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A week ago today I published my piece analyzing the opening statements of witnesses Steven T. Marshall (Alabama Attorney General), Sean D. Reyes (Utah Attorney General), and Michael Frerichs (Illinois State Treasurer) at the May 10, 2023 House Committee on Oversight and Accountability hearing “ESG Part I: An Examination of Environmental, Social, and Governance Practices with Attorneys General.” It is now 14 days since my 72th birthday so that is now a distant memory and I’m already looking forward to my 73rd one. As I said, at my age I don’t expect any gifts but is it too much to hope for that there could be another ESG hearing on May 10, 2024? That would make me happy but I’m beginning to wonder what the point of it would be. I mean, we just keep hearing the same old stuff from both sides as the Republicans and Democrats carry on quite separate conversations.

In the meantime, all sides must soldier on in the “ESG Culture Wars,” including me 🐥. Towards that end, since I’ve analyzed the opening remarks of the witnesses it seems only fair that I do an analysis of the comments and questions and answers of the fine group of Representatives present at the hearing. My first thought was to do this through another word cloud analysis. That turned out to be disappointing, illustrating the limitations of technology. Here are the two word clouds for each side of the House and I’ll let you guess which is which. Uh, okay, here’s a clue

Word Cloud from the Remarks and Q&A of some Representatives at the May 10, 2023 House Hearing on ESG

I decided this piece required a more nuanced analysis, looking at the words in their full narrative context rather than being abstracted out in a visual representation. I decided to start with Chairman James Comer’s (R-KY) tight and on message summary remarks. Since the Republicans are in the majority they get to title and publish the press release. Mr. Comer efficiently did so that very same day in “Comer: ESG is Just Window Dressing for Liberal Activism and Far-left Ideology.” Pretty great title, right?! The essence of the press release, really the essence of the witnesses for the majority, is that “asset managers and activist shareholders are partnering with liberal advocacy groups to push ESG priorities and a radical political agenda with Americans’ money.” Furthermore, “ESG commitments are…used to force businesses to comply to a far-left ideology.”

Mr. Comer was not alone in condemning the pernicious progressivism (as former Vice President Mike Pence likes to describe it) of ESG. He received heart felt support from the 16 other Republican members of the committee. Space does not allow me to do justice to all of them so I will select three on the Red Team that particularly caught my eye and ear.

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Robert G. Eccles

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Robert G. Eccles of Saïd Business School, University of Oxford is the author of a number of books on integrated reporting, sustainability and the role of business in society. His focus is on sustainability from both a company and investor perspective. Professor Eccles is also involved in a variety of initiatives to embed environmental, social, and governance (ESG) issues in real world decision making. One of these is the Sustainability Accounting Standards Board (SASB), of which he was the founding chairman. In 2018, Professor Eccles was selected by Barron’s as one of the top 20 influencers on ESG investing.

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