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OPINION: Rumors of ESG’s demise are greatly exaggerated
Consumer and Republican backlash against environmental, social, and governance (ESG) investments has increased dramatically in the past year as states, Congress, and presidential candidates have taken on the issue, promising to rein in the largely green-conscious movement of capital amid spiraling energy and food costs since 2021. Boycotts of brands such as Bud Light, Disney, […]
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Consumer and Republican backlash against environmental, social, and governance (ESG) investments has increased dramatically in the past year as states, Congress, and presidential candidates have taken on the issue, promising to rein in the largely green-conscious movement of capital amid spiraling energy and food costs since 2021.
Boycotts of brands such as Bud Light, Disney, and Target, coupled with statements by Blackrock CEO Larry Fink that he no longer wanted to call these so-called sustainable investments ESG, and reported outflows from ESG funds in 2023 have painted a gloomy picture for green and socially conscious investing.
For example, Oilprice.com’s Felicity Bradstock recently reported, “ESG Investments Face Financial Hurdles,” citing “disappointing returns” and “concern among financial experts.” And the New York Post’s Charlie Gasparino reported, “Investment titan BlackRock mutes ESG talk amid backlash” even as Blackrock still controls $700 billion of “pure ESG” assets.
The closures of certain ESG ventures resulted in most recently $635 million of withdrawals from so-called “sustainable” asset funds in the second quarter of 2023, according to Morningstar.
And yet the outflows were not enough to result in negative returns in the funds, which have increased the past three quarters to $313 billion, according to Morningstar, amid rising equity and bond markets.
In other words, ESG is no smaller than it was last year after all markets took a major hit following Russia’s invasion of Ukraine in February 2022.
Even many of the boycotted companies still appear to be easily profitable. For example, ABInbev — which owns Bud Light, which saw U.S. sales plummet after a marketing pitch by transgender activist Dylan Mulvaney — has seen revenue increase globally by 10 percent despite a 10.5 percent drop in U.S. sales.
According to the Daily Investor’s Bianke Neethling, ABInbev’s Mulvaney-generated social media controversy and loss of sales in the U.S “was offset by growth in the company’s other key markets, including Mexico, Colombia, China, Brazil, Europe and South Africa.
Similarly, Disney’s gross profits the past 12 months have totaled $28.7 billion, up 3 percent from the year prior. In the second quarter of 2023, it earned $7.85 billion of profits, up 0.47 percent from last year.
In 2022, ESG investments in the U.S. stood at $8.4 trillion, according to the latest data by the USSIF, The Forum for Sustainable and Responsible Investment. It will be interesting to see how 2023 turns out, but right off the bat that was a whole lot of money on the table at the end of last year.
Meaning, the negative ESG headlines we are seeing in certain financial media could mislead that the sustainable and socially conscious investment kick is going anywhere anytime soon. It’s akin to happy talk.
In the meantime, the U.S. Department of Labor is still encouraging ESG investments by employer-based defined benefit and contribution plans. Tax deferment for retirement savings, including into ESG funds, remains alive and well. And tens of billions of dollars from Congress continues to flow to green companies from the Inflation Reduction Act as the decarbonization agenda continues largely unimpeded.
That, even as crude-oil production in the U.S. reached a new record level at 12.9 million barrels a day in July 2023 in response to the inflation and continued supply chain disruptions occurring out of the war in Ukraine, according to the U.S. Energy Information Administration. Over the next few decades, companies like Exxon and Chevron continue to say they plan on proceeding to net-zero on carbon emissions in response to green-activist investors.
Longer term, these companies could still see negative outcomes, for example, as Republican-run states and members of Congress look at violations of Title VII of the Civil Rights Act by companies offering racial and gender-based hiring and promotion preferences. These concerns are bolstered by the Supreme Court’s decision striking down affirmative action in college admissions as a violation of the Fourteenth Amendment. Or as antitrust lawsuits look at sustainable companies’ plans to eliminate carbon-based energy in a collusive manner by driving up energy costs.
There are a lot of balls still up in the air. Yes, the American people are more aware of ESG and the influence it has on the U.S. economy and have fired a few warning shots with targeted boycotts. Certain red states are no longer allowing state workers to make ESG investments in state pensions. But it could be a false comfort.
We’ll see better where everything ESG stands after the recession and/or market volatility is over. The Title VII and antitrust liability threats could still cause a big reboot, but my gut says they’ll never give up.
Robert Romano is the VP of public policy at Americans for Limited Government (ALG). The organization says it is a “non-partisan, nationwide network committed to advancing free-market reforms, private property rights, and core American liberties.”
