UK’s Biggest Fund Manager Says ESG Backlash Misses the Point (2)

The politicization of the acronym ESG risks overshadowing its power to drive returns for shareholders, according to the head of investment stewardship at the UK’s biggest asset manager, Legal & General Investment Management.

Taking environmental, social and corporate governance issues into account makes financial sense, said Michael Marks who is also head of responsible investment integration at the $1.5 trillion asset manager.

LGIM is “really conscious of the environment in the US around ESG,” Marks said in an interview in connection with the release of LGIM’s 2022 investment stewardship report. The London-based firm hasn’t shied away from using the label ...