From WSJopinion: Vanguard’s CEO is challenging the asset-management industry’s environmental, social and governance orthodoxy, writes Terrence Keeley
Journal Editorial Report: Tim Scott gives an impressive speech in Iowa. Vivek Ramaswamy is in. Images: AP/EPA-EFE/Shutterstock Composite: Mark KellyVanguard’s Tim Buckley is having a Copernican moment. Like the famous Renaissance polymath who challenged conventional wisdom about celestial movement, the 54-year-old CEO is challenging the asset-management industry’s environmental, social and governance orthodoxy.
“Our research indicates that ESG investing does not have any advantage over broad-based investing,” Mr. Buckley said in a recent interview with the Financial Times. Matching word to deed, his comments came after he had withdrawn his firm from the $59 trillion Net Zero Asset Managers initiative, an organization that is part of the $150 trillion United Nations-affiliated Glasgow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.
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