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ESG has been an incredible movement. It has had a momentum and acceleration that was seemingly unstoppable, and for good reason. Everyone wants to save the climate and support treating employees, customers and communities with respect. Everyone is for good corporate governance.

Yet, for several years, many people, particularly behind closed doors and in private conversations, have been skeptical about investing based on environmental, social, and corporate governance factors. This skepticism to ESG investing has come to a head lately.

Why is this? It is because there is a tremendous disconnect between ESG as a philosophy and as an investment product. ESG is a conceptual idea of new factors that market participants should consider when investing in and managing corporations. Many ESG investment funds took this idea and exploited it as a marketing tool to raise assets in strategies that relied on quantitative data and ratings that were easily manipulated, and that were way too passive to create any real change. Moreover, there is a widespread perception, if not reality, that ESG investing means sacrificing returns.

Now, a bear market has exposed these weaknesses, and for the first time, the ESG investing movement has been losing some steam. Even worse, these exposed deficiencies in ESG investment funds have opened the door for funds that market themselves as the antithesis of ESG, advocating for the elimination of any social motivations to corporations and totally disregarding ethnicity and gender in hiring practices. This drastic reaction to ESG funds does on the right exactly what it is criticizing on the left: It takes an extreme position that exploits the views of the far right to weaponize the opponents of ESG funds just as many ESG funds were created to exploit and weaponize the acolytes of ESG. Ideologically maximizing profits while ignoring social repercussions will lead to companies like Purdue Pharma or boards that rationalize potential oil spills through a cost-benefit analysis of the potential fines and cleanup costs versus the costs of prevention. How about worker safety? Should that be sacrificed if the cost to keep employees safe exceeds the liability and costs to replace injured employees? Anti-ESG funds focused solely on shareholder value would presumably forego the costs and pay the liability. Moreover, does anyone other than these anti-ESG funds really believe that a board or management team is not better when it has qualified members with a diversity of perspectives and life experiences than when it is all white and male?

Of course, environmental, social and governance factors should be considered by management teams and investors, but they are factors that need to be weighed, not mandated. These decisions are more complex than either side acknowledges. They cannot be made quantitatively, with generalizations or by extremists. They need to be made qualitatively, by an active participant weighing the pros and cons and pragmatically advocating for a position that benefits all stakeholders, including shareholders. That is what active ESG investing, or AESG, does.

AESG investing is when an activist investor takes a position at a company and actively (usually from a board level) and qualitatively analyzes and improves not only financial, operational and strategic facets of the company, but also its ESG footprint. Funds like Inclusive Capital and Impactive Capital are the leaders in this area, and they look at every investment not only through a shareholder value lens, but an ESG lens as well. In many cases these funds advocate for ESG practices at their portfolio companies that advance shareholder value. Other activists, while more focused on operational, financial and strategic matters at their portfolio companies, are realizing that while they are actively involved at these companies, they are also in a unique position to improve ESG practices at the company. Accordingly, many of these funds, like Starboard, ValueAct and Third Point have dedicated ESG executives to help focus on such opportunities. We are seeing many more of them starting to adopt such practices.

These AESG investors realize that you cannot accomplish ESG objectives by investing in the "best" ESG companies and excluding the worst. Nor can you expect management teams to blindly adhere to ESG pressures regardless of the effect they will have on shareholder value. Instead, AESG investors analyze ESG issues and opportunities, as well as the company's financials and operations, to pragmatically develop strategies and practices that either advance both ESG and shareholder value or further one of them without hindering the other.

Accordingly, AESG solves the problems with ESG investing as (i) it is genuine, not a marketing ploy, (ii) it relies on qualitative analysis, not quantitative metrics and ratings, (iii) it uses engagement to actually effect ESG change without sacrificing shareholder value, and (iv) it has the alpha that has historically been associated with shareholder activism. Moreover, AESG investors are not only looking to change ESG practices at their portfolio companies during their engagement, but to change the long-term culture of the company so that ESG is ingrained in management's thinking as something to weigh and consider in all future business decisions.

ESG investing is a term that combines two concepts: ESG and investing. However, most investment funds on either side of the debate tend to focus on only one of these concepts and ignore the other. Responsible ESG investing means not just being responsible to environmental, social and governance factors, but being a responsible investor to ESG factors and the goal of attaining outsized capital appreciation. This is a main tenet of AESG investing.

