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A14 BUSINESS
Tuesday 17 sepTember 2024
Sustainable investing advocate says ‘anti-woke’ backlash in U.S.

won’t stop the movement

By STAN CHOE count in a way that will
AP Business Writer complement their already
NEW YORK (AP) — Maria existing investment philoso-
Lettini already knew of the phy and contribute to out-
backlash against ESG in- performance.
vesting when she took over In the U.S., and a lot of it is
as chief executive of US SIF probably because of politi-
last year. cal posturing, there’s a an
US SIF is an advocacy onus to make sure every
group that supports sus- single consideration now
tainable investing, which has a financial impact on
encourages investors to bottom lines in the short
consider a wider set of risks term. And frankly some of
including the environment, these risks and opportuni-
social issues and corporate ties will have a longer term
governance in hopes of im- horizon.
proving their returns. Q: Were you surprised by
But returning to the U.S. af- the volume of anti-ESG
ter several years working in movements in this country?
the U.K., Letting wasn’t pre- A: It was definitely more
pared for how widespread than I expected. Maybe
the backlash against ESG that’s heightened because
was. Lettini spoke with The I now sit in Washington, D.C.
Associated Press about Associated Press Illustration/Jenni Sohn) Especially during the height
that and sustainable invest- of the ‘anti-ESG’ month in
ing generally. The conver- care about workers and mate change. Even if it’s there’s a huge divide and the House last year.
sation has been edited for a living wage. They care a very partisan issue, the chasm between both sides I guess I was surprised by
clarity and length. about what they’re doing general public recognizes of the pond. But I think the breadth and depth of
Q: Is it true that investors in their communities and in there’s a problem. there are some hurdles and the pushback. I was sur-
in the U.K. and Europe are their own backyards and Where I think you do see a bit of a difference in the prised, and probably not as
more into sustainable in- importantly how that influ- some of the difference is appetites of some of their well-educated, about how
vesting than in the U.S.? ences and destroys nature as you start to move up clients. well funded the pushback
A: In the U.K. and E.U., I not only for their families the chain. The government Many clients in Europe and campaign is, and how po-
would say I think the nor- but also further afield. is working on two sides. the U.K. expect that there litically charged it actually
mal everyday population I don’t think that’s much Some parts of the govern- will be a consideration of has been. What wasn’t sur-
really cares about those different than in the United ment are very engaged environmental and social prising is that it didn’t really
issues. They care about States, if you start from the in responding to climate risks and opportunities and stir the pot that much. It
the climate and impacts bottom up. You’ve seen re- change. Others aren’t. are whole-heartedly sup- didn’t gain momentum.
of climate change. They cent polls showing people Q: And specifically for in- portive and believe their It also didn’t feel like it was
care about where their believe the U.S. needs to vestors? money managers are tak- consistent with their free-
food comes from. They do something about cli- A: Globally, I don’t think ing these criteria into ac- market discourse. q

Amazon is requiring workers to be in the office five days a week

starting next year

By HALELUYA HADERO ployees to be in the office shared with employees the memo, which Amazon said employees who were
AP Business Writer five days a week starting that the company’s lead- also shared on its website. not happy about the
Amazon is reverting to its next year, CEO Andy Jassy ership had been thinking in The policy takes effect on change should learn to
pre-pandemic policy and said Monday. recent months about how January 2, 2025. “disagree and commit.”
will require corporate em- Jassy said in a message to better “invent, collabo- Like many other compa- He also issued somewhat
rate and be connected nies, Amazon’s corpo- of a subtle threat, saying it
enough to each other” to rate employees worked was “probably not going to
deliver the best results for remotely during the CO- work out” for those who re-
customers and the busi- VID-19 pandemic, when fused to do so.
ness. the company saw massive In his note on Monday,
The company decided gains from a boost in online Jassy said the company
that bringing employees shopping. In 2021, the tech has observed that it is easi-
back into Amazon offices giant implemented a poli- er for employees to “learn,
five days a week instead of cy that allowed leaders to model, practice and
the three currently required determine how their teams strengthen” Amazon’s cul-
was a way to address that worked. ture and brainstorm when
issue, the CEO said. In February 2023, Amazon they’re together in person.
“When we look back over asked all employees to “If anything, the last 15
the last five years, we con- come back to the office months we’ve been back
tinue to believe that the for three mandatory days, in the office at least three
advantages of being to- resulting in some protests days a week has strength-
The Amazon campus outside the company headquarters in gether in the office are from workers. ened our conviction about
Seattle is shown on March 20, 2020.
Associated Press significant,” Jassy wrote in A few months later, Jassy the benefits,” he said.q