irony of not being in a recession despite inflation and high interest rates. He pointed to strong shareholder returns and equity fundamentals and broad macro- economic factors as positive drivers. As survey respondents look ahead to stock market
performance at the end of 2024, about one third see the S&P 500 pulling back, one third see it staying the same, and one third predict it to rise. When it comes to how ESG factors will affect
investment decisions during the next 3-5 years, more than 25% of investors in the S&P survey see data pri- vacy/cybersecurity rising in importance—by far the biggest factor noted. About 10% identified executive compensation and board composition as important factors; 20% see diversity diminishing in importance.
Green Hushing? David Calusdian, Vice Chair of the NIRI 2024 Annual Conference Committee and President, Sharon Merrill Advisors, moderated a robust discussion about ESG. “For years, there has been rising pressure for companies to communicate about their ESG programs to the investment community,” he said. “Tere was a fear that if you were just communicating fluff, and not a real ESG strategy with measurable results, you’d be accused of ‘greenwashing.’ “However, there has been at least a perceived pendulum swing, and we now find ourselves in an era of ‘green hushing,’ where even mentioning the ESG acronym can evoke negative connotations for some. Despite this, many issuers are still advancing their ESG initiatives while being cautious about say- ing the term ESG. Tis shift presents new challenges for IROs, sustainability officers, and the C-suite in deciding how to proceed with their ESG programs and how best to communicate their journey.” NIRI Chair John Moten, IRC, Senior Vice President
of Investor Relations, Aventiv Technologies, empha- sized the important role NIRI plays in advocating the disclosure of ESG information by public companies. “Given the substantial growth in ESG and sustain- ability asset flows, shareholders and other stakehold- ers want to know more about ESG strategies,” Moten said. “Tis includes disclosures and actions to make companies more diverse and inclusive. “As investor relations professionals, we are the
16 S UMMER 2 0 24 ■ IR UPDAT E
nexus between our companies and stakeholders. ESG is not a noun shrouded in political rhetoric, but a verb. It is a call to action. It is the power of the concept to make companies more transparent, ac- countable, and valuable to the stakeholders we serve. Four professionals offered diverse perspectives
on ESG in the session, “Beyond ‘Green Hushing’: Tinking Long-Term About ESG Communications.” Tey included Christopher Benjamin, Director of Corporate Sustainability at PG&E; Aaron Bertinetti, Head of ESG for Investor Relations at JPMorgan Chase; Justin Danhof, Executive Vice President and Head of Corporate Governance at Strive Asset Management; and Samantha D’Amore, Portfolio Manager at Tril- lium Asset Management.
A Conversation with SEC Commissioner Hester Peirce NIRI members always appreciate hearing directly from one of the SEC commissioners, and the NIRI 2024 Annual Conference provided that opportunity. Moten interviewed SEC Commissioner Hester Peirce, who was appointed as a commissioner in 2018. Her extensive background includes serving as Staff Attor- ney in the SEC Division of Investment Management. “IR professionals are operating in a dynamic
environment with considerable uncertainty and unpredictability,” Moten explained. “With the speed and volume of SEC rulemaking in recent years, the
niri.org/ irupdate
NIRI Chair John Moten, IRC (left) interviewed SEC Commissioner Hester Peirce.
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