In 2023 we began our “Politics Over Pensions” report grading investment firms on whether they were supporting ESG policies, instead of getting the best return for their clients. We found that most big money management firms from State Street to Invesco were doing just that.

Putting the spotlight on the bad actors has paid off big time. Most firms in the last two years are scampering away from ESG and woke policies – in part to win back the trust of their clients.

One firm that has turned full circle is the investment giant BlackRock – with $11.6 trillion under management.

For many years, Larry Fink was the very face and voice of ESG and DEI initiatives.

No more.

The headline on this WSJ story says it all:

BlackRock has decided to:

• • • Withdraw from the Net Zero Asset Managers initiative, which was focused on getting investment firms to support net zero greenhouse gas emissions by 2050. (Many other firms have now also withdrawn.

    • Remove references to diversity, equity, and inclusion from its annual report and is not publishing a breakdown of its employee base by gender and ethnicity.
    • Discontinue ESG exchanged-trade funds – after starting 30 in the previous five years.
    • Reduce its support for environmental and social shareholder resolutions to 4% from as high as 40% in 2021.

We won’t rest until every major firm renounces ESG and honors their fiduciary duty of securing high retirement returns for their mom and pop clients.