Re-Writing the Music, Larry Fink Won't Change His ESG Tune

Larry Fink’s pen may have run out of ink—at least when it comes to a three-letter acronym that has become a four-letter word: ESG.  

Last Wednesday, the BlackRock CEO released his annual letter to investors and America’s CEOs. Traditionally, the letter is a call to arms, imploring CEOs to fight climate change and injustice. This year, it is not. Or so BlackRock would have you think. A closer look at the letter reveals not a substantive retreat from ESG, but a vernacular one.