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While the calendar may be rapidly flipping towards the end of the year, we’re looking into the future this week — a little farther into the future, with the metaverse. The big tech companies are changing the way we live, and they’re heavily featured in many of the funds marketed as “ESG.” But their power and influence is worrying, and shareholders can’t pressure many CEOs because of a unique arrangement known as a dual class stock structure. Put simply, this means certain special shares come with much greater voting power than others. So a company founder may own a small part of it, but have great control.
This week a group of investors in Facebook, now known as Meta, filed proposals to address some of its problems. Normally, shareholder activism is one of the benefits of stock ownership. But not much is expected to come out of these proposals as founder and CEO Mark Zuckerberg controls a majority (58%) of the vote, making outsider complaints easy to dismiss. This is a corporate governance challenge, or one of the elements measured by the “G” in “ESG” and one we’ll continue to explore into the new year.
PS - Breaking Good will return to your inbox on January 7th. Wishing you and yours a lovely holiday season!
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| Tributes to trailblazing Black feminist writer bell hooks have poured in since the celebrated author’s passing on Wednesday. Janice Gassam Asare, Forbes Senior Contributor, gathered five bell hooks quotes to carry with you while trying to create a more equitable world. |
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| The A List |
| Transparency and data are keys to growing sustainability and ESG investing. Great to see CDP continuing to update their all-important rankings and celebrating the 200+ companies that have made their Climate A List in 2021. |
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| VC Funding Goes to More Places |
| For the first time in a decade, Silicon Valley is on pace to get less than 30% of venture capital investments made this year. These innovation-driving dollars are going to other cities in the country, like Denver, Seattle, and Philadelphia. Another example of capitalism working for more people in more places. |
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| INCLUSIVE ENTREPRENEURSHIP |
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| The Stories That Matter for Your Business |
| Christina Blacken, founder of The New Quo, shares that collecting and telling your Origin, Adversity, and Innovation stories is a powerful way to build an authentic brand that connects more deeply with the people you serve. |
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| Supporting Black-Owned PPE Brands |
| As vaccinations become more widespread, economies have the opportunity to open up and bounce back. So how can we help Black communities recover? We can start by buying Black. Check out these companies to support Black entrepreneurs and stay safe. |
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| Featuring Fearless Young Changemakers |
| The latest group of Young Explorers from National Geographic is a dose of inspiration. Ranging in age from 16-26, they are all leading impact-driven efforts to tackle some of the world’s toughest challenges. |
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| Eco Trends Report |
| The top trending eco-hacks on TikTok are how to create eco-plastic bricks, how to make fertilizer from old bananas, and how to grow your own loofah. |
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