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Letters  

'Woke' favouritism

They used to march along Threadneedle Street in the City of London to their jobs in the Stock Exchange and ministry offices, solemn men in grey pin-stripped suits, wearing bowler hats and carrying furled umbrellas.

Their ilk have spread around the world, (in) corporate boardrooms and government offices.

The “green message” has finally gotten through to the U.N. agencies concerned with our welfare, which have predictably spawned many conferences located in exotic and isolated locations, accessible only by private jets. From these conferences, the agencies and their emissaries have pronounced the solutions to all the world's environmental problems.

But it is we, not they, who must modify the way we have been accustomed to living in the name of saving the planet (for them?). The environmental message has gone “woke.”

The latest stratagem for enriching themselves at our expense, is to concoct a rating system based on diversity, inclusion and equity, with a nod to production procedures. This is the ranking of companies according to environmental social governance.

The result will be that the only way one can invest through your broker, bank or credit union will be those companies, funds and brokerage houses that apply this metric.

No more will you be able to chose an investment based on its previous record of profitability, so as to protect or grow your savings, but (rather) on the number of minorities it employs. What could possibly go wrong?

For starters the State of Louisiana has dumped all their positions in former ESG touter, the giant Blackrock. Closely following them has been the State of Florida And now Blackrock, noticing this trend, has announced it too will not be using ESG ranking in any of its offerings.

You can be reasonably sure the other giant, Vanguard, will not leave itself exposed as the only “woke” major.

You want to be green and help the world and its environment? Focus on meritocracy, being the best you can be in all situations and hiring the best qualified in all positions. That makes for efficiency and economies of scale, meaning that more is produced for less wasteful effort. It will beat “woke” favouritism every time.

The result will be greener, not greyer.

Steve Friedman, West Kelowna



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