{"id":369089,"date":"2025-03-08T11:26:40","date_gmt":"2025-03-08T10:26:40","guid":{"rendered":"https:\/\/climatescience.press\/?p=369089"},"modified":"2025-03-08T11:26:42","modified_gmt":"2025-03-08T10:26:42","slug":"driving-a-stake-through-stakeholder-capitalism","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=369089","title":{"rendered":"Driving a Stake Through Stakeholder Capitalism"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Watts Up With That?<\/a><\/p>\n\n\n\n

By Rupert Darwall<\/a><\/p>\n\n\n\n

Writing shortly before President Trump\u2019s return to the White House, Peter Thiel hailed the election as an apok\u00e1lypsis<\/em>, an unveiling, of the ancien r\u00e9gime\u2019s secrets. \u201cThe new administration\u2019s revelations need not justify vengefulness,\u201d Thiel wrote<\/a>. \u201cBut for reconciliation, there must first be truth.\u201d The early weeks of Trump\u2019s second term have been apocalyptic for some of progressives\u2019 favorite acronyms such as DEI and USAID. So far, arguably the most damaging, ESG \u2014 an approach to finance derived from the UN\u2019s Principles for Responsible Investment<\/a> \u2014 and its spawn, stakeholder capitalism \u2014 which demotes shareholders to one of many groups (employees, customers, suppliers, and the environment) that companies should prioritize \u2014 have evaded their rendezvous with truth. That needs to change, because the last four years saw an unprecedented and sustained attack on America\u2019s system of shareholder capitalism.<\/p>\n\n\n\n

A year ago, the Delaware Court of Chancery struck down the ten-year performance-driven compensation package the Tesla board had awarded Elon Musk, a ruling reaffirmed in December despite the package having gained overwhelming shareholder approval a second time<\/a>. Three years earlier, in May 2021, shareholders in ExxonMobil voted<\/a> to put three directors on the board from a minuscule activist investor, Engine No.1, with a mandate to drive America\u2019s largest oil company out of the oil and gas business and thereby destroy shareholder value.<\/p>\n\n\n\n

The apparent paradox \u2014 no, let\u2019s put that more strongly: The perversity of shareholders voting against their own apparent interests, which is what happened at ExxonMobil, has its own well-deserved apok\u00e1lypsis<\/em> in Andy Puzder\u2019s new book, A Tyranny for the Good of Its Victims: The Ugly Truth about Stakeholder Capitalism<\/em><\/a> (Encounter Books, January 2025). Central to Puzder\u2019s account of the attempt to destroy shareholder capitalism is the role of the Big Three asset managers \u2014 BlackRock, Vanguard, and State Street Global Advisors (SSGA), whose enormous size derives from the popularity of index funds among institutional investors and private investors alike.<\/p>\n\n\n\n

Fundamental to the success of shareholder capitalism is the alignment of investors\u2019 financial interests with the success of the businesses they\u2019re shareholders in, which in turn drives economic growth and rising living standards. As Robert Rubin, President Clinton\u2019s Treasury secretary for most of his second term, recently wrote<\/a> in the Wall Street Journal<\/em>, \u201cWhile every company functions differently, businesses share the overarching goal of strong profitability over time. That focus is fundamental to our market economy.\u201d<\/p>\n\n\n\n

That link between the interest of the investor and the company is broken with index investing. \u201cDon\u2019t look for the needle in the haystack. Just buy the haystack!\u201d John Bogle, the pioneer of index investing and founder of Vanguard, advised. The success of index funds gives rise to the anomalous situation where the Big Three have the most votes in a huge number of American companies but where their financial interest in the individual success of those businesses is so attenuated as to be virtually non-existent.<\/p>\n\n\n\n

Puzder accuses the Big Three of corrupting capitalism. The corruption is not about anything as vulgar as money, it\u2019s about power \u2014 in Puzder\u2019s words, the Big Three\u2019s use of their \u201cunaccountable power to accomplish their ends.\u201d Puzder exposes the speciousness of ESG as an investment methodology and how the Big Three\u2019s inflicting ESG on businesses has real-world harms. An example is the collapse of Silicon Valley Bank (SVB) in March 2023. Each of the Big Three had voted in favor of all SVB board candidates at SVB\u2019s annual shareholder meeting in April 2022, even though BlackRock\u2019s consulting arm had given SVB \u201ca gentleman\u2019s C\u201d for its risk controls and found SVB lagging behind similar banks in eleven out of eleven factors in January 2022. SVB did not have a chief risk officer for nine critical months, and its sole board director with the necessary banking expertise, Thomas King, a former Barclays Investment Banking CEO, was excluded from SVB\u2019s risk management committee.<\/p>\n\n\n\n

Despite these warning signs, SVB was still included in BlackRock\u2019s ESG-based fund products. As Puzder observes, \u201cBlackRock\u2019s major concern was not primarily corporate governance \u2014 it was diversity, and SVB gave BlackRock what it wanted.\u201d (Puzder on DEI is priceless: \u201cThree lies in one acronym.\u201d) There\u2019s no real reason to think that SSGA or (at least for a while) Vanguard saw things any differently. As Steve Soukup writes in his review<\/a>, the \u201cG\u201d is often mistakenly viewed as the acceptable letter in ESG and goes on to quote Puzder that the \u201cG\u201d should be a \u201cD\u201d \u201cbecause it stands for selecting corporate board members based on \u2018diversity\u2019 rather than merit or value to the company.\u201d<\/p>\n\n\n\n

But wasn\u2019t ESG meant to identify risks that traditional financial analysis allegedly ignores? Not according to MSCI ESG Research, which had given SVB\u2019s parent an above-average \u201cA\u201d rating. One of its vice presidents explained, \u201cE, S, G does not cover core financial risks. We\u2019re looking to assess financially-relevant environmental, social and governance factors, not financially-relevant financial factors.\u201d Got that? Yup. It\u2019s total hogwash.<\/p>\n\n\n\n

Puzder puts this in the context of the Big Three\u2019s willingness to use its voting power to bully boards into compliance with their dictates. In BlackRock CEO Larry Fink\u2019s 2020 letter to CEOs \u2014 Puzder\u2019s textural analysis of Fink\u2019s annual epistolary emissions is outstanding \u2014 he warned boards, \u201cWhen a company is not effectively addressing a material issue, its directors should be held accountable.\u201d And that\u2019s what BlackRock did. In 2021, BlackRock voted against the reelection of 1,862 directors at 975 companies based on a lack of board diversity.<\/p>\n\n\n\n

In his 2019 letter, \u201cPurpose and Profit\u201d \u2014 earning Puzder\u2019s rejoinder, \u201cProfit is the purpose for which businesses exist\u201d \u2014 Fink asserted that \u201csociety,\u201d meaning himself, was \u201clooking to companies to address pressing social and economic problems.\u201d Later that year, the Business Roundtable (BRT) produced its now notorious \u201cStatement on the Purpose of a Corporation,\u201d about which Alex Gorsky, its chair of corporate governance and Johnson & Johnson CEO, confessed, \u201cThere were times when I felt like Thomas Jefferson.\u201d<\/p>\n\n\n\n

The document produced by the BRT\u2019s Thomas Jefferson reversed the long-standing view of corporate purpose famously set out by Milton Friedman in a 1970 New York Times<\/em> article<\/a>. Puzder \u2014 his book is dedicated to Friedman\u2019s memory \u2014 points out that the Big Three are the largest shareholders in virtually every company that signed the BRT statement, and in the case of Gorsky\u2019s Johnson & Johnson, control a combined 23% of the stock. \u201cIt may have been a coincidence that the BRT issues its shareholder-capitalism concession in a year when BlackRock alone \u2018voted against or withheld votes from 4,800 directors at 2,700 different companies\u2019 \u2014 but I seriously doubt it,\u201d Puzder writes.<\/p>\n\n\n\n

