-2.jpg)
In the face of political uncertainty, asset managers must redouble their DEI and ESG efforts, argues Gina Miller, campaigner and co-founder of SCM Direct
By Gina Miller
After decades of working towards more socially responsible investments, there is now a quietening in the corporate world around environmental, social, and governance (ESG) policies. This is not least because of political momentum driving companies away from environmental safeguarding and diversity, equity, and inclusion (DEI).
I believe we need to fight to ensure we not only get back on track, but also that we put the S in ESG in the spotlight. We need to prioritize social responsibility and sustainability in our companies.
The world is facing significant social challenges, and it is our responsibility to ensure that our businesses and products align with our values and promote a just and sustainable future.
ESG should be treated not as a marketing exercise, but as a lens through which we evaluate all financial decisions. Leaders need to ensure ESG data is not just collected, but validated, standardized, and meaningfully integrated into reporting systems and frameworks.
Real, robust governance exists when we can ensure ESG claims are backed by action, that data is comparable, and that impact is transparent to clients. Authenticity comes from rigor, not rhetoric.
Businesses do not operate in isolation. We are experiencing a time in which the political mainstream in countries in the West is shifting to the right. This includes attempts to discredit and dismantle DEI efforts. We need to stand firm.
The campaign against DEI is not only deeply concerning from a moral, human rights and fairness standpoint; it’s also factually and economically short-sighted. The data is clear: companies with more diverse leadership teams outperform their less diverse peers.
A McKinsey report found that companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability. Those in the top quartile for ethnic and cultural diversity, meanwhile, outperformed others on profitability by 36%. Similarly, BCG has shown that diverse teams produce 19% more revenue from innovation.
But it’s not just about bottom-line gains. Diverse teams are more resilient, better at risk identification, and more attuned to the needs of a diverse client base. For COOs, that translates into smarter decision making, stronger controls, and more adaptive, real-time operational strategies.
Fostering diversity requires more than representation or tokenism, it demands allyship and cultural literacy. Leaders must not only open doors for underrepresented talent but also educate themselves and others on the cultural contexts their teams operate within. Inclusion means creating environments where individuals from all backgrounds feel safe, heard, and empowered to speak up, be ambitious and lead.
My advice to COOs – to all senior management – is to keep DEI a strategic imperative. Use
data to drive progress, measure impact, and ensure accountability. Also, ensure decision-making includes diverse perspectives precisely so that the illusion of control is less likely to take hold, as we know that different mindsets often spot hidden risks that homogenous groupthink often overlooks.
Restoring public trust in financial services
One of the finance industry’s most persistent blind spots is its failure to understand or effectively leverage its social capital. The trust, influence, and goodwill an organization earns through its relationships and societal contributions is an untapped asset. Too often, financial firms neglect their broader societal role.
As leaders, COOs are uniquely positioned to bridge the trust gap. Internally, they can champion resilience, transparency, inclusion and ethical culture through robust systems, clear auditability, and a culture that rewards integrity. But that’s only part of the equation.
Externally, the industry must step up its investment in corporate philanthropy and community engagement. Financial education initiatives, support for independent research, and funding for social impact projects can all deepen public understanding and shift perceptions – especially through visible initiatives in local communities. When asset managers are seen actively supporting societal wellbeing, not just wealth generation, they build lasting trust.
Many of the early architects of modern finance understood the balance between profit and purpose. The Quaker families who founded banks like Barclays and Lloyds built their businesses on the principles of honesty, social responsibility, and public service. They believed that financial success came with moral duty and invested in education, healthcare, housing, and workers' rights. These institutions thrived not in spite of their ethical grounding, but because of it. Their reputations were inseparable from their values.
Similarly, philanthropists such as George Peabody, who created affordable housing for London’s working class, and Angela Burdett-Coutts who funded schools, sanitation, and public health initiatives, exemplify the Victorian tradition of finance-led civic reform. These individuals understood that finance is not just a system, it’s a social contract.
We need to reenergize this morality into our money institutions due to the fragile times we’re living through – politicians alone cannot counter the chaos that is unfolding.
Operations leaders can and must revive this ethos. Internally, that means championing resilient systems, transparent reporting, and a culture of integrity. Externally, it means deploying resources toward financial education, independent research, and community impact projects - areas where trust can be rebuilt through real, measurable societal benefit.
Operations teams are ideally placed to institutionalize this approach, integrating social investment into performance metrics, governance frameworks, and long-term planning. Trust is no longer just about minimizing risk. It’s about maximizing relevance, purpose, and societal value. Firms that embrace this will be more respected but also more resilient: trust is not only earned through performance; it’s earned through purpose.
In many organizations, the biggest risk is not external threats per se, but internal overconfidence. A false sense that systems, processes, data, or governance provide full control when in fact there are gaps.
It is critical to identify and monitor warning signals – small anomalies, near misses, feedback from front-line staff that suggest misalignment, evolving risk, or emerging threats.
Organizations must avoid complacency, which can be like rust in the system – invisible at first, but corrosive to operational integrity over time. Past performance, robust controls, or historical evidence do not guarantee future safety. The illusion of control thrives in stable periods, until disruptions rip it apart and lead to damaged trust.
Transparency inside the organization is just as vital as outside: knowing where accountability lies, where decisions are made, and which risks are neglected because they aren’t visible or owned.
This mindset helps operations leaders build resilience not by assuming control, but by acknowledging uncertainty, probing the boundaries of what is known, and preparing to respond when control is partial or lost.
The opinions expressed in this article are those of the author and do not necessarily reflect the position of Corinium Global Intelligence or the author’s employer.
