The Big Picture
Vincent Boland: ESG movement imploding after falling into the trap of believing its own publicity
The probe into German asset manager DWS has revealed a fatal flaw in the much-lauded concept of ethical investment: no one agrees on what it actually means
Even before the police raided the headquarters of one of Europe’s biggest asset managers two weeks ago, 2022 was shaping up to be an annus horribilis for ESG investing, the movement dedicated to promoting environmental, social and governance criteria as investment benchmarks.
Sharp falls in global stock markets were concentrating investors’ minds on first principles. The prospect of energy shortages and blackouts after Russia’s invasion of Ukraine highlighted the scarcity of readily available alternatives to ...