In a related development, Jack Bogle momentarily stops spinning in his grave…

In a mighty blow to Environmental, Social and Governance (ESG) investing, Vanguard, the world’s second-largest asset manager, announced it’s withdrawing from a major financial alliance against climate change: the Net Zero Asset Managers (NZAM) initiative.

Last month, Consumers’ Research joined 13 state attorneys general in filing a complaint against Vanguard with the Federal Energy Regulatory Commission (FERC), charging that the firm was violating its agreement to control utility company shares passively.

Vanguard’s exit comes at a time of increased saber-rattling and legal maneuvers by Republicans against investment firms pursuing woke agendas in general and anti-fossil-fuel agendas in particular.

https://www.zerohedge.com/markets/vanguard-quits-climate-alliance-major-blow-woke-investing