In a weighty report this week, the OECD — which represents the governments of the world’s developed nations including Canada — delivered another package of nails intended for the coffin the agency is building for market capitalism. Titled Sustainable and Resilient Finance, the report is part of a continuing series on how the world financial system can incorporate “sustainable finance” into corporate decision-making, the objective being to force corporate executives to make environmental, social and governance (ESG) issues a core part of their corporate missions.
The report itself, however, waves a handful of large red flags over the ESG movement, which in the past couple of years has been championed by a cabal of some of the world’s leading corporate and financial figures, from Larry Fink at BlackRock Inc. to Canada’s own sustainable finance activist, Mark Carney — and by such global anti-capitalist organizations as the World Economic Forum. The WEF’s 2020 Davos Manifesto called for global adoption of the idea that the purpose of a corporation is to fulfil “human and societal aspirations as part of the broader social system. Performance must be measured not only on the return to shareholders, but also on how it achieves its environmental, social and good governance objectives. Executive remuneration should reflect stakeholder responsibility.”
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