Long before environmental, social and governance investment guidelines became the asset management industry’s new new thing (Report, May 25) one of the five basic principles in Coca-Cola’s “manifesto for growth” — drafted under chief executive E Neville Isdell — stated: “Planet: Be a responsible citizen that makes a difference by helping build and support sustainable communities.”

It was author Maya Angelou who said “if you’re for the right thing, then you do it without thinking” — ESG metrics and the investment zeitgeist notwithstanding.

In writing Coke’s manifesto, Isdell recognised that the soft drinks business could only succeed if the community where it sold its products also thrived. Obviously, a Miami six metres under water in 100 years isn’t going to thrive. Companies who recognise this may just be able to, in the words of HSBC contrarian Stuart Kirk, “cope with it” — and then some perhaps.

Michael Grotsky
Calgary, AB, Canada