Because there is a limited number of investors who have the skillset, characteristics and inclination to actively engage with management of portfolio companies, AESG investment strategies will always be a small subset of aggregate ESG assets. But it will be an increasingly important subset, and those who engage in AESG investing will add a much-needed active component to ESG investing to effect real change and generate real alpha. ESG investing is still a nascent strategy and will continue to develop and evolve. As we see more activist managers start to focus their efforts on ESG improvements, AESG is becoming a significant part of this evolution.

Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and he is the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. Squire is also the creator of the AESG investment category, an activist investment style focused on improving ESG practices of portfolio companies.

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Activist ESG investing the Goldilocks of responsible investing - CNBC

Porter Novelli's new reputational report reveals a new Era of Accountability in Actionand how businesses can do better

NEW YORK, Oct. 6, 2022 /PRNewswire/ -- Porter Novelli, the strategic communications company built on purpose to do business better, has published its fifth annual research study of corporate reputation: The Purpose Priorities Report: How to respond in the new Era of Accountability. It includes a new Better Business Matrix to help companies navigate current cultural trends and meet the evolving demands of their audiences.

An era of accountability in action

Since the onset of the COVID-19 pandemic, and in the wake of the 2020 social justice movement sparked in part by George Floyd's murder, companies have made many promises to support change. The increase in extreme weather events, caused by climate change, has also sparked more corporate environmental commitments. And now there is a need to show outcomes from all of this as people are looking to companies for leadership.

The report also highlights how consumers are demanding genuine change, not just marketing campaigns.

David Bentley, Global CEO of Porter Novelli, commented: "Good intentions aren't enough. Consumers are tired of talk: they don't want to see campaigns, they want to see action. Companies are realizing the benefits of doing business better as all audiences demand integrity and business growth will depend on navigating the complex landscape of audience expectations."

Addressing the climate crisis is now table stakes for organizations

After fires, floods, and droughts this year, the environment is front and center in consumer minds. While quality products and services are a prerequisite for a thriving business, audiences across allages now expect industry to address sustainability as a core quality issue.

The demand for operational D&I

Social inequalities are now a new second business priority to address, with operational changes expected.

Conroy Boxhill, President of Porter Novelli U.S, commented: "Consumers are looking to businesses for active leadership. The research shows clearly there's now a sense of urgency around companies' DE&I efforts to the point that people are requesting they restructure operationally to drive this change."

Politics can be punishing

In the last couple of years, companies have chosen to wade into political issues like voting rights and Roe v. Wade, but consumers aren't convinced business and politics mix.

Companies should play politics with caution.

Reputation leaders

As part of the report, the strategic communications company has developed a Better Business Matrix. This ranks the reputational leaders by industry, in eight key sectors, mapped to highlight the beneficial impact of Purpose on brand value. It also enables companies to self-diagnose their own reputation, based on the key criterion described in the report. Companies that performed the best within their industries include:

Sandy Skees, Purpose & Impact lead from Porter Novelli, added: "The landscape is shifting rapidly, and this report highlights the changing expectations around sustainability and DEI as examples of purpose in action. The Porter Novelli Better Business matrix is about ensuring companies know how to decode and deliveron environmental and social progress as well as avoiding the pitfalls of political overreach."

The Purpose Priorities Report analyzed the reputation of 200 top companies listed in the Fortune 100, Fortune Best Companies to Work For, World's Most Ethical and the DiversityInc., among others.

"For the past 30 years, Porter Novelli has sought to understand the role of Purpose in company performance," says Andrea List, senior vice president of Data & Insights, the report's lead author. "In that time, the imperative to authentically address social and environmental issues has only grown stronger. This study continues to demonstrate that no corporate reputation can thrive without Purpose."

About the Study

The Purpose Priorities Report presents the findings of an online survey designed and executed in August 2022 among an online sample of 7,000 American adults, ages 18+. The study was fielded by Dynata. Respondents were asked to rate up to six companies each, with each company rated by an average of 150 respondents.

About Porter Novelli

Porter Novelli is the strategic communications company, built on purpose to do business better. Founded 50 years ago by pioneers Jack Porter and Bill Novelli, Porter Novelli is widely considered to be the founder of social marketing. Trailblazers of their time, both Jack and Bill believed that organizations could, and should, be driven by their values, not just by creating value; something intrinsic to how we do business better today. Fast forward 50 years and the world is highly complex. In a shifting landscape of new influences and audience power, Porter Novelli continues to build on this values-driven philosophy and work with ambitious clients to decode change, navigate culture and deepen authenticity to shape reputation and accelerate growth.

