To all who think capitalism can drive progressive change, it won’t – and here’s the shocking proof | Polly Toynbee

Asset manager Aberdeen’s surprise cut to funding research into inequality has left those that used its grants for good works reelingThe axe fell with shocking suddenness. On Thursday Aberdeen Group plc terminated its Financial Fairness Trust without notice and sacked the CEO, Mubin Haq, the chair and all the trustees, leaving eight staff dangling. The company tells me it plans to move in a different direction. That dreaded phrase marks the end of 16 remarkable years, during which the trust sponsored some of the most influential research into inequality and its financial causes.Aberdeen is a wealth management and investment company. I admired its willingness to fund research not in its own immediate interest, but for the sake of social improvement, as a sign that decent capitalism was possible. Now that’s over. The mood has changed. Wildfires started by President Trump are engulfing global companies as his administration attempts to bar asset and retirement plan managers from considering environmental, social and governance (ESG) factors in investment decisions and targets private sector diversity, equity and inclusion (DEI) initiatives with executive orders. Companies doing good are at risk. I ask Aberdeen if that’s why it has shut down the trust. It denies it strongly, saying it is just a “natural evolution”.Polly Toynbee is a Guardian columnist Continue reading...

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