Finance
Heirs to Asian Fortunes Tested on ESG Commitments by Virus
- Sustainable investing taking hold for next generation tycoons
- Some families in Asia remain skeptical, putting profits first
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As markets tumbled this year, Mary Ann Tsao faced a tough choice. Her fourth-generation family office in Singapore had adopted sustainable investing principles, but the coronavirus was trashing the global economy. Relatives suggested a return to the old ways.
“They’d say ‘don’t lose any money -– never mind about the ESG,’” she said. “But we have to ask: what is the purpose of investing money in the first place?”