About Omnicom Public Relations Group

Omnicom Public Relations Groupis a global collective of three of the top global public relations agencies worldwide and specialist agencies in areas including public affairs, marketing to women, global health strategy and corporate social responsibility. It encompasses more than 6,300 public relations professionals in more than 370 offices worldwide who provide their expertise to companies, government agencies, NGOs, and non-profits across a wide range of industries. Omnicom Public Relations Group delivers for clients through a relentless focus on talent, continuous pursuit of innovation and a culture steeped in collaboration. Omnicom Public Relations Group is part of the DAS Group of Companies, a division of Omnicom Group Inc. (NYSE:OMC) that includes more than 200 companies in a wide range of marketing disciplines including advertising, public relations, healthcare, customer relationship management, events, promotional marketing, branding and research.

SOURCE Porter Novelli

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Porter Novelli's new Reputation Report: People push for real purpose over 'posturing and politics' - PR Newswire

At the height of the pandemic, there was hope that lessons learned from this period would provide the foundations for a healthier society. No longer would snotty commuters swap germs on packed trains; if people were ill, they would stay home or at least wear masks to protect others.

Now few people are masking, and I have lost track of the number of friends with colds who have happily coughed on me in recent weeks. Rather than building back better, the country seems to have reverted to business as usual, circa 2019.

It did not have to be this way, psychologists stress. And we may have missed the perfect opportunity to boost the nations health and productivity.

Being sick with flu or endless colds is not good for individuals, for families, or for a productive workforce, said Prof Susan Michie, the director of the Centre for Behaviour Change at University College London.

Having adopted these new behaviours, we could have been encouraged to say: Actually, this is worth thinking about to protect you and others from numerous other illnesses. There hasnt been a sense of learning from the past or from elsewhere.

Asia could have provided a good starting point. Although surgical masks were in use before the 2002-04 Sars epidemic, the outbreak embedded the habit of wearing one to protect others from infection. Three months after the epidemic was declared over in Hong Kong, 60%-70% of people said they would wear a mask in public spaces or the workplace if they had cold- or flu-like symptoms, while 94% reported still frequently washing their hands.

Michie said: Some of it is about social norms, but interpersonal trust is also much higher in many south-east Asian countries than it is here and we know that trust is really important in terms of adherence to protective measures.

Western countries such as the UK also tend to be more individualistic: Theres more of a Do I fancy it, or not [attitude] in the UK, rather than a sense of societal obligation and responsibility.

Even so, psychologists dispute the notion that widespread behavioural change could not happen here. Before the introduction of an indoor smoking ban, many derided the idea that people would move their habit outdoors to protect others health.

Michie also remembers the furore when legislation was brought in to make the wearing of seatbelts compulsory: People said, No one will do this and Its a terrible infringement of individual freedoms. But the combination of legislation, backed up by clear and coherent messaging, meant that everybody took it on board.

A key problem is that many of the healthy behaviours enacted at the peak of the pandemic regular hand-washing, social distancing, mask-wearing, working from home, and self-isolating when sick were inseparable from the Covid rules, which chopped and changed according to the level of infection.

Stephen Reicher, a professor of social psychology at the University of St Andrews, said: It was never argued that measures like ventilation arent just about Covid. They arent even just about infectious disease. There is a whole literature showing that poorly ventilated spaces impact cognitive performance, leading to declines in task performance and complex decision-making. So, for schools and universities, which are about learning, and offices, where people are taking important decisions, good ventilation is a good idea.

The problem is, we never posed things in those terms. It was just about Covid. So, if you forget about Covid then you forget about those measures, as opposed to thinking about: how do we produce a healthier society?

Being ill is not just a miserable inconvenience, it can also be expensive. According to a recent report by the National Engineering Policy Centre, even outside a pandemic, the lives lost and sick days caused by seasonal influenza cost roughly 8bn a year.

As the UK faces a potential twindemic of Covid and influenza in the coming months not to mention an abundance of everyday colds and stomach bugs this failure to build back better may yet come back to bite us.

Already, health leaders are urging a return to mask-wearing with the number of people testing positive for Covid in England rising. According to data from the Office for National Statistics, the number of people testing positive for Covid rose by 29% between the weeks ending 17 September and 24 September. All UK hospitals are under significant pressure and a new Covid surge is a very heavy straw on the camels back, the leaders said.

Politicians were warned about the risks of reverting to business as usual once Covid restrictions were lifted. In its final report, the governments Scientific Pandemic Insights Group on Behaviour (SPI-B) of which Michie and Reicher were members outlined strategies for embedding Covid-safe behaviours into peoples everyday routines.