Fink\u2019s next two letters were even more extreme. \u201cEvery government, company and shareholder must confront climate change,\u201d Fink wrote in bold type in his 2020 letter to CEOs, warning that climate change was causing \u201ca fundamental reshaping of finance.\u201d He went further in his 2021 letter, saying, \u201cIt\u2019s important to recognize that net zero demands a transformation of the entire economy.\u201d Who was demanding net zero? It wasn\u2019t Congress. Congress has never passed a climate law with decarbonization targets, let alone a net-zero law. It was Fink who demanded \u2014 \u201cwe are asking\u201d \u2014 that companies prepare net-zero plans and incorporate them into their long-term strategy.<\/p>\n\n\n\n

There was real menace behind those words. In his 2020 letter, Fink had written, again in bold type, that BlackRock would be \u201cincreasingly disposed to vote against management and board directors when companies are not making sufficient progress on sustainability-related disclosures and the business practices and plans underlying them.\u201d Fink went on to note that BlackRock had voted against or withheld votes from 4,800 directors at 2,700 different companies. That year, BlackRock\u2019s stewardship team disclosed it had identified 244 companies making insufficient progress integrating climate risk into their business models or disclosures and had taken \u201cvoting action\u201d against 53 of them. \u201cThis was an exercise of raw and absolute financial power,\u201d Puzder writes. \u201cIf you were the CEO of one of the thousands of companies in which BlackRock invested the message was clear \u2014 Resistance is futile<\/em>.\u201d<\/p>\n\n\n\n

One of those companies is, of course, ExxonMobil. Justifying its value-destroying, anti-fossil-fuel vote for the three Engine No.1 directors, BlackRock said it had a long history of multi-year engagement with the company on a range of issues including \u201coversight of climate risk\u201d and had engaged with Exxon no fewer than twelve times over the previous year. \u201cThat is a lot of \u2018stewardship,\u2019\u201d Puzder writes. \u201cAs it turns out, for U.S. and global consumers, international security, and Exxon\u2019s shareholders, forcing Exxon to reduce oil production and advance net-zero policies was unequivocally the wrong plan.\u201d<\/p>\n\n\n\n

The Big Three are unlike other investors who make a bad call and suffer the consequences in their investment performance or who vote their values and accept the hit to their returns. For index fund providers, owning individual stocks and the proxies vested in them is an unavoidable by-product of Bogle\u2019s buying the haystack. The Big Three\u2019s vast accumulation of proxies creates the temptation for index managers to exercise power without responsibility and pursue ESG as politics by other means. The traditional assumption that shareholders were solely or primarily interested in financial return was not one that could be safely made in their case. That might have been true of their clients, whose money they were managing \u2014 the \u201creal\u201d (underlying) shareholders \u2014 but their investment managers had bigger fish to fry such as saving the planet.<\/p>\n\n\n\n

Of them, despite some verbal backtracking by Fink, only Vanguard has shown the necessary awareness of the dangers this creates. \u201cWe don\u2019t believe that we should dictate company strategy,\u201d Vanguard\u2019s then CEO, Tim Buckley, told<\/a> the Financial Times<\/em> in February 2023. \u201cIt would be hubris to presume that we know the right strategy for the thousands of companies that Vanguard invests with. We just want to make sure that risks are being appropriately disclosed and that every company is playing by the rules.\u201d<\/p>\n\n\n\n

