This is reallyyy big (and good!) news‼️
Vanguard just dropped for-profit prison company GEO Group from its #ESG funds.
Vanguard is GEO's largest investor, owning a nearly 15% stake in the company (as of March 2019).
ft.com/content/5b6caa…
While this won't affect the entirety of Vanguard's $340 million worth of holdings in GEO Group, it's nonetheless a huge blow to GEO and marks an important milestone in the global movement for socially & environmentally responsible investing. #ESG #SRI
Though the fact that a) Vanguard's #ESG fund held shares in GEO in the 1st place is appalling (bt not the least bit surprising); & b) the article quotes the CIO of State Street Advisors, GEO's 6th largest shareholder, indicates how pervasive #greenwashing is in the 🌎 of finance
A reminder of why people should care 👇🏻👇🏻
Can we just be real and call it “responsible investing” at this point?
Seriously. Asking for 7.7 billion people...
Cause you can’t even qualify as a financially responsible investor if you don’t factor in the full scope of material risks (*cough* human rights & enviro issues)
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