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“It’s discredit avoidance, rather than evasion,” said Barkley. | “It’s discredit avoidance, rather than evasion,” said Barkley. | ||
===Prehistory=== | ===Prehistory=== | ||
The funds originally regarded [[ESG]] as a cheap way of [[virtue-signalling]] to [[Ultimate client|investors]], but never thought anyone other than their clients’ [[HR]] departments would care. After all, who, in her heart of hearts, ''really'' objects to massively profitable leveraged investments just because they happen to be in firearms, narcotics or [[financial weapons of mass destruction]]? | The funds originally regarded [[ESG]] as a cheap way of [[virtue-signalling]] to [[Ultimate client|investors]], but never thought anyone other than their clients’ [[HR]] departments would care. And who cares about HR right?<ref>Younger readers may not believe it, but there was a time when people did not realise how powerful and destructive to careers, livelihoods and common sense a modern, weaponised [[human resources]] department would become.</ref> After all, who, in her heart of hearts, ''really'' objects to massively profitable leveraged investments just because they happen to be in firearms, narcotics or [[financial weapons of mass destruction]]? | ||
To be sure, the funds were largely right about that — no-one ''does'' care about that sort of thing in the City — but European regulators, post-Brexit, decided ''they'' did, and began holding [[hedge fund]]s to account for false advertising if they claimed the sanctimony of [[ESG]] on paper without observing it in practice. Especially British ones. | To be sure, the funds were largely right about that — no-one ''does'' care about that sort of thing in the City — but European regulators, post-Brexit, decided ''they'' did, and began holding [[hedge fund]]s to account for false advertising if they claimed the sanctimony of [[ESG]] on paper without observing it in practice. Especially British ones. |