OPINION: Beyond the Politics, a Message to Notice From No Labels
As the political press continues to gear up for next year’s presidential election, I’ve been struck by how little attention many national reporters have paid to a potential third-party bid by the group known as No Labels. The organization, which says it’s committed to bipartisanship and political centrism, has secured ballot access in at least
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As the political press continues to gear up for next year’s presidential election, I’ve been struck by how little attention many national reporters have paid to a potential third-party bid by the group known as No Labels. The organization, which says it’s committed to bipartisanship and political centrism, has secured ballot access in at least 10 states, and appears positioned to do so in others, as well.
This has Democrats worried. Third parties in presidential contests have mostly served either as after-thoughts or as spoilers, and it’s not hard to see a No Labels presidential ticket taking votes from Democrats’ likely nominee, Joe Biden, and assuring the election of the Republican candidate — probably Donald Trump. That’s an unpalatable option for most Democrats and even many independents, and it may be why some prominent Republicans are pushing for a No Labels candidacy.
It’s probably impossible for party leaders to leave strategic considerations aside, but for the rest of us, there are lessons for both parties in No Labels’ traction this year. Many Americans are tired of the intense partisanship they see at the national and state levels. And for some voters, the policies the group is promoting seem to strike an attractive ideological balance.
These include policy prescriptions that call for reining in spending to keep the national debt from growing faster than the economy; regaining control of our borders but ensuring a path to citizenship; criminal-justice reforms “so career criminals can’t keep committing crimes” while at the same time, “keeping dangerous weapons away from dangerous people”; committing to make U.S. students number one globally in math and reading within a decade; and a bold statement that “no child should be forced to go to a failing school.”
Now, as anyone with experience in creating policy will tell you, there is a big difference between promoting noble-sounding ideals and crafting legislation that will help the country live up to them. Or to put it another way, the devil’s in the details. To this end, I’m struck above all by No Labels’ overarching key point — one that many politicians of both parties who are inclined toward the center have been trying to make for years: “America can’t solve its biggest problems and deliver the results hardworking taxpayers want, need, and deserve unless Democrats and Republicans start working together side by side on bipartisan solutions.”
There’s no doubt that this is what a lot of Americans would prefer — and, ironically, it’s what a lot of politicians could make happen without a third party nipping at their heels. In fact, it already is happening. The huge 2021 infrastructure bill? Bipartisan. A new effort to regulate AI? That’s a Democratic senator from Connecticut and a Republican from Missouri working together. Modernizing STEM education? That’s from a New Hampshire Democrat and a Tennessee Republican, also in the Senate.
Of course, work like this often flies under the radar. As fall wears on, it’s more likely that what we’ll be reading about in the press is the opposite… Many ambitious politicians, looking for an edge, believe it’s in their interest to stoke division, since they can raise funds from riled-up partisans and then drive election turnout by inflaming their base.
The problem is, that’s no way to govern. Over the course of our history, bipartisanship has often produced better, longer-lasting legislation. It means a proposed law will reflect a wide range of views, win greater acceptance within a legislative body and among the public, and — just as important — last beyond the next change in power.
As voters, we don’t need a third party to help us make this happen: We can choose political candidates of both parties who, in both their rhetoric and their values, show that they can and will work across the aisle. But if No Labels’ appeal to ordinary voters can serve to remind politicians and their party leaders that there’s a hunger for centrism and bipartisanship in the public at large, then that’s all to the good.
Lee Hamilton, 92, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.
EARL MONDAY has joined Seneca Savings as marketing officer. He has more than 15 years of marketing experience in the industry, including over six years focusing on financial marketing. JILLIAN MANNING has come aboard as AVP of operations. She is responsible for managing the day to day back-office reconciliation, streamlining processes, and training front line
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EARL MONDAY has joined Seneca Savings as marketing officer. He has more than 15 years of marketing experience in the industry, including over six years focusing on financial marketing. JILLIAN MANNING has come aboard as AVP of operations. She is responsible for managing the day to day back-office reconciliation, streamlining processes, and training front line personnel. Manning received her bachelor’s degree from Marywood University in Scranton, Pennsylvania and now has more than 15 years’ experience in the finance industry. She spent the last eight years working for Mariner Finance as a district manager. RACHEL SIDERINE has joined Seneca Savings as business development officer. She is responsible for working within the local community to help businesses be financially successful. She is also available to work with a company’s employees to assist them with their individual financial success. Whether they need credit counseling or want to prepare to purchase their first home, Siderine is here to help. She comes to Seneca Savings from AmeriCU, where she worked for almost 24 years. Most recently, Siderine acted as the financial center manager of the Oneida location. She obtained her college degree in information processing from SUNY Morrisville. Seneca Savings has hired KEN JARDIN as VP and commercial-loan officer. He has 40 years of financial-services experience. Jardin has worked in the banking industry since 1983, holding leadership positions in commercial and retail banking at HSBC, M&T and Solvay Bank. He also possesses years of experience in business and consumer product management for Upstate New York at Fleet Bank/Bank of America. Prior to moving to Seneca Savings, Jardin oversaw commercial banking for Onondaga County at a local credit union in East Syracuse. CLARA BADER has joined Seneca Savings as a residential mortgage loan officer. She has worked in the real-estate industry for more than 30 years, including as appraiser, real-estate salesperson and in construction. TIM HANNO has come aboard as assistant branch manager. He is a seasoned banking professional with over a decade of experience in the industry. Before transitioning to banking, Hanno spent five years as a heavy equipment operator, specializing in demolition. Originally from Cicero/North Syracuse, Tim has since made a name for himself in the banking world, thanks to his hard work, dedication, and exceptional customer service skills. TED KELLY has joined Seneca Savings as a mortgage-loan officer. He has been in the Central New York mortgage industry for more than 30 years, most recently as a mortgage-sales manager with a local credit union. KYLE PEREZ has been hired by Seneca Savings as merchant service sales representative. He is responsible for merchant services and credit-card processing. He is a graduate of SUNY Brockport with a bachelor’s degree in kinesiology and exercise physiology. After college, Perez spent a few years playing professional baseball, before accepting a management position with Enterprise Rent-A-Car. Prior to joining Seneca Savings, Perez spent his last four years in business technology sales for Ed & Ed Business Technology.
