Environmental, social and corporate governance
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Soup du jour. Ideal fodder for that client webinar. And if you are worried you have unhedged risk to it, well — there are always turpitude swaps to see you right.
Call me an old, unreconstructed gammon but — seriously, financial services multinationals? — If you care about environment, society and governance, put a sock in your virtue signalling and pay your sodding taxes.
Of course, ESG is becoming more of a thing, more investment managers have it in their mandates, as a marketing device, or they are obliged to meet sustainability targets, by regulation, then the basic wrongheadedness of stakeholder capitalism rears its head. We see we are creating a monster that will not vouchsafe any improvement in the environment, but will open yet another front for the regulatory-industrial complex to occupy, and extract rent from.