Damodaran says ESG investing is a mistake, will not make you money

damodaran says esg investing is a mistake will not make you money 1

Sumary of Damodaran says ESG investing is a mistake, will not make you money:

  • It creates more harm than good for society,” Damodaran, professor of finance at Stern School of Business at New York University, wrote on his blog Musings on Markets late Tuesday.
  • The Securities and Exchange Board of India (Sebi), taking note of the rising demand for more ESG-related disclosures, recently revamped the business responsibility reporting standards on issues such as environmental impact, social welfare and corporate governance by companies.
  • Damodaran drew a parallel between the current wave of ESG investing to the corporate governance wave seen two decades ago in the aftermath of the Enron scandal.
  • The Enron episode pushed proxy advisors, accountants and ruler writers to ask for more disclosures for companies in the name further enhancing shareholder power.

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