Ronald McDonald House Charities of Central New York
Ronald McDonald House Charities of Central New York has hired ALEXIS RICHER as development manager, COURTNEY SCHILLER as house program and facility manager, and ZOË WHITE as community engagement coordinator. The nonprofit organization operates the CNY Ronald McDonald House — located at 1100 E. Genesee St. in Syracuse — 24 hours a day, year-round, at
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Ronald McDonald House Charities of Central New York has hired ALEXIS RICHER as development manager, COURTNEY SCHILLER as house program and facility manager, and ZOË WHITE as community engagement coordinator. The nonprofit organization operates the CNY Ronald McDonald House — located at 1100 E. Genesee St. in Syracuse — 24 hours a day, year-round, at no cost for families whose children are hospitalized with serious illnesses or injuries.
Richer will support the planning, coordination, and execution of the organization’s internal fundraising initiatives and its annual signature fundraising events; manage event volunteers; and facilitate and foster positive donor relationships. She previously gained experience in event planning and donor relations, working as the special events and digital marketing manager at the Rescue Mission Alliance. Richer has a bachelor’s degree in public relations from SUNY Oswego.
Schiller will oversee the daily operation of the CNY Ronald McDonald House, including the coordination of general maintenance and management of daily volunteers, and will facilitate house programs to enhance the experience of guest families. She previously worked as an authorization specialist at St. Joseph’s Physicians in Syracuse and Omni Pain & Precision Medicine in Utica, and was a weekend manager at the CNY Ronald McDonald House. Schiller has a bachelor’s degree in interdisciplinary health services from Western Michigan University.
White will implement and oversee the nonprofit’s community engagement and outreach initiatives, build and cultivate relationships with service-focused individuals and community partners and collaborate with community partners to manage external fundraisers that benefit the organization. She was previously a recruiter at Oneida Nation Enterprises and also worked at the YMCA of Greater Rochester. White has a bachelor’s degree in business administration and public relations from SUNY Oswego.
The Air Force Research Laboratory (AFRL) Information Directorate
The Air Force Research Laboratory (AFRL) Information Directorate at Griffiss Business and Technology Park recently announced the appointments of LEE SEVERSKY as Department of the Air Force (DAF) senior scientist for information superiority and KATHY ANNE SODERBERG as DAF senior scientist for quantum science and technology. Senior scientists are the highest-level appointments for the scientific
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The Air Force Research Laboratory (AFRL) Information Directorate at Griffiss Business and Technology Park recently announced the appointments of LEE SEVERSKY as Department of the Air Force (DAF) senior scientist for information superiority and KATHY ANNE SODERBERG as DAF senior scientist for quantum science and technology. Senior scientists are the highest-level appointments for the scientific and technical career field within the DAF.
Seversky serves as the DAF principal scientific authority in information superiority and is responsible for planning, conducting, evaluating, coordinating, and applying research within AFRL and other DAF organizations. He began his 16-year career in DAF civil service as an associate computer scientist. Most recently, Seversky served as the Information Directorate autonomy, command, and control (C2) core technical competency lead, where he successfully managed a $125 million portfolio with more than 60 scientists, engineers, and external stakeholders.
