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Carney will head the US$550 billion asset manager’s environmental, social and governance investments. (The Logic)

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Talking point: This is just one of many jobs for the former Bank of Canada and Bank of England governor. He’ll continue to serve as an “informal” advisor to Canadian Prime Minister Justin Trudeau and U.K. Prime Minister Boris Johnston as well as the United Nations Special Envoy for Climate Action and Finance. Many speculated that Carney could become Canada’s finance minister earlier this month. That job went to Chrystia Freeland, but Carney isn’t ruling out running for office one day. He’ll start at Brookfield in October and work out of Ottawa.

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A new report from the world’s biggest asset management firm predicted that environment, social and governance (ESG) performance will be a key driver of gains and losses in investments. As investors shift money into sustainable funds, companies that perform well on ESG metrics will see their value rise, while those that perform poorly will fall in value, according to the report. (Financial Times)

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Talking point: It’s been a month since BlackRock committed to significantly increasing its ESG exposure and scrubbing its actively managed portfolios of clients that earn more than a quarter of their revenues from thermal coal. This new report emphasizes the financial significance of that decision, not just the ethical one. Historically, ESG investments have been viewed as nice-to-haves at best and detrimental to bottom lines at worst; BlackRock is saying the opposite is true—that sustainable investments are essential and add value. U.S. Senator Elizabeth Warren is holding the firm to its commitment on sustainable investing: this week, the presidential candidate pressed BlackRock CEO Larry Fink to detail how he plans to make ESG “the new standard for investing” and urged him to support her Climate Risk Disclosure Act, which requires firms to disclose their climate-related financial risk.

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The Business Roundtable, comprised of chief executives from nearly 200 U.S. companies, repealed its commitment to “shareholder primacy.” A statement signed by 181 CEOs—including Jamie Dimon of JPMorgan Chase, Tim Cook of Apple and Jeff Bezos of Amazon—states the “purpose of a corporation” is to service all of its stakeholders, giving equal weight to employees, customers, society at large and investors. (The Logic)

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Talking point: The statement follows an April letter from Dimon, who leads the Business Roundtable, in which he encouraged other CEOs to take stances on public policy issues and discouraged fixating on quarterly earnings. Eschewing shareholder primacy isn’t strictly altruistic. Consumers and institutional investors are increasingly considering environmental, social and governance (ESG) factors in their purchasing and funding decisions. For example, though safeguarding a company against climate change risk can be costly in the short term, it’s what a growing number of large investors—and some policymakers—are beginning to demand. The letter comes as a number of the signatory companies, including Amazon and Walmart, are facing a wave of activism from their own employees demanding both higher pay and changes in company policy on a wide variety of issues from gun rights to immigration enforcement.