The Dictatorship of Woke Capital by Stephen R. Soukup

Author:Stephen R. Soukup
Language: eng
Format: epub
Publisher: Encounter Books
Published: 2020-03-14T16:00:00+00:00

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Domini Impact Investing prides itself on its ESG offerings and on its activist approach to shareholding. The firm, which manages just over $2 billion in assets, submitted eleven shareholder proposals in 2017.13 In 2000, Amy Domini was named to Barron’s “All-Century Team—The 25 Most Influential People of the Century on Mutual Fund Trends.”14

Walden Asset Management is another Boston-based asset management firm that specializes in ESG investing and corporate shareholder activism. Founded in 1975 as part of the Trust Company of Boston (a New England regional bank), Walden is the oldest socially responsible asset management company at any bank.15 It manages just under $4 billion in assets and makes its impact both in selective asset holding and in shareholder activism. In 2018, Walden partnered with seventy-four other left-wing activist shareholder groups to file one shareholder petition at fifty different companies, demanding information about company lobbying activities, particularly activities that were in opposition to shareholder activism.16

Walden is also the firm most responsible for pressuring the Big Three passive asset management firms to get more involved in shareholder activism. In 2017, Walden offered a shareholder proposal at Vanguard asking the company to change its voting practices to align more with the ESG movement.17

There are dozens of other small asset management firms that specialize in ESG and especially shareholder activism. Among the more prominent are Trillium Asset Management, NorthStar Asset Management, and Green Century Capital Management. Most large asset management firms now also offer ESG products (Fidelity, JPMorgan, Goldman Sachs, Bank of New York, etc.).

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