You can trust that lawyers will not miss a chance to make things
complicated - and then charge ever-rising fees to disentangle the rules
and regulations that they helped to create. Case in point this report by
Freshfields about the obligations of fund managers to take impact
(socially/environmentally) of the decisions into account. The problem
with imposing these obligations is that any lobby group - however small -
can start legal proceedings and impose substantial costs on the funds
(while often supported by taxpayer money, directly or indirectly or by
donations from charities, ngo's or think tanks that in their turn are
only representing the view of a small but often vociferous minority).
Taken to the extreme there could be a challenge to the investment in a
milk delivery company because (take any of the options) it uses petrol
or diesel for its vans, uses metals sourced from 'bad' countries, does
not have a workforce split evenly between male/female, old/young,
white/non-white etc. The possibilities are endless. As are the costs and
burdens on business and ultimately the end consumer/investor, Joe
Sixpack, you and me.
Freshfield Report
(15-Dec-2021)
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