Sir, – Mark Paul's article "PwC calls for tax breaks for 'green' funds and their managers" (Business, June 3rd) provides a fleeting glimpse of the rarefied and irony-free zone that large professional services firms inhabit at times.
The avowed aims and claims of environmental, social, and governance (ESG) funds are that they will act in an ethical and responsible manner in their investment decisions.
Investors who buy into the idea of ESG investing expect and believe that the funds will be invested in a socially responsible manner and will have clear metrics regarding sustainability, ethics and social responsibility.
Such investors might also assume, not unreasonably, that those who will make the investment decisions share their beliefs and enthusiasm for ESG investing.
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It is therefore disheartening to hear that PwC feels it is necessary to lobby the Government on behalf of such funds, seeking preferential tax treatment for the funds themselves and the managers of those funds.
The very idea that funds that espouse ESG ideals would in turn seek to minimise their responsibilities to society is an absurdity.
Furthermore, such lobbying for privileged tax treatment adds to the mounting body of evidence of “greenwashing” within supposedly ESG funds.
Younger investors, in particular, look to ESG criteria in making their investment decisions when, in reality, it is business as usual! – Yours, etc,
MICHAEL
SHOVELIN,
Sligo.
Sir, – I see that PwC is advising the Government to give tax breaks to international investment funds focused on green issues and environmental, social, and governance bonds.
Judging by recent problems caused by tax breaks and housing, we will be either ducking under nationwide wind farm blades or under coast to coast solar panels.
Will there be any room left for houses? – Yours, etc,
PAUL CONNOLLY,
Cavan.