#ESG is another malign ideological force that undermines boards and many don’t recognise. There is an unhealthy anti-trust / anti-competitive level of control attempted by the likes of Vanguard and Blackrock to impose their narrow ESG agendas on boards, or the ESG tail is wagging the dog.
‘The ESG movement attempts to weaponize corporations to reshape society in ways that Americans would never endorse at the ballot box. Of particular concern is the collusive effort to restrict the supply of coal, oil, and gas, which is driving up energy costs across the globe and empowering America’s adversaries abroad.’
The senators believe that this collusion amounts to ‘institutionalized antitrust violations being committed in the name of ESG’, and intend to refer the violations to the US competition body, the Federal Trade Commission, and the Department of Justice. They advised the law firms that they and their clients should take care to preserve relevant documents in anticipation of competition investigations.