The ESG “Cover Your Ass” Tour Begins As Managers Scramble To Remove References In Pitch Decks (Zerohedge)

• Fund managers are now doing damage control for their ESG pitches of years past, Bloomberg wrote this week:
  • “Eleven major banks and money managers told Bloomberg News that they’re adjusting the language they use in pitch books, marketing materials and investor reports when seeking to sell funds and take part in financial deals. In some cases this means avoiding using the ESG acronym and related terms in Republican-led states, while for blue states, they’re playing up their ESG credentials, according to representatives of the financial firms who asked not to be named discussing private information.”
  In other words, they’re covering up their idiotic investing “strategies” of years past, wherein they picked companies from a list of Greta Thunberg-approved entities, many of whom still likely used questionable labor tactics and had little governance. 
• ESG research firm Util said it best, we think: “The first rule of ESG is, don’t talk about ESG.”Recall, just days ago we wrote about a deluge of outflows from one of the largest ESG ETFs. 

Source: The ESG “Cover Your Ass” Tour Begins As Managers Scramble To Remove References In Pitch Decks (Zerohedge) / Article Cache

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