Transcript
Live from an ESG data centered, LED candle. There it is. It's the ESG Industries. Only weekly walk data podcast. Featuring analyst Hall. Matt mcgarty back from his suspension. We suspended you Oh, well, that what it was. That's the story that said for me. and today's jet lagged, ESG blackout curtains called, October 11th 2023. CEO's name and shame college students and the Qantas board chair gives up his hissy fit. Yeah that and a bunch of other random. Yes she had lines for you. All right data, one thing yeah, walked it Wednesday Matt. Our show today is being sponsored by skauge. Your ESG Data Solutions. Provider that. That's what I heard. Yeah. Escape. Paul's New York so no, no, he couldn't make it to the studio. But can I just say as kids are the only ones who are here for us that there's nobody else right? You might be right. Just us in them now. Didn't we have a listener say that? They like something once about something. That sounds Furious. Let's say yes to that. Giving to say or do you want to just get at it? Look, I've been in Japan for a week. Yeah, you sound and you look like it and I was up at 2:30 in the morning this morning and couldn't go back to bed, so it's gonna be like that for a while. So just prepare yourself for. I would say lack of insight. I would say, visiting colleges with a teenage daughter is a bit the same as jetlag from going to Japan. No, not even close. All right flying 15 hours with no, I don't need to do that. Come on, let's do it. Come on. All right, let's do this thing. What do we even do here? I don't even know how this this works. I don't know where I am. Any kind of transition. Anything. I don't know the music, you deleted, my music. It's not on the thing anymore. You don't everything because you didn't like it. I and now it's gone. So I don't have anything to do. What I didn't know was that that wouldn't reappear because usually this is the something that nobody in the audience cares about. Well and we'll worry about any I'm gonna put it in and post and you're just going to have to do this thing with no music anyway, good. All right, here we go. In no particular order. Let's start with the depressing. I you know, This is certainly, this is probably the primary reason why I just feel depressed in general being alive, on our great Planet. But I was, I was hopefully gonna avoid this story in its entirety, but then I got dragged in by Bill Ackman of all people. Oh, come on, he's a Bill Ackman. Dragun anything we're not typically a show about politics or where geopolitics or you know but here we go. Here's the first headline. Here are the CEOs and investors who want Harvard? To release the names of students blaming Israel for the homos attacks so that they can avoid hiring them. Wow. I mean, look. Again, I don't want to go, I don't want to go deep in the rabbit hole of this whole situation. But but for billionaire, Bill Ackman. This. This is his focus of anger right now, is our students at Harvard protests Inland, and let's be clear. There are students at all thousands of universities, probably protesting both sides right now but he's just sort of oddly fixated. Oh yeah, but but don't we isn't isn't the conservative argument that inside of companies and places like these colleges that they don't they're not allowed a voice and literally, what, now they're the same people are saying is because you said a thing, we don't agree with. We want to know who you are, so he can never hire you. Isn't that exactly what they're asking for? Look at different know. I mean we talking about here, you don't have to agree with them. First of all, when you're 19 do you have an informed sort of opinion about really any? Oh, you're trying to, you know, you're at school to create that, right? You're learning both sides trying to figure it out and I'm not saying I have an informed opinion at 44 about this, right? I don't actually know if you trace the history of this going back to at least 1948 and and probably Beyond if you have a perfectly informed opinion on this you are lying because this is a extreme. No. Really because this is an extremely always has been extremely complicated stories. So I mean he's got a completely figure it out. Yeah. Like we've been married it into like this is right in that is wrong and he was always like a right and wrong rights that simple. But I can say in a moral level and without going down the rabbit hole. What? Like the Hamas attacks? Are atrocious and terrible, right? Like course can agree that the way that they've, but to have an opinion about the political situation at all, would be totally disingenuous. I don't know the guy famous for short, selling Herbalife, like, Ideally this is part of how he became a billionaire is just like spending tens of millions of dollars trying to derive a company. I'm just saying, like the whole thing is not there, he's a billionaire because he's really good at PowerPoint. That's fine. Great. That's really like, man. I'm pretty you should be proud of yourselves for attacking these students at Harvard fancy enough. I was at Harvard Saturday, so maybe that's why he's mad because I was there, all the attacks are unfolding on the students at Harvard, though, it's all on Twitter, everything is on Twitter. Okay, that's my next Point. That's my next point. So here's some of the people met that joined. It's not, it's not a lot of people so far, that joint, Bill ackman's, crusade to to not hire kids at Harvard, who were protesting in the wrong direction. One of them is oh Jonathan Newman, CEO of sweetgreen. Blah, blah, blah, surprise. That one Michael Brooks CEO of Fab fit fun. I don't know. These are, these are just like a bunch of people never heard of David. Doel CEO of easy health. Here's the point. Matt, and you already mentioned it. They are all having this conversation on. Twitter on X on Elon musk's platform where he just a few weeks ago, just blame the ADL. The Anti-Defamation League for essentially destroying his business, blamed that group. And also in the Second Story I was covering from the BBC, the entire European Union is warning, Elon Musk about this information that is spreading on X after the attacks. So this so Matt I am just completely in Forever befuddle by everything, not to mention before we get into it, I don't want to, I don't want to make the rabbit hole even more confusing, but the ADL announced over the past few days that they were, they are They are now advertising. Once again on X. They are all calm, right? I I so I'm confused completely by everything. Yeah. Who why does anyone need to advertise their who advertised? I don't like consider your, who's your demographic somewhere? Like, is it white Bros? Who like, screaming and dunking on one of the other generally anti-semitic? Generally, hate filled like there are three cohorts. There are three cohorts are