Soderberg serves as the DAF principal scientific authority in quantum technologies and is responsible for planning, conducting, evaluating, coordinating, and applying research with the AFRL and other DAF organizations. She also has AFRL-wide responsibility with quantum efforts in positioning, navigation, timing (PNT), and sensing research conducted at other AFRL technical directorates. Soderberg joined AFRL in 2014 after working in the industry following her post-doctoral work at the University of Chicago. Since joining AFRL, she established the quantum research team that now includes dozens of researchers and state-of-the-art facilities. Soderberg leads national science and technology policy formation through her co-chair position for the White House Office of Science and Technology Policy, OSTP, Quantum Networking, QN, Interagency Working Group. She was the lead presenter to the Secretary of the Air Force on quantum technologies and is active in international collaboration efforts in quantum.
Flavin named CFO of SOS and Specialists’ One-Day Surgery Center
DeWITT, N.Y. — Syracuse Orthopedic Specialists (SOS) recently appointed Michele Flavin, CPA as the chief financial officer (CFO) of SOS and the Specialists’ One-Day Surgery
SMALL BUSINESS SPOTLIGHT: CH Insurance offers BOOST benefits program for small businesses
SYRACUSE — CH Insurance of Syracuse, a multi-line insurance agency and benefits manager, is offering a group-benefits program, called BOOST, specifically designed for small businesses. CH Insurance is headquartered inside the Atrium building at 100 S. Salina St. in Syracuse. BOOST stands for benefits-optimization opportunities for small-business teams, says Joseph (Joe) Convertino, Jr., president of
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SYRACUSE — CH Insurance of Syracuse, a multi-line insurance agency and benefits manager, is offering a group-benefits program, called BOOST, specifically designed for small businesses.
CH Insurance is headquartered inside the Atrium building at 100 S. Salina St. in Syracuse.
BOOST stands for benefits-optimization opportunities for small-business teams, says Joseph (Joe) Convertino, Jr., president of CH Insurance, who spoke with CNYBJ on Oct. 9.
“So, think of small employers. Let’s just call it under 100 employees. We want to boost their benefit program with six items,” says Convertino.
As he explained the program, the six elements include an online portal and all COBRA administration for small businesses. In addition, CH Insurance will act as a client’s total advocate with an insurance company in helping in claims or other scenarios. As the firm’s website says, “We work with the individual and gather all the details and deal directly with the carrier on their behalf.”
The program also includes multiple carrier options and human-resources (HR) services with a CH employee handling HR and compliance issues for small businesses, Convertino noted.
The program also includes a financial-wellness component. “So, financial wellness would mean do you need personal life insurance? Do you need help with a bank? Do you need a financial review for your personal finances? We have an in-house person that helps you with that,” says Convertino.
Launched in 1999, CH Insurance is an independent insurance agency that represents commercial insurance, personal insurance (home and auto), group benefits (health insurance, group life, group dental) risk management, and human-resource services. The business has 27 employees and Convertino says the firm is in a “growth mode.”
“We look for one to two sales producers each year. One to two service representatives each year in both our commercial and group-benefit division,” he notes.
CH Insurance uses the slogan, “In your corner … Every day, every way.” The firm advertises quite a bit on TV and radio. Convertino believes marketing is important because it “highlights who your company is.”
“It helps in your brand promise,” he says. “We show the local community what we’re about.”
Convertino explains that his firm works in a “boring” business. “My little secret is we try to make insurance fun with what we do in our advertising, our radio [spots], our digital [advertising].”
Convertino also added that the firm believes in using Facebook, X (the site formerly known as Twitter), and LinkedIn to promote itself. And the company’s name is visible on the Atrium, where it’s operated since 2017.
He called the firm’s decision to move to the Atrium building “a home run.”
“Not only with signage. We are in the heart of downtown,” he says. “We are such a local company. We can’t be happier being where we are today.”
SMALL BIZ SNAPSHOT
– CEO: Joseph (Joe) Convertino, Sr.
– President: Joseph (Joe) Convertino, Jr.
– Location: 100 S. Salina St. (Atrium building), Suite 370, Syracuse, N.Y. 13202
– Phone: (315) 234-7500 or (888) 400-8087
– Type of business: Independent insurance agency
– Employees: 27
– Annual revenue: Undisclosed, but Convertino, Jr. says the firm is “doing well”
City Center formally reopens in downtown Syracuse, after a major renovation effort
SYRACUSE, N.Y. — A well-known building at busy intersections in downtown Syracuse has new tenants and a new look following a major renovation project that
ECR International announces plans to relocate manufacturing and sell Utica plant
UTICA, N.Y. — ECR International, Inc. recently announced that it will cease manufacturing at its Utica plant early next year, relocating those operations to its
Former Syracuse school teacher posthumously donates $1.7M to Upstate Foundation
SYRACUSE, N.Y. — The estate of Marilyn Miller, a former longtime teacher in the Syracuse City School District who died in 2021, has donated $1.7
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