Did Silicon Valley Bank Prioritize Social Justice Over Risk Management?

Heritage take: While neglecting critical risk management, SVB's 2023 proxy statement records 40 mentions of the environmental, social, and governance—or ESG—movement currently in vogue at many corporations and financial institutions. In a “key change,” the board expanded the Governance and Corporate Responsibility Committee's oversight role in ESG. The committee’s oversight includes, according to the proxy statement, “environmental sustainability, climate change, the Company's external diversity, equity and inclusion ("DEI") initiatives, Board diversity, as well as our philanthropic strategy and advocacy activities.” Heritage Expert: Diana Furchtgott-Roth