Puzder has been a leading light in the resistance against ESG, which, especially at state level, was already proving far from futile even prior to Trump\u2019s return to the White House. It\u2019s a mark of progress that, as early as<\/a> June 2023, Fink had dropped the term ESG, but remains committed to discussing \u201cdecarbonization\u201d with companies that it describes<\/a> as \u201ccritical to the transition to a low-carbon economy,\u201d including those with carbon-intensive business models. DEI lives on in BlackRock\u2019s \u201cengagement\u201d with companies over their \u201chuman capital management<\/a>\u201d including efforts to foster a diverse and inclusive workforce culture. \u201cIf you believe the collectivists will discontinue their efforts to use their massive financial leverage in order to achieve their authoritarian vision of utopia, you are wrong,\u201d Puzder warns.<\/p>\n\n\n\n

A May 2024 Bloomberg editorial board opinion piece<\/a> echoed Buckley\u2019s view in arguing that the Big Three\u2019s stewardship \u201cshould be restricted to ensuring effective corporate governance and rigorously documented and disclosed.\u201d Bringing about such a restriction in a legal settlement should be a key aim of litigation against the Big Three brought by states such as Texas. \u201cStewardship is actually more effective and more insidious than proxy voting, as it occurs in C-suite conference rooms and on Zoom calls, beyond the purview of both investors and those who would protect their interests,\u201d Puzder says. The only durable and effective remedy is to radically curtail the scope of issues on which index funds can cast their proxies so that they are cast in favor of board proposals except for those ensuring more effective corporate governance or where adoption of a proposal would result in a demonstrable increase in shareholder returns.<\/p>\n\n\n\n

Puzder himself says of ESG\u2019s opponents, \u201cWe are not going away.\u201d On January 23, President Trump nominated him to be U.S. ambassador to the EU. If confirmed by the Senate, Puzder will confront another threat to American capitalism in the form of the EU Sustainable Finance Disclosure Regulation<\/a> and the EU taxonomy on sustainable activities<\/a> and the ESG requirements they impose on European investors in American companies. If Brussels wants to gain a preview of the nominee, they would do well to read Puzder\u2019s book, as should anyone who cares about the future of shareholder capitalism in America.<\/p>\n\n\n\n

RUPERT DARWALL<\/strong><\/a> is a senior fellow of the National Center for Energy Analytics<\/a> and author of The Age of Error: Net Zero and the Destruction of the West (publication later this year by Encounter Books).<\/em><\/p>\n\n\n\n

This article was originally published by RealClearEnergy and made available via RealClearWire.<\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Writing shortly before President Trump\u2019s return to the White House, Peter Thiel hailed the election as an\u00a0apok\u00e1lypsis, an unveiling, of the ancien r\u00e9gime\u2019s secrets. \u201cThe new administration\u2019s revelations need not justify vengefulness,\u201d Thiel\u00a0wrote. \u201cBut for reconciliation, there must first be truth.\u201d The early weeks of Trump\u2019s second term have been apocalyptic for some of progressives\u2019 favorite acronyms such as DEI and USAID. So far, arguably the most damaging, ESG \u2014 an approach to finance derived from the\u00a0UN\u2019s Principles for Responsible Investment\u00a0\u2014 and its spawn, stakeholder capitalism \u2014 which demotes shareholders to one of many groups (employees, customers, suppliers, and the environment) that companies should prioritize \u2014 have evaded their rendezvous with truth. <\/p>\n","protected":false},"author":121246920,"featured_media":369091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691819146,691833072,691825760,691819194,691818154,691833693,691825730,691831760],"class_list":{"0":"post-369089","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-blackrock","9":"tag-dei","10":"tag-environment-social-governance-esg","11":"tag-exxonmobil","12":"tag-net-zero","13":"tag-silicon-valley-bank-svb","14":"tag-u-s-agency-for-international-development-usaid","15":"tag-vanguard","17":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/03\/00-Stakeholder-Capitalism.webp?fit=1200%2C675&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1y13","jetpack-related-posts":[{"id":224283,"url":"https:\/\/climatescience.press\/?p=224283","url_meta":{"origin":369089,"position":0},"title":"Disrupting Democracy Vs. 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