BlackRock CEO Letter Highlights ‘Increasingly Controversial Environment’, ESG Says

Updated with fix. An ACCP spokesperson has been misquoted regarding the environment surrounding ESG. The corrected quote is below.

Blackrock CEO Larry Fink’s annual letter to companies and shareholders “says more about today’s toxic political environment” than ESG’s corporate commitment, a group of corporate social impact practitioners said.

Members of the Association of Corporate Social Responsibility Professionals work for more than 240 companies that operate ESG and social impact programs such as corporate giving and community outreach. While they’ve seen increased commitment to ESG in companies, “in an increasingly divided environment, we’ve seen companies not want to talk about it,” an ACCP spokeswoman said in an interview Friday.

“The reality is that the value of their work has never been more important to stakeholders — employees, customers, investors and the communities in which they operate — and to the long-term success of companies,” said Carolyn Berkowitz, president and CEO of the association, said in a statement on Thursday.

Ms. Berkowitz cited a 2022 KPMG CEO Survey that found that 70% of US CEOs said their ESG programs improved their companies’ financial performance, up from 37% in 2021. may lead to long-term financial risks. This test comes at a time when executives have made significant strides in tying ESG to profitability,” she said.

In his annual letter on Wednesday, Mr. Fink did not use the acronym ESG, focusing instead on investor choice for sustainable investment and energy transition.

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