Our study – which you can find at PensionPolitics.com – looking at the ESG-friendly proxy voting habits of some of Wall Street’s biggest money managers continues to have legs. Now everyone is coming out of the closet. Anson Fredricks, a former Anheuser-Busch exec, recently confirmed for Fox News our thesis that the pressure for U.S. companies to move left is coming from fund managers at some of the country’s biggest investment firms.
He went on to add that fund execs are also getting pressure from investors like the New York and California public employee pensions plans. According to Fredericks, these large investors are telling firms and managers that “if they’re going to manage their money, they have to commit to things like ESG — diversity, equity, inclusion — and adopt firm-wide commitments that they therefore then force onto all the major companies in corporate America.”
The purpose of our study “Putting Politics Over Pensions” was to create countervailing pressure from the mom-and-pop investors on the anti-woke side. So far, it appears to be working.