This quarter, investors grappled with the long-awaited, but ultimately underwhelming, climate disclosure rule adopted by the Securities and Exchange Commission (SEC). The watered-down rule comes to the relief of corporate management and their trade associations, who lobbied to weaken it. The rule is not the last word on climate disclosure, as standards evolve, but the impacts of delayed action also bear a social and environmental cost.
Q4 2023 Market Outlook
A lot can change in a year. A year ago, investors were mourning the worst performing year for equities since 2008 and the worst year for bonds in recorded history. There were convincing arguments from notable investors about the end of a decade of easy money, low rates, and a strong global economy. Certainly, the era of low rates may be over or taking a long pause, but it’s clear that we continue to wait for a much-anticipated recession, a recession we could characterize as “chatted up” based on sentiment and past precedence (an inverted yield curve, rising rates, high energy prices, and high inflation). This is reminiscent of the old joke that economists have predicted nine of the last five recessions. Talk of a certain recession has been slowly replaced with talk of the probability of an actual recession, a soft landing, or even no recession at all.
Q4 2023 Impact Update
Despite two ongoing wars, devastating extreme weather events, and a clearer sense of the magnitude and speed of biodiversity loss, we enter the new year encouraged, nonetheless, by positive learnings from the past year and confident in the long-term impact of our advocacy efforts. As we enter a possibly tumultuous election year, we are emboldened by recent union-led wins, the rising voices of workers, and reminded of the importance of fortifying our democracy.
A Silver Lining to the 2024 Outlook
What a difference a year makes! According to the Merriam-Webster dictionary, the word of the year for 2023 was “authentic,” which is certainly a major improvement over “gaslighting,” which was the 2022 word of the year. Transitioning from the negativity of “gaslighting” in 2022 to the positivity of “authentic” in 2023 was mirrored in the global economy and financial markets.
Empowering Change Through Giving
This Giving Tuesday, we reflect on our commitment to creating social and environmental change and highlight the exceptional organizations we've supported.
Beyond our work as shareholder advocates, we dedicate 1% of our revenue to impact-driven organizations, match employee donations, and provide paid volunteer time. Our approach to giving prioritizes organizations that empower marginalized communities and foster lasting change.