Commentary Day two of the World Economic Forum’s (WEF) Annual Meeting in Davos, Switzerland, started off on a concerning note. Some of the chief architects of environmental, social, and governance (ESG) scores met during a session called “Global ESG for Global Resilience,” and have clearly decided to double down on their objective for a new…

Commentary Anonymous activists seem to be surfacing in news reports with ever-greater frequencies. Activists are involved in a wide array of issues, but having just written about the widespread adoption of ESG scores, I am struck by the repeated references to activists who are promoting ESG. For example, The Wall Street Journal recently reported, “BlackRock’s…

Commentary To whom are corporations accountable? For most of our history, the answer was straightforward. Legally, corporations were accountable to ownership—that is, corporate officers had a fiduciary obligation to strive to earn profits for corporate shareholders. Economically, corporations were (and remain) accountable to their customers—that is, they need to serve customers well by providing good…