Wokeism is Doomed

[grarpamp]

https://twitter.com/EndWokeness
https://twitter.com/LibsOfTikTok

Sweden Bans Non-Woke Funds From $90 Billion Pension Pot

As Sweden looks to reorganize its embattled 1 trillion kronor ($90
billion) pension system following an embezzlement scandal, the office
overseeing the process says it won't accept applications from asset
managers that don't incorporate ESG (Environmental, Social and
Governance) into their strategies.

"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.

    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. -Bloomberg

So now, ESG requirements will be enshrined into law for pension
managers, which must show an "exemplary approach to sustainability
through responsible investment and responsible ownership."

If an international investment firm is interested in applying for the
pool of pension savings - which represents around 10% of Sweden's
overall public retirement funds - they need to be able to document
their fealty to the ESG movement, including proving they have
processes in place to prevent funds from being linked to various
international agreements such as the OECD's guidelines for
multinational corporations, the UN Global Compact, and the UN's
guiding principles for human rights.

What's more, firms will need to have their investment products
registered as ESG funds under Articles 8 and 9 of Europe's Sustainable
Finance Disclosure Regulation, according to the above-linked draft.

Approximately 150 funds will be chosen sometime in the second quarter
of 2023 for the new framework, which was dogged with widespread fraud
that cost taxpayers at least 2.8 billion kronor.

New investment managers will also face reviews "on an ongoing basis"
to ensure that they remain dedicated to the "requirements that will
appear in the fund agreement," including a rule stipulating that they
can prove they're responsible custodians if they also track indexes.

"If the requirements are not met, it is a breach of contract which can
lead to the fund not being allowed to remain on the fund market,"
according to Fransson.