Investors Say They're Moving Away From ESG as ‘an Umbrella Concept'
While institutional asset owners such as pension funds and insurers say they remain committed to sustainable investing, they're less wedded to ESG as 'an umbrella concept.'
They now widely treat ESG as three separate parts as opposed to a single strategy, according to a survey by Morningstar Inc. of 25 asset owners across North America, Europe and the Asia-Pacific region. Until recently, the anti-ESG push has been concentrated in the US.
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The ad ran in the Sunday, June 8, 2025, edition of The New York Times and can be seen on Page 9 of the paper, including the digital edition in addition to other papers nationwide. A spokesperson for the billionaire also confirmed to Snopes via telephone that Walton paid for the ad but has no official connection to the organizers behind the No Kings protest. The No Kings day of protest is described on its website as "a nationwide day of defiance" scheduled to take place on Saturday, June 14, 2025, which is flag day, Trump's 79th birthday and the date of the president's planned military parade. The No Kings website declared, "From city blocks to small towns, from courthouse steps to community parks, we're taking action to reject authoritarianism — and show the world what democracy really looks like. We're not gathering to feed his ego. We're building a movement that leaves him behind." 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Further, No Kings calls "nonviolent action" a "core principle" of their events. Its website's "about" page stated, "We expect all participants to seek to de-escalate any potential confrontation with those who disagree with our values and to act lawfully at these events. Weapons of any kind, including those legally permitted, should not be brought to events." Walton is a noted philanthropist and a review of her political contributions listed on the Federal Election Commission (FEC) database shows hefty donations to organizations like Planned Parenthood and The Lincoln Project, as well as former Vice President Kamala Harris' campaign for president. In September 2024, Bloomberg reported Walton co-hosted a fundraiser for Harris in Wyoming, where she lives. Further, the outlet wrote Walton was "one of the prominent Democratic donors who urged President Joe Biden to exit the race after his calamitous debate performance against Republican rival Donald Trump." Snopes reached out to the No Kings organizers and will update this article if we receive a response. "Browse Individual Contributions." Accessed 11 June 2025. McEvoy, Jemima. "Billionaire Walmart Heiress Urges People To 'Mobilize' At June 14 Anti-Trump Protests." Forbes, Accessed 11 June 2025. "No Kings." No Kings, Accessed 11 June 2025. "Son of Wal-Mart Founder Killed in Plane Crash." NBC News, 28 June 2005, The New York Times Replica Edition. Accessed 11 June 2025.
