One of the arguments frequently advanced by those promoting ESG is that investors are enthusiastic about this hyped, overpriced, and mis-sold investment “discipline.” That is not the most convincing of claims if by “investors” we mean those whose money it actually is rather than the investment-management groups, public and private, which may have ideological, political, or financial interests distinct from those of the investors — small savers and the like — whom they are supposed to represent. Of course, some investors will want an ESG option. That’s fine, so long as it is a choice they have actively made.

To be sure, there have been times when ESG has been the flavor of the month (even if its outperformance, such as in the case of tech companies in 2020, was not really related to ESG), but those times, for now anyway, are in the past. Some $13 billion was pulled out of U.S. ESG funds last year, the worst on record. Making that number more damning still, those are withdrawals from funds with an ESG-focus, suggesting that even some of the faithful are losing faith.

Now there’s this (via Bloomberg):

Exxon Mobil Corp. investors voted in line with board recommendations on all shareholder proposals at its annual meeting Wednesday despite vocal opposition to the company’s lawsuit against activists. All 12 incumbent directors were re-elected with an average of 95% support, Exxon Treasurer Jim Chapman said during the meeting.

Shareholders approved the appointment of auditors and a compensation report while rejecting proposals that called for reports on gender and race, plastics and social impact.

Bloomberg is a climate-fundamentalist Pravda, so this must have been tough news to deliver. Midway through that report (at least as I write) is a link to an older story:

Read More: Exxon Feels the Heat as More Investors Assail Climate Conduct

“Feels the heat,” eh?