Having commissioned the report, the government did absolutely nothing with it, Michie said.

Central to SPI-Bs recommendations was the need for a coordinated programme to shape the financial, physical and social infrastructure in the United Kingdom, the report said. Education, regulation, communications, social marketing and provision of resources will be required to ensure that all sections of society have the capability, opportunity and motivation to enact the behaviours long term.

Staying home when unwell, or wearing a good-quality mask is not always practical without adequate support, Reicher explained: When Boris Johnson announced the lifting of all measures, he was asked: Shouldnt people stay at home if theyre infected? He said: I wish we were more like Germany, where when people are sick they stay at home. What he failed to mention was that in Germany sick pay is 100% of peoples income, whereas the UK has one of the lowest rates in the OECD [Organisation for Economic Cooperation and Development].

Now we have a cost of living crisis, the odds of people being able to lose out on income and stay at home if theyre ill is even more fanciful. The same goes for buying Covid tests if youve got symptoms.

In the absence of state support, the onus is on those who can afford to protect others, to do their bit. This includes employers and educational organisations. Nobody questions the fact that we have clean drinking water at work, but were still getting unsafe air, said Michie. It doesnt make sense.

Spreading the message that seasonal coughs, colds and other everyday infections are not inevitable, and there are ways to reduce the risks, is a good first step.

Do: Keep your distance from other people if you are unwell, and ideally stay at home.

Do: Wear a good quality FFP3 mask if you have cold-like symptoms and cannot stay at home or if you are in close contact with someone who has symptoms.

Do: Regularly wash your hands with soap and water, or use hand gel if this is impractical.

Do: Ventilate shared spaces by opening windows and doors.

Do: Sterilise frequently touched surfaces, such as handrails and doorknobs.

Do: Close the toilet seat before you flush, as small amounts of what you are flushing become aerosolised, meaning you can breathe them in. And many people with Covid shed the virus in their poo.

Dont: Shrug off symptoms such as a sore throat, runny nose or fever as just a cold. If you can afford a Covid test, do one.

Dont: Assume that if you tested negative for Covid yesterday, you do not have it today.

Dont: Leave used tissues or Covid swabs lying around.

Dont: Assume that other people will be fine if you give them Covid. Even with vaccines, some people remain vulnerable to serious disease or long Covid.

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Hand-washing and mask-wearing: Covid rules we would be wise to keep - The Guardian

With every passing movie, box office numbers have started becoming more and more important, more so after the performance of Brahmastra in theatres. Box office numbers help the film to continue the buzz after it is released in theatres. More than ever before people outside the circle of trade and filmmaking are taking keen interest in how much money a film is making on its release and consecutive days. From The Kashmir Files to Brahmastra, from Vikram Vedha to Ponniyin Selvan, films performance at the ticket counters are as much in the news as their creative value.

In order to understand the language of trade, we spoke to trade analysts, film producers, distributors, cinema owners and chalk out how to read and assimilate all the trade information that is being bombarded at us every single day, about every single film on social media, which in turn influences the viewers decision to either go and watch the film or not.

If you talk about Brahmastra, the makers last shared its box office collection on September 19 and said the films worldwide gross collection is Rs 360 crore. The numbers suggest the film has been a spectacle and a smashing hit with the audiences. However, there has been a debate on whether or not the producers shared inflated numbers to make the films earnings look bigger than they actually are.

On this, film producer and film business expert Girish Johar says that box office numbers are a good marketing tool to ensure that the film continues to be talked about. However, he feels they dont actually add to the footfall.Before we discuss how box office numbers impact the audience and the business of films, it is important to see how box office numbers are calculated.

There is a major difference between net and gross box office collection. While the gross box office collection includes the money received from the total sale of film tickets, net is gross minus deductions made by the government like entertainment tax, service tax, etc. Another thing to consider is that these taxes differ from state to state, hence, the net collection of a film can differ from one state to another for the same film with the same gross amount. While net film collections are generally revealed for Hindi films, numbers shared for south India are mostly gross amount.

Johar says that given the numbers being discussed for films are fairly big, there is a lot of interest among people regarding box office. Everyone is keenly excited when big numbers, big money are talked about and we all know India is crazy about cricket and movies. So anytime big numbers are associated with films, be it high box office numbers or big budgets or even star fees, it gets a lot of traction and the general public does get attracted, the trade expert opines.

