Instant Karma Newsletter 9.17.20
  • U.S. Department of Labor proposes rule changes that could make impact investing more difficult, by limiting funds’ ability to take ESG issues into account for investments and limiting shareholders’ ability to use proxy votes to influence companies. 

This article is part of the daily Karma newsletter. To get the whole newsletter delivered to your email free every morning, subscribe here.

This week marks the 50th anniversary of economist Milton Friedman’s influential essay “The Social Responsibility of Business Is to Increase Its Profits” — an idea that is even more controversial today than it was then. Which brings us to two proposed rules from the U.S. Department of Labor that could dramatically change impact investing:

Public comments on both proposals have been overwhelmingly negative. The Department of Labor is expected to make a final ruling on the new rules by the end of the year.

In Other News: ‘Impact Transparency,’ Stress-Free Pepsi

More than 300 impact investing leaders signed the GSG’s declaration in support of “impact transparency.” COVID-19 has created “stress-free soda.” The World Economic Forum launched a new COVID-19 Social Enterprise Action Agenda. Nestle is committing to 100% recyclable or reusable packaging by 2025. A new online tool tracks the financial institutions divesting from coal. Green brewer BrewDog’s latest equity crowdfunding round will go toward its own carbon-negative goal. 

Levity Break

This “totally beast” New York State PSA for mask-wearing is definitely starring a Young Person and not a 51-year-old actor named Paul Rudd.