Hacker News new | ask | show | jobs
by sofixa 552 days ago
Yes. If they collectively decide stock price matters more than anything else (sustainability, the planet, long term viability of the business), they get it, whatever the short or long term costs.

There was a comparison between Amundi (France based) and BlackRock, and their voting patterns, and BlackRock was consistently voting against any ESG or in any way ecology related proposals. Anything that isn't directly about making more money is just not their thing. Contrast that with Amundi who overwhelmingly voted for ESG or similar measures.
2 comments
Cumpiler69 552 days ago
>If they collectively decide stock price matters more than anything else

So an oligopoly that presents the illusion of free market?

link
hnfong 552 days ago
Matt Levine has recently written a humorous-yet-thorough article on this exact issue: https://www.bloomberg.com/opinion/articles/2024-12-02/texas-...
link
throwaway48476 552 days ago
A market has buyers and sellers. Corporate decisions are driven by politcs where market terms don't apply.
link
throwaway48476 552 days ago
Electronic trading and passive investing drove commissions to zero so Blackrock helped create ESG because ESG requires paying commission for the service of certifying an investment as ESG.
link