Outcry by some conservatives and activists against a vision of business that goes beyond profits
Marco Rubio, Florida Senator – ©SIPA
The meeting of the World Economic Forum held at the end of May in Davos should have been triumphant for its host, Klaus Schwab.
Nearly half a century after the economist launched these meetings organized in Switzerland for leaders and financiers from around the world, his conviction that companies must serve all stakeholders in the same way seems to have prevailed. on the old notion that companies only exist to make a profit for their owners.
In a book offered free on stands at the event, Klaus Schwab and a co-author said they were certain that their vision of “stakeholder capitalism” was finally “justified”.
Yet many business representatives in Davos seemed less confident, even as they shuttled between panels announcing carbon-cutting pledges and cocktail parties in support of the United Nations Sustainable Development Goals.
“Many leaders present at Davos are increasingly concerned that the principles of ‘stakeholder capitalism’ – and the resulting trend towards environmental, social and governance (ESG) investing – will be attacked by populist politicians, maverick financiers or a group of activists”
They are increasingly concerned that the principles of “stakeholder capitalism” – and the resulting trend towards environmental, social and governance (ESG) investing – will be attacked by populist politicians, financiers mavericks or a group of activists. A very different scenario from that imagined by Klaus Schwab.
Their concern emerged following a speech given in May at a conference organized by the ‘Financial Times’ in London. During it, Stuart Kirk, director of responsible investment at HSBC Asset Management, refuted the consensus that investors should try to encourage more environmentally friendly capitalism by taking into account in their calculations climate risks.
Climate change, he said, is simply “not a financial risk we need to worry about”. This argument was so at odds with the public positions taken by […]
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Woke capitalism is not unanimous
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