epoch Times’ investigative reporter Kevin Stocklin takes a closer look at Larry Fink’s recent comments – and if any adjustments should be expected.
Now that the term “ESG industry” (short for Environmental, Social and Corporate Governing) has apparently worn out its welcome in some business circles, BlackRock CEO Larry Fink is looking to change things up a bit – well, the name, at least.
According to The Epoch Times, while speaking at the recent Aspen Ideas Festival last month, Fink noted, “I’m not going to use the word ESG because it’s been misused by the far left and the far right.” He noted how he was “ashamed of being part of this conversation” as far as its political direction was concerned, and was tired of the “personal attacks” that have emerged from it.
But the real question is what all will change with Fink’s suggestion – if anything. After all, BlackRock sits at the peak of the ESG industry, with more than $8 trillion in funds under management. Despite criticism on the political front (and some figures, like Ron DeSantis, pulling out their funding entirely), it’s still tremendously high in value.
“I am encouraged by the change in rhetoric,” notes Utah State Treasurer Marlo Oaks over the name change. “However, BlackRock’s actions over time will be more telling. We are watching (their) corporate management and how they are voting their proxies.”
Meanwhile, 13 state attorneys general just issued a letter on July 13 to CEOs of the top 100 corporations, letting them know that the Supreme Court decision barring race-based admissions at Harvard also applies to race-based employment programs; the AGs told CEOs to end racially discriminatory policies immediately or face “serious consequences” for violating civil rights laws.
Joining us now is Kevin Stocklin, an investigative reporter for The Epoch Times who wrote the piece in question. His expertise in all things ESG industry (and general business) should prove useful in this matter.
Q&A:
- Do you think simply rebranding the ESG industry will bring any sort of changes? Or is Fink simply trying to shake off the political weight of the term?
- Will any actual changes come from things like recent court decisions against racial discrimination and potential anti-trust action against ESG corporations? Or do you believe it will still be business as usual, considering the funds involved and momentum behind the ESG movement?
- Do those who are skeptical about the ESG industry now accept that people like Mr Fink have had a sincere change of heart?
- Where do you see the ESG industry – or whatever Fink is choosing to call it now – changing at all over the next year?
- Speaking of the ESG industry, you recently produced a new documentary called The Shadow State, which discusses the impact of its market. Tell us more about it and what it’s done for business over the past few years.
- Where can people view The Shadow State? We understand there’s also a DVD available?
The Shadow State is available right now on Epoch TV. Those interested in purchasing the DVD can do so here.
- Where can we find your recent article about this subject on The Epoch Times, as well as other works you’ve written?
You can find my profile page here, with all my recently written articles, including a piece on what you’re not being told about the Electric Vehicle revolution.
About Kevin Stocklin:
Kevin Stocklin is a writer, film producer, and former investment banker. He wrote and produced We All Fall Down: The American Mortgage Crisis, a 2008 documentary on the collapse of the U.S. mortgage finance system.
CONTACT: Jerry McGlothlin at: geraldmcg@outlook.com or 919-437-0001.
