SEC CHARGES GOLDMAN SACHS ASSET MANAGEMENT FOR FAILING TO FOLLOW POLICIES AND PROCEDURES INVOLVING ESG INVESTMENTS
The SEC reviewed GSAM policies and procedures for two ESG mutual funds and one ESG separately managed account strategy. It found failures involving the ESG research its investment teams used to select and monitor securities. The agency charged Goldman Sachs a $4 million penalty. SEC
THE CAFÉ THAT’S UPENDING CAPITALISM
A café in upstate New York is exploring a radical approach to business that could upend the traditional capitalistic structure. Yes! Magazine
EMPTY ESG PLEDGES ENSURE BONDS BENEFIT COMPANIES, NOT THE PLANET
Sustainability-linked bonds let companies borrow cheaply if they meet environmental, social, and governance targets. A Bloomberg News analysis found those goals are weak. Bloomberg
STARTUPS HAVE A SELLOUT PROBLEM. THERE’S A BETTER WAY. Startups like Meta and Twitter serve as digital infrastructure —acting as today’s local news, phone lines, and postal service — but aren’t accountable to users. Some startups are trying to chart a new way to exit that focuses on community—not shareholders. Wired
LABOR DEPARTMENT CLEARS PATH FOR 401(K) PLANS TO OFFER ESG FUNDS
More retirement savers could soon have the option to invest based on environmental, social, and governance principles, under final regulations issued by the Labor Department. The new rule reverses a move by the Trump administration in 2020 that made it harder to put ESG investments in 401(k) plans. Wall Street Journal
