{"id":11863,"date":"2026-01-23T16:47:25","date_gmt":"2026-01-23T15:47:25","guid":{"rendered":"https:\/\/www.rivistaeco.com\/?p=11863"},"modified":"2026-01-23T16:47:25","modified_gmt":"2026-01-23T15:47:25","slug":"why-the-esg-crisis-is-a-power-struggle","status":"publish","type":"post","link":"https:\/\/www.rivistaeco.com\/en\/2026\/01\/23\/why-the-esg-crisis-is-a-power-struggle\/","title":{"rendered":"Why the ESG Crisis Is a Power Struggle"},"content":{"rendered":"

Luigi Zingales is the Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance at the Booth School of Business, University of Chicago. He is a former President of the American Finance Association and Director of the Stigler Center for the Study of the Economy and the State at the University of Chicago. Since 2018, he has been co-host of the Capitalisn\u2019t<\/em> podcast.<\/p>\n

 <\/p>\n

In recent years, the term ESG (Environmental, Social, Governance) has shifted from being the buzzword of global finance to a symbol of deep unease: more and more companies are withdrawing from environmental and social initiatives, ESG funds are experiencing heavy outflows, and in the United States a strong political backlash\u2014championed by the Trump administration\u2014is growing. But what really lies behind this crisis? Economist Luigi Zingales helps us understand how ESG objectives have ended up masking a much larger issue: the concentration of power in the hands of a few asset managers and the absence of genuine debate about moral values within companies. He also outlines a possible path toward reforming corporate governance.<\/em><\/p>\n

 <\/p>\n

Professor Zingales, in your view, is this reactionary trend against everything ESG merely temporary, or does it represent a structural change in the relationship between companies and sustainability?<\/strong><\/p>\n

I honestly believe it is a phenomenon much broader than sustainability alone. In recent years, there has been a shift in power within corporations: historically, power was concentrated in the hands of management, whereas ESG represented the growing influence of funds and investors. From my perspective, that power was partly \u201cusurped.\u201d<\/p>\n

 <\/p>\n

Could you explain that more clearly?<\/strong><\/p>\n

You see, people like Larry Fink (CEO of BlackRock, the world\u2019s largest asset management company, ed.) do not own trillions of dollars\u2014they manage them, in theory in our interest. In some way, they have arrogated to themselves the right to represent savers. Of course, this is not an ideal situation, but previously it was managers who arrogated this power, and that was even less justifiable. So today an important battle is under way: the Trump administration has stepped forcefully into this arena, because what is really at stake is power in large American corporations\u2014power with a capital P.<\/p>\n

 <\/p>\n

So you interpret ESG not as a commitment to environmental and social issues, but as an expression of a broader power struggle. Where does this conflict come from?<\/strong><\/p>\n

To understand it, we need to consider two profound transformations in the US market. The first began in the 1970s, though it peaked in the past twenty years, and concerns the rise of 401(k) plans, that is, voluntary retirement plans: individuals must manage their own savings, essentially through equity investments. As a result, ordinary workers, pooled together in funds, now own a significant share of the US stock market.<\/p>\n

The second transformation is that people have learned to invest through index funds (such as ETFs), which must minimize management costs to function. Obviously, the more capital they manage, the better they can do so. The final result is that in America, three fund families hold 30% of the voting rights in all S&P 500 companies. This is an enormous concentration of power that, in my view, is politically unsustainable in a democratic country: either it will be scaled back, or it will become the new dominant power in the world. And the Trump administration is trying in every possible way to curb this excessive power.<\/p>\n

 <\/p>\n

\n

What Is a 401(k)<\/strong><\/p>\n

In the United States, the 401(k) is the main supplementary pension plan offered by employers. It allows workers to set aside part of their salary with tax advantages, often with an additional employer contribution. The funds are invested in financial instruments chosen by the worker and generally become available at retirement. It is therefore the American equivalent of company pension plans or supplementary pension funds common in Italy.<\/p>\n

\n

 <\/p>\n

You have proposed a solution to address this concentration of power. What does it involve?<\/strong><\/p>\n

