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Who are the primary enablers of dysfunctional corporate and market behaviour today?
Having experienced, as an investment insider, the (last) Global Financial Crisis and what I have termed a ‘petri dish’ equivalent – BP’s Macondo crisis – I concluded the answer was investors. Governments – at that time at least – were trying to be part of the solution. In contrast, investors refused to take any responsibility or even learn, and this included the main ESG groups. Hence, I co-started the Network for Sustainable Financial Markets and the follow-on project, Preventable Surprises.
As you might imagine, this framing didn’t make me very popular! Even my friends said, “what’s your proof?” So, to be reasonable, I downgraded the criticism. I spoke about investors being a primary enabler of dysfunctional corporate and market beha…