Marian Macindoe, New Head of ESG Stewardship at Parnassus Investments.

0:00 Intro.1:39 Start of interview3:41 Marian's "origin story". She grew up in Allentown PA, and when she was 12, she moved to Naples TX. She later attended Reed college in Portland OR.  She got interested in urban planning and studied an MSc at LSE. She realized that change would come from corporations (private sector) and took her first job as an analyst at Glass Lewis & Co in 2005 (only the second proxy season for Glass Lewis & Co itself). She later became the first director of ESG research at that firm. 9:27 In 2011, she joined Chevron as a corporate governance analyst and ESG advisor. "They had a world-class corporate governance program led by Lydia Beebe." She helped launch Chevron's first ESG Engagement Program.11:33 Her transition as Director of Investment Stewardship at Charles Schwab in 2018, where she also helped develop its ESG engagement program.12:39 On her move to Uber in 2020 - after meeting Keir Gums (now CLO at Broadridge) and Tony West (CLO at Uber). She was Uber's Head of ESG Strategy & Engagement.15:12 On joining Parnassus Investments this year, and her new role and focus as Head of ESG Stewardship at the firm.18:28 Her framework on how to think about ESG: "The 'G' underpins all of your success in the E and S. Who's making decisions, and what are the incentives to help drive behaviors to reach the strategic goals and to build (and sustain) value. That's all G." "If you get G right, all else should fall into place." "We want engaged directors: a high quality, competent and diverse board." "That's table stakes for me at this point."21:31 On the Engine No.1-Exxon Mobil case and the advent of ESG activism. "My advice to boards on how to think about ESG activism is to read the room." "90% of the SP500 is intangibles, so how you steward ESG issues matters (human capital driving these outcomes matters)." 26:39 On the evolution of proxy voting, especially with the rise of index investing and proxy advisors.29:06 Rating ESG of Silicon Valley tech companies. "I'm going to give them an E." "You have to do a materiality assessment (that's ground zero for a good ESG program)."  "Don't grow so fast that you don't see the damage you're doing to yourself." "Growth at all cost is a bad strategy for sustained growth."34:49 On the criticisms and politicization of ESG: "It's sad that ESG is being politicized." On Tesla getting booted out of the S&P500 ESG index: "the methodology is public."38:40 On the 2019 BRT restatement of the purpose of the corporation. "I reference it all the time." "I think it's really important to listen to companies when they tell you what to pay attention to." "They are telling me that it matters." "You need to take care of your stakeholders to take care of your shareholders."42:01 On the new SEC climate disclosure rules. "I'm really excited about it. I think it's great." "We'll see where it comes out."44:35 The 3 books that have greatly influenced her life:Watership Down, by Richard Adams (1972)Rise of the Working-Class Shareholder, by David Webber (2018)Green Swans, by John Elkington  (2020)45:51 - Who were your mentors, and what did you learn from them?  Most recent ones:Keir Gums at Uber (now CLO at Broadridge)Chris Paterson at Uber47:00 - Are there any quotes you think of often or live your life by? "Why not you?"  "Don't let the perfect be the enemy of the good, especially when it comes to starting a company's ESG journey. Just try, just get started."48:03 - An unusual habit or an absurd thing that she loves: Aquatic snails!51:10 - The living person she most admires: the people in her stewardship team right now.Marian Macindoe is the new Head of ESG Stewardship at Parnassus, an investment firm based in SF with over $45 billion in assets under management. She leads the firm’s stewardship team, which is responsible for proxy voting, impact engagements, shareholder resolutions and direct communication with their investors on ESG matters. __ You can follow Evan on social media at:Twitter: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License You can follow Evan on social media at:X: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License