However, Johar also suggests that while there is a lot of conversation around box office numbers, it is only a marketing tool and doesnt always impact a moviegoers decision to either watch or not watch a film. Producers and the films marketing teams want to ensure that there is a huge number of audiences thronging the cinemas to watch their films, so they use box office numbers as a marketing tool. And now the audiences have realised that it is just used as a marketing tool to engage and get traction, Johar adds.

Kangana Ranaut continuously claimed that producers Karan Johar has been sharing inflated box office numbers for Brahmastra. Is there a way to authenticate these number though? Johar says, unfortunately there isnt! While internationally organisations like Rentrak provide some transparency, very few organisations in India are doing similar work, like Ormax. Johar explains, At the end of the day, if you see from a commercial perspective then the film is the producers investment, so it is completely their call whether to share numbers or not.

Thats the trade side of the story, but why do producers choose to share how much their film is earning? Producer Sunny Khanna who has backed films like Bheja Fry 2, Mulk and Traffic Signal is of the opinion that sharing box office number is becoming very important today because of the negativity that surrounds films, and that is one way to stop people with agenda from sabotaging a film.

He says, It is not required, but films are being targeted by those with an agenda. They try to sabotage the film by sharing wrong box office numbers, then the producer has no option then to start sharing how much their film has earned and this happens a lot. Recent example is Brahmastra. Everyone was putting the film down by saying that the content is not good or the film is not earning as much as it should have (compared to the budget), but today the box office numbers has proven the films mettle. Then the other possibility is that a smaller film, which starts with smaller earnings but shows growth over Saturday and Sunday, then the audience feels that the movie is has picked up so maybe it is worth a watch. For example when Chup released people didnt expect it to do the numbers but it went on becoming stronger with every passing day.

Box office numbers is a huge discussion on social media and publications too report it diligently, but does that really pull audiences to theatres to watch a film? Manoj Desai, distributor and owner of Mumbais Gaiety Galaxy and the iconic Maratha Mandir tells us that sharing box office numbers with public has really helped Bollywood, especially in these times.

He says, It has worked for Bollywood after it faced a few bad months. It also shows that people are excited to watch the film because there is a good advance booking. Box office numbers are the new indicators of how a film is and how it is fairing, it is like how people used to read reviews before watching films, now some of them check box office numbers to understand if it is doing good business and if it makes sense for them to invest in it by going to watch it.

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Understanding box office numbers: A successful marketing tool in the age of social media - The Indian Express

Victoria Guerra October 7, 2022

DALLAS The University of Arkansas womens tennis team opened up the SMU Fall Invitational facing Wichita State in doubles play and the University of Texas at Arlington in singles play on the first day of competition. Junior Lenka Stara went 2-0 on the day, grabbing a win in doubles and singles while freshman Yuhan Liu earns a singles victory.

In doubles play, junior Lenka Stara and sophomore Grace ODonnell teamed up for a 7-6 win over Wichita States Kurahashi and Kung. The freshman Razorback pair of Yuhan Liu and Morgan McCarthy competed for the first time together, falling 2-6 to the Shockers duo of Kudryavtesva and Anzo.

Lenka Stara got her second win of the day in singles play, defeating her Maverick opponent Vergara in straight-sets 6-1, 6-4. Freshman Yuhan Liu recorded the only other singles win for the Razorbacks, continuing with an impressive fall season for the Hogs. Liu took the first-set tiebreaker 7-5 followed by a dominant 6-1 second set to seal the win over UTAs Jimenet.

The Razorbacks continue the invitational tomorrow at 9 a.m. CT as they face UTA in doubles play, followed by singles play against SMU. No live stats or video will be available throughout the competition, results will be posted following the conclusion of each day.

Day One Results

Doubles

1. Stara/ODonnell (UA) def. Kurahashi/Kung (Wichita), 7-6

2. Kudryavsteva/Anzo (Wichita) def. Liu/McCarthy (UA), 6-2

Singles

1. Stara (UA) def. Vergara (UTA), 6-1, 6-4

2. Gorinsek (UTA) def. ODonnell (UA), 6-1, 6-2

3. Liu (UA) def. Jimenet (UTA), 7-5, 6-1

4. Reinerfsen (UTA) def. McCarthy (UA), 7-5, 6-2

5. Chileuo (UTA) def. Robbins (UA), 6-0, 6-3

For the latest information on all things Arkansas Womens Tennis, follow the Hogs on social media by liking us on Facebook (Arkansas Razorback Womens Tennis) and following us on Twitter and Instagram (@RazorbackWTEN).

Continued here:
Women's Tennis Earns Three Wins on First Day at SMU Fall Invite - Razorbacks Arkansas