The Middlemen Who Pay No Price for ESG

They pursue nakedly ideological goals with little downside.

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A sign for Wall Street by the New York Stock Exchange, March 23, 2021. Photo: angela weiss/Agence France-Presse/Getty Images

Marlo Oaks and Todd Russ argue that investment firms casting proxy votes in favor of environmental, social and governance initiatives are committing “A Historic Breach of Fiduciary Duty” (op-ed, May 16). Even if the legal matter remains fuzzy, Messrs. Oaks and Russ deserve credit for shining light on the stealth undermining of shareholder value.

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