next. There are those people, the horrible white supremacists there are, there are there are really nerdy journalists and there are probably some athletes that's about it. Who else uses that stupid platform anymore? No there's no regular people on that. Okay. Any of this really saw your advertisement ADL? Good job. I honestly wish I know Bill lockman. I know you're probably listening right now. I really wish you would weigh in on this. Like you're, you're You're against the Harvard students that are protesting. But you were willing to hold this conversation on one of the most Known anti-semites and modern-day culture Elon Musk. So I don't I really honestly like weigh in on all this. I just love that having it both ways, which is you want to say it on a platform that says it's about Free Speech absolutism and you could say whatever you want, right? Absolutely. Doesn't say whatever you want, as long as it's not against Elon Musk because then he bans your account, but, say, whatever else you want. But then you go to college where you're supposed to say whatever you want. Is you're forming your opinions and you say something and it may be informed, it may not be a formed, it doesn't really matter but you want the list of people who said that. So you can never hire them again because our horrible human beings. I guess. Come on, I guess the difference between a little hard, I guess. The difference is that Matt is the bill. Blackmon got his degree from Harvard like 30 years ago. Yeah. Okay, yeah, I guess that's the name somebody who's a CEO didn't most move on. I don't want to talk about anymore. Yeah correct. Let's move on. Walgreens, we talked a lot about Walgreens. We were wondering who the next CEO would be. They finally named a new CEO. It is a boring guy named Tim Wentworth who are, if you all looks a little bit, like the younger, a younger Stefano pasino, who was the real controller of Walgreens? But wait, there's there's a there's a lot happening at Walgreens that suggests is this our first male glass Cliff? Well okay. Here's the good question because here's what also was happening today. Walgreens Pharmacy, staffers are staging walkouts it's not system wide. It's not at all locations and it's not a union-backed effort. These are not unionized workers but at least a good handful of Walgreens location. At least 300 that we know about staffers are work are walking out because they're pissed off, they're pissed off about being understaffed, especially during the covid role out. So, to your point, Matt is Tim Wentworth in precisely to make sure that Walgreens does not unionize is he does he have an anti-worker anti-union background or, or you're right is He coming in to helm a disaster. Is he like a male glass clip? I mean, are there, is there such a thing as a male glass Cliff? Well, that's what I want to. That's really what I want to know. I want to know, is this such a thing, like, can you have that? Because like, due to come in to clean up for other dudes, usually keep their jobs longer, they don't apologize for stuff. Like, like, Vanessa Hudson who's been apologizing for, for six months, for everything to says, ever done. So, when he's gonna come out and and apologized for everything Walgreens has ever done. No. That's, yeah. So it's not really a glass Cliff, but I wonder what this is because he's not gonna have any power. We Know by the influence numbers free flow analytics.com, the influence numbers will suggest and continue to suggest a casino has all the power because so what does that mean? What is he? What is he not to mention that place holder? Pacino's wife, is it wife is also the CEO at Walgreens. So yeah. Correct. So you know, has an incredible incredible amount of power there at Walgreens. Yeah. So that's what's going on at Walgreens. You ready to jump? Ship to Australia. Yeah, I love Australia. Yeah, let's do it. I was just on that side. Making sure you're still awake. Now you're still awake. I'm not so not. Not at all. Another story. We've been covering. Yeah. Another story we've been covering and it just made a prediction about this and it came through a lot more quickly than I thought. Although is it really coming true, the Qantas chair, that we've been making fun of for weeks, Richard goiter, the one guy who decides that he doesn't need to quit after the everything going wrong at Qantas Airlines over there in Australia, which you alluded to the new CEO of Vanessa Hudson. She's a very much in a glass. Cliff snare, she's already apologizing for everything that's ever happened at Qantas, despite the fact that she was not in charge. When it was happening, Richard goiter announcing that he will after all after, he told everyone to go up themselves, he will be stepping down the role from chair. I'm guessing Shareholders. Applied enough pressure. The the weird thing is that he's he's claims although I think this is another live from Richard goiter. He claims he will not be stepping down until the 2024, which happens in late 2024. Yeah. On top of that mat. And this is what interesting from our perspective. On top of that two other very influential directors are also will be stepping down. This this is a little earlier this will be at Qantas half year results in 2024, that's Jacqueline hey and Maxine Brenner. So I did the math, I did the math, according to our data and this is data that you can only get here if you really want to understand who really controls these boards. Including CEO Alan Joyce who already stepped down. Prematurely with these two women stepping down both of them in there for about 10 years and the chair Richard goiter. According to our data, that means that 82% of the of the total board influence at Qantas will have been, will it be stepping down effectively effectively? They are all they are giving up. They are starting over 92% from those four people so I guess good for them for for actually recognizing Who as a fault here, right? And telling them to leave. Well, we did think that Jaqueline, hey, might be the next chair because she's has 10 year experience. She's had and the influence that she has clearly blamed but but I'm glad they're just sweeping everybody out and started over. Although it does leave like one other woman on the board at this point, right? Like we were basically a like there's nobody left there will be a new woman appointed in November and I'm sure the the adding some new members soon. Wow. Impressive. Yeah. I you know what? You know why? I think this change happened? Because Cheryl holders were listening to us and saying like we got to do like this is ridiculous, we got to do. Oh, and my last point on this because I don't probably won't cover Qantas for a while. I hope is that and listening to the tapes, Richard goiter, the chair. Who is now stepping down? He said, we again, apologize and I was listening to know, Vanessa, Hