ESG investing (environment, social and governance) has taken something of a powder recently with the biggest funds being overweight in tech stocks, which have fallen sharply although some are recovering.
However the UK government, always under attack for its commitment (or not) to environmental causes has become the first client to sign up for Omnicom Media Group’s new OMG Impact, a new tool which purports to measure the ESG performance of various media owners with a view, presumably, of moving money to the best performers. The tool has been developed with Legacy Media.
OMG’s MG OMD handles UK government media buying and one of the aims of OMG Impact (still with us amid all these initials?) is to validate media specialising in underrepresented groups including minority owned media channels, small and medium enterprises.
Stephanie Parry at Crown Commercial Service says: “It is all-important that the public sector is able to work with media owners that represent all sections of the British public. Measuring the ethics of the platforms they invest in, and then benchmarking them against our social value framework, will ensure the right investments are being made.
“It allows us collectively to minimise risk relating to impacts on society and the environment, and ensures media spend through our framework agreement is accountable to all stakeholders.”
Well it may do but such purpose-packed initiatives have a habit of backfiring, as NatWest’s Alison Rose discovered when her minions at Coutts decided Nigel Farage should be “debanked” because of his views, in which ESG concerns don’t seem to play a great part.
What would happen if, say, OMG Impact decided to drop the highly right wing and climate change sceptical Daily Mail in favour of minority media?