The solution I proposed together with Oliver Hart (economist at Harvard University, ed.) is to return effective voting rights to the true owners of capital, namely savers\u2014the people who bear the consequences of decisions. But we know very well that there is what is known as \u201crational apathy\u201d: if you and I own only a few shares, we lack the time and incentives to care about how they are managed. That is precisely why we need an institution capable of making shareholder democracy workable.<\/p>\n

 <\/p>\n

How would it work?<\/strong><\/p>\n

The United States pioneered class actions, created to deal with situations in which a million people\u2014each harmed by one dollar\u2014suffer enormous collective damage but have no individual incentive to act. Class actions reduce this imbalance. Our proposed system is inspired by the same logic: we acknowledge \u201crational apathy\u201d and create assemblies of investors selected by lot, so that they are representative of the entire investor base. If these assemblies are adequately informed and compensated for their work, they can represent the mass of small shareholders and express views on fundamental issues. It is a democratic system and, at the same time, fully consistent with capitalism, because it entrusts relevant decisions to shareholders. For different reasons, we believe it should appeal to both Democrats and Republicans. We shall see.<\/p>\n

 <\/p>\n

Isn\u2019t there a risk that randomly selected investors would be too inexperienced to deal with complex decisions? And which decisions should they rule on?<\/strong><\/p>\n

In our proposal, the intervention of randomly selected investors would be limited to decisions that are not purely economic, but involve moral judgments. The modern corporate system is, by nature, \u201camoral\u201d: companies are supposed to maximize profits. I once posed a question to leading American financial economists: \u201cIf you discover that your product kills people, but so slowly that no one can ever prove it, what is your duty as a manager?\u201d No one wanted to answer, because they know that the only answer consistent with theory is: \u201cmaximize profits,\u201d even if this entails serious harm. But no one wants to say that publicly. That is pure hypocrisy.<\/p>\n

And this is not a theoretical case: in history, many companies have profited from severely harmful behavior without paying any reputational price. The example of IBM, which supplied computers to the Nazis to census Jews destined for extermination, is emblematic: most people do not know this, and IBM never paid the consequences. From the perspective of profit maximization, it made the \u201cright\u201d choice; from a moral perspective, it was an atrocity.<\/p>\n

 <\/p>\n

And would a randomly selected group of investors make the right moral choice?<\/strong><\/p>\n

The key is to ask the question in the right way, clearly highlighting the conflict between economic and moral values. Today there is no real framework for dealing with this conflict: the only reference is reputation, according to which immoral behavior will eventually be punished. But this is an illusion. Many companies, as in IBM\u2019s case, have profited from morally unacceptable actions without suffering significant consequences. That is why we need mechanisms that bring morally sensitive decisions before shareholders.<\/p>\n

Our proposal includes the presence of a board member without voting rights but with the authority to request that certain morally relevant choices be submitted to an assembly of randomly selected investors. At that point, the company has two alternatives: if it refuses to bring the issue to the assembly, it automatically gives up the action; if it wants to proceed, it must do so by publicly assuming responsibility before shareholders. This is a principle of accountability: if a company profits from a choice, it must also bear its moral weight.<\/p>\n

 <\/p>\n

Meanwhile, many large companies are withdrawing from climate initiatives and cutting diversity and inclusion programs. Is this merely a \u201cTrump effect\u201d?<\/strong><\/p>\n

The reason is very simple: companies adopted ESG policies mainly for image reasons. They generated good publicity and diverted attention from other behaviors. Think of Philip Morris, which is very active in initiatives supporting women: this helps people forget that its product kills. Now, under the Trump administration, companies perceive these activities as politically costly. They therefore make a purely economic calculation: \u201cHow much reputational benefit do I get from ESG? How much does it cost me in terms of relations with the Trump government? If the cost is higher, I stop.\u201d It has always been an economic calculation, not a genuine debate about moral values. And that is because there is no clear framework for integrating moral values into corporate decisions. That is precisely what we need if we want better capitalism.<\/p>\n

