The New York City Comptroller’s office works to promote the financial health, integrity, and effectiveness of New York City government, in order to strengthen trust, secure a thriving future for all New Yorkers, and build a more just, equitable, and resilient city. Led by an independently-elected citywide official, the Comptroller’s office provides checks and balances needed to hold City government accountable for budgeting wisely, investing responsibly, operating efficiently, acting fairly, living up to its obligations and promises, and paying attention to the long-term challenges we face together.

John Adler became the Chief ESG Officer at the New York City Comptroller’s Bureau of Asset Management in January 2022, where he oversees initiatives related to environmental, social, and governance (ESG) impacts on pension fund investments. His responsibilities include corporate governance, diversity, equity and inclusion, climate change, workers’ rights, and integrating ESG into the investment process. Previously, John was Director of the Mayor’s Office of Pensions and Investments under Mayor Bill de Blasio and spent 23 years in the labor movement, most recently leading the SEIU’s Retirement Security Campaign and co-founding the Georgetown Center for Retirement Initiatives.

Show Notes:

[1:50] - John shares his background and how his career path has led him to his current role as the Chief ESG Officer.
[4:00] - John discusses the primary focus areas at the Comptroller’s Office.
[6:55] - His previous experience serving under Mayor de Blasio gave John a lot of knowledge to prepare for the work he’s doing now.
[11:02] - For making the case for ESG, there were challenges that have evolved over time.
[12:31] - ESG has become much more widely accepted in the business world as a way to appropriately evaluate business risk.
[16:04] - Managers are committed to ESG and climate change, but they don’t want to get in the crosshairs of anti-ESG.
[17:38] - Critics believe their criticism serves them politically.
[19:09] - Fiduciary duties are taken very seriously.
[20:27] - John shares some examples of efforts that have represented ESG’s values.
[24:27] - John discusses another example of union representation.
[26:54] - There is a four component implementation plan to move forward towards climate change goals.
[28:39] - The most difficult challenge is identifying private market dedicated strategies to invest in climate solutions.
[31:21] - There’s a drive in the economy right now for climate solutions.
[32:22] - Pension funds are not big enough to adequately address the climate change challenge we are all facing. We need to collaborate.

Links and Resources:

• New York City Comptroller’s Office Website