Business
North Carolina-headquartered Barings named in Climate Action 100+ probe
The Judiciary Committee of the U.S. House of Representatives, in a report, says its probe has led to a loss of $17 trillion worth of assets under management by the Climate Action 100+. That includes $6.6 trillion from BlackRock, $4.1 trillion by State Street, $3.1 trillion by JPMorgan, $1.89 trillion by PIMCO, and $1.6 trillion by Invesco.
From The Center Square
By Alan Wooten
An interim report by the Judiciary – Climate Control: Exposing the Decarbonization Collusion in Environmental, Social and Governance (ESG) Investing – labels the initiative a “climate cartel,” one which is involved in collusion and has not been investigated by the Biden administration.
One North Carolina company is among more than 130 in the United States being asked by a congressional committee about involvement with environmental, social and governance initiative Climate Action 100+.
U.S. Reps. Deborah Ross and Dan Bishop, a Democrat and Republican respectively from North Carolina, are among the 42 members of the Judiciary Committee in the House of Representatives seeking answers. In addition to the letter sent to Charlotte-headquartered Barings, the probe also seeks answers on involvement by retirement systems and government pension programs.
The probe and letters dated last Tuesday to Climate Action 100+ is trying to find answers to how the companies are operating with tactics, requests and actions; and garner documentations. A noon Aug. 13 deadline is set for responses.
Antitrust law, and the possible breach of it, is cited in each letter. Antitrust laws, the Department of Justice says, “prohibit anticompetitive conduct and mergers that deprive American consumers, taxpayers, and workers of the benefits of competition.”
An interim report by the Judiciary – Climate Control: Exposing the Decarbonization Collusion in Environmental, Social and Governance (ESG) Investing – labels the initiative a “climate cartel,” one which is involved in collusion and has not been investigated by the Biden administration.
“The climate cartel has declared war on our way of life, escalating its attacks on free markets and demanding that companies slash output of the critical products and services that allow Americans to drive, fly, and eat,” the report says. “The Biden administration has failed to act upon the climate cartel’s apparent violations of longstanding U.S. antitrust law. The committee, in contrast, is actively investigating their anticompetitive behavior.”
The report says with launch of the probe came withdrawals from the effort by BlackRock, State Street and JPAM, “three of the world’s largest asset managers.” Asset managers BlackRock, State Street and Vanguard own 21.9% of shares, and vote 24.9% of the shares, within the Standard and Poor’s (S&P) 500.
More than 272,000 documents and 2.5 million pages of nonpublic information were reviewed, the Judiciary says.
Most of the letters went to addresses in New York, Massachusetts and California.
Barings, according to its website, “is a global asset management firm which seeks to deliver excess returns across public and private markets in fixed income, real assets and capital solutions.”
In general, ESG investing – an acronym used in conjunction with environmental, social, and governance policies in investments – measures company policy. These policies typically align with progressive, or left, thoughts when it comes to politics.
Other names of description are sustainability, such as treatment of natural resources, gas emissions and climate regulations. A company’s policies for profits shared in the community, and how health and safety are impacted, relates to the social aspect. Governance usually aligns not only with integrity of accountability toward shareholders, but also diversity in leadership.
Issues in a company’s industry and the principles of ESG often shape policy.
Bishop is a member of the Subcommittee on the Administrative State, Regulatory Reform, and Antitrust within the Judiciary Committee. The 26-member subcommittee is chaired by Rep. Thomas Massie, R-Ky.
Managing Editor
Business
Molson Coors beer company walks back DEI policy after being exposed on X
From LifeSiteNews
An internal memo from brewing giant Molson Coors Beverage Co. reveals that the company is abandoning its DEI hiring and promotion processes, meaning it will no longer be making decisions based on race, sexuality or other categories.
Brewing giant Molson Coors Beverage Co., a large Canadian-American multinational company, will be dropping its woke corporate diversity, equity, and inclusion (DEI) policies after it received backlash online following an exposé by a popular conservative activist.
A recently revealed internal memo says that the company’s DEI employee training process has been discontinued, and as such it will no longer have specific “representation goals” in how it hires new people.
The company, as per a Canadian Press report, will also no longer be participating in the Human Rights Campaign ranking program. The Human Rights Campaign is an LGBT advocacy group that ranks companies based on how “inclusive” their workplaces are.
According to Molson Coors, it will now follow its own internal metrics to develop a “strong workplace where everyone can thrive.”
Robby Starbuck, a conservative activist and filmmaker, had earlier called out Molson Coors for its woke DEI policies, noting on X on September 3 that he recently “let them know that I planned to expose their woke policies.”
Big news: Last week I messaged executives from @CoorsLight @MolsonCoors to let them know that I planned to expose their woke policies. Today they’re preemptively making changes.
Here are the changes:
• Ending participation in the @HRC’s woke Corporate Equality Index social… pic.twitter.com/RuOVb1IuNU
— Robby Starbuck (@robbystarbuck) September 3, 2024
“Today they’re preemptively making changes,” he wrote.
Starbuck said that the coming changes include, “Ending participation in the @HRC’s woke Corporate Equality Index social credit system,” as well as “No more DEI based training programs.”
Also gone will be donations to “divisive events.” There will also be no more “supplier diversity goals” as well as “executive/employee compensation tied to DEI hiring goals.”
In recent weeks, due to both political and customer backlash, many large U.S.-based corporations have announced they are walking back their DEI policies. Some of the most notable companies include Lowes Hardware, Jack Daniels, and Harley Davidson. Other companies such as Disney, Target, and Bud Light, have faced negative sales due to consumers simply fighting back and refusing to patronize the companies.
As reported by LifeSiteNews, over the past decade left-wing activists have used DEI dogma as well as “environmental, social, & governance” (ESG) standards to encourage major Canadian and U.S. corporations to take particular stands when it comes to both political and cultural issues, notably in promotion of homosexuality, transgenderism, race relations, the environment, and abortion.
Agriculture
P&H Group building $241-million flour milling facility in Red Deer County.
P&H Milling Group has qualified for the Agri-Processing Investment Tax Credit program
Alberta’s food processing sector is the second-largest manufacturing industry in the province and the flour milling industry plays an important role within the sector, generating millions in annual economic impact and creating thousands of jobs. As Canada’s population continues to increase, demand for high-quality wheat flour products is expected to rise. With Alberta farmers growing about one-third of Canada’s wheat crops, the province is well-positioned to help meet this demand.
Alberta’s Agri-Processing Investment Tax Credit program is supporting this growing sector by helping to attract a new wheat flour milling business to Red Deer County. P&H Milling Group, a division of Parrish & Heimbecker, Limited, is constructing a $241-million facility in the hamlet of Springbrook to mill about 750 metric tonnes of wheat from western Canadian farmers into flour, every single day. The new facility will complement the company’s wheat and durum milling operation in Lethbridge.
“P&H Milling Group’s new flour mill project is proof our Agri-Processing Investment Tax Credit program is doing its job to attract large-scale investments in value-added agricultural manufacturing. With incentives like the ag tax credit, we’re providing the right conditions for processors to invest in Alberta, expand their business and help stimulate our economy.”
P&H Milling Group’s project is expected to create about 27 permanent and 200 temporary jobs. Byproducts from the milling process will be sold to the livestock feed industry across Canada to create products for cattle, poultry, swine, bison, goats and fish. The new facility will also have capacity to add two more flour mills as demand for product increases in the future.
“This new facility not only strengthens our position in the Canadian milling industry, but also boostsAlberta’s baking industry by supplying high-quality flour to a diverse range of customers. We are proud to contribute to the local economy and support the agricultural community by sourcing 230,000 metric tonnes of locally grown wheat each year.”
To be considered for the tax credit program, corporations must invest at least $10 million in a project to build or expand a value-added agri-processing facility in Alberta. The program offers a 12 per cent non-refundable tax credit based on eligible capital expenditures. Through this program, Alberta’s government has granted P&H Milling Group conditional approval for a tax credit estimated at $27.3 million.
“We are grateful P&H Milling Group chose to build here in Red Deer County. This partnership willbolster our local economy and showcase our prime centralized location in Alberta, an advantage that facilitates efficient operations and distribution.”
Quick facts
- In 2023, Alberta’s food processing sector generated $24.3 billion in sales, making it the province’s second-largest manufacturing industry, behind petroleum and coal.
- That same year, just over three million metric tonnes of milled wheat and more than 2.3 million metric tonnes of wheat flour was manufactured in Canada.
- Alberta’s milled wheat and meslin flour exports increased from $8.6 million in 2019 to $19.8 million in 2023, a 130.2 per cent increase.
- Demand for flour products rose in Alberta from 2019 to 2022, with retail sales increasing by 24 per cent during that period.
- Alberta’s flour milling industry generated about $840.7 million in economic impact and created more than 2,200 jobs on average between 2018 and 2021.
- Alberta farmers produced 9.3 million metric tonnes of wheat in 2023, representing 29.2 per cent of total Canadian production.
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