Glencore CEO argues European investors prioritize ESG, FT reports

Glencore CEO Gary Nagle criticized European investors for prioritizing environmental, social, and governance, ESG, concerns above financial returns, as he defended his company’s proposal to list a spin-off of its coal business in New York, Leslie Hook and Harry Dempsey of The Financial Times reports. “In Europe, investors seem a little bit more focused on ESG, and it seems to be the ESG desk that makes more decisions – and returns are sometimes put second or third in the list. That’s a concern for us,” said Nagle, according to the Times. Meanwhile, CEO Nagle argued American investors are “more pragmatic.” Glencore is not considering changing its listing now.