After an embezzlement scandal, Woke Sweden is trying to reorganize its embattled 1 trillion kronor ($90 billion) pension system. However, the office overseeing the process won’t accept applications from asset managers that don’t incorporate ESG (Environmental, Social, and Governance) into their pension strategies.
ESG is the WEF (World Economic Forum) plan to overturn capitalism and replace it with stakeholder capitalism (feudalism). ESG is a great vehicle for fraud.
Bloomberg reports:
“Unlike in the current system, there will be a requirement that the manager systematically integrates sustainability aspects into its operations,” said Erikl Fransson, executive director of the Swedish Fund Selection Agency, Bloomberg reports.
The move underscores the wildly divergent approaches different jurisdictions are taking as they figure out how big a role ESG should play in mainstream investing. In Europe, ESG is currently being hardwired into financial regulations. In the US, lawmakers just voted to block the pension industry from taking ESG risks into account.
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The decision only affects pensions under the state’s control. Sweden’s private pensions market has made headlines after it emerged that Alecta, which oversees more than $100 billion in retirement savings, was the fourth-biggest shareholder of the now-collapsed Silicon Valley Bank.
Never let a good crisis go to waste! ESG is now being codified into pension law for pension managers in Sweden. ESG doesn’t make the best investments for investors. It makes far-left agenda investments.
Read details at Zero Hedge.
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