 <\/p>\n

Has Russia\u2019s invasion of Ukraine and the return of energy security as a priority also contributed to declining attention to ESG?<\/strong><\/p>\n

Partly, but not too much. On the one hand, it is true that the war has rehabilitated sectors previously considered non-ESG, such as arms production. On the other hand, there was a strong ESG movement against Russia: companies that did not withdraw were publicly criticized. That was a very clear application of ESG logic. I therefore do not believe the war was a decisive factor in the backlash.<\/p>\n

 <\/p>\n

From the beginning, ESG combined environment, social issues, and governance. Wasn\u2019t that a conceptual mistake that created confusion?<\/strong><\/p>\n

Yes and no. The underlying problem is how to integrate environmental and social concerns into the traditional framework of profit maximization. Without an adequate framework\u2014such as the one Oliver Hart and I proposed\u2014the only way was to \u201csell\u201d ESG as a strategy for increasing profits. That is why environment, social issues, and governance were merged: it was a way to disguise the attempt to introduce non-profit-oriented principles through profit-oriented language. The confusion was not accidental; it was functional.<\/p>\n

 <\/p>\n

Selling ESG as a strategy to increase profits also meant, in some cases, promising higher-than-expected returns. Did unfulfilled promises contribute to this crisis of trust?<\/strong><\/p>\n

Yes, certainly. Selling ESG as a way to earn more was a mistake. But this stems from the previous problem: the absence of a framework to reconcile moral values and economic objectives. In that situation, the only way to promote ESG was to say, \u201cYou will earn more.\u201d In many cases, that was not true.<\/p>\n

 <\/p>\n

So returns and moral values need to be separated.<\/strong><\/p>\n

Exactly\u2014first by highlighting the conflict properly, and then by reminding investors that they face not only an opportunity, but also a responsibility. Think, for example, of the Benetton family\u2019s moral responsibility for the collapse of the Morandi Bridge. They earned profits, appointed managers, and yet said, \u201cWe are not responsible.\u201d That is too easy: if you take the profits, you must be responsible for what you do. Similarly, the silent mass of investors is like a large Benetton family: it profits from the companies it invests in, but does not assume responsibility for managing them differently.<\/p>\n

 <\/p>\n

Will there still be demand for ESG investments?<\/strong><\/p>\n

I do not know whether there is demand for ESG investments as they have been marketed so far. But if education in individual responsibility is introduced, I believe many people would want to express their views on how the companies they invest in are run. It is not just about investing in ESG, but about participating in corporate decisions that have moral and environmental implications.<\/p>\n

 <\/p>\n

So the way out of the trust crisis is to rethink corporate governance through investor assemblies and education in individual responsibility. We have not discussed the standardization of ESG criteria.<\/strong><\/p>\n

Yes, standardization is necessary. But today there is no serious demand for it. When investor assemblies start asking for clear standards to define what is ESG, there will automatically be a response.<\/p>\n

 <\/p>\n

\n

The Hart\u2013Zingales Proposal<\/strong><\/p>\n

Oliver Hart and Luigi Zingales show that maximizing market value does not always coincide with maximizing shareholder welfare. This equivalence, supported by Milton Friedman in the 1970s, holds only when profits and social damages are separable\u2014that is, when harm can be offset outside the company (for example, through shareholder donations to NGOs that clean up the environment).<\/p>\n

In most cases, however, profits and damages are not separable: the activity that generates profit also produces harm, which cannot be efficiently corrected externally (for example, through donations). In these situations, it is more efficient for the company itself to reduce the externality, even at the cost of giving up part of its profits.<\/p>\n

For this reason, Hart and Zingales propose maximizing shareholder welfare rather than firm value and submitting decisions with moral implications to a vote. If profits and damages were separable, voting would still lead to a \u201cFriedman-style\u201d outcome; in other cases, it would result in more efficient and socially desirable choices.<\/p>\n

\n

 <\/p>\n

Greta Ardito is a journalist and editorial coordinator at eco. She has worked at Sky TG24 and Class CNBC and has collaborated with lavoce.info, Wired Italia, Linkiesta, and Il Foglio.<\/em><\/p>\n

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