https://www.msn.com/en-us/money/companies/exxon-sues-two-esg-investors/ar-BB1h2GLQ

Celebration to Exxon and Citations to investment firms Arjuna Capital and Follow This.

Active pushback is overdue against contentious investment funds attempting to derail the operations and direction of public companies.  The pretense that shareholders should be disadvantaged by third parties who have political agendas will now be played out in court.

Of course, the results won’t be known for some time, since this will undoubtedly get to the Supreme Court.

In the meantime, it’s no wonder that “ESG” is being abandoned by directors and officers who are in business to make a profit for the owners.  Even Blackrock’s Larry Fink no longer uses the term.

For those organizations which act against the interests of the economy and community and national security, there are laws already on the books — if the administration is only willing to enforce them.

Too big in a concentrated market, to the detriment of consumers?  Antitrust laws are already in place.  (We’ll see whether the FTC or DoJ has the cojones to prevent the anticompetitive proposed supermarket merger between Kroger and Albertson’s.)

Fraudulent or unfair business practices?

Consumer Financial Protection Bureau (unless its existence and non-appropriated funding sources are successfully challenged in court), FTC, etc.

Safety concerns about the operations of manufacturers?

Consumer Product Safety Commission, for most products.

Dept of Transportation for highways & vehicles — unfortunately also the FAA for its role in regulating aircraft companies like Boeing (another day we’ll write about whether safety priorities have been abandoned in favor of PC hiring and promotion practices.)

Otherwise, let the market do its work, and if you don’t like Exxon as an investment, don’t buy stock in the company.

As the saying goes about major trends, “It’s a big ship and takes a while to turn it around.”