The 'S' in ESG needs to look beyond reining in executive compensation, NYU's Stern report says.
As funds focused on environmental, social and governance issues evolve, a new report says investors need to pay more attention to the “S” in ESG, especially how investing decisions impact low-wage workers.
“There are changes in worker responses and organizing that may shift the calculus for traditional investors,” she said. Ride-hailing drivers for Uber Technologies Inc. UBER, -2.07% have fluctuating wages, little to no benefits and lack employee protections like unemployment insurance. Uber, whose business model relies on low labor costs, has consistently fought to avoid treating drivers as employees despite legal and legislative challenges around the world. Yet, the report notes that shares of Uber are among the holdings of the most popular ESG exchange-traded fund, BlackRock’s iShares ESG Aware USA ETF ESGU, -0.
Also: Raising Walmart’s starting pay by $5 wouldn’t just mean livable wages — it could help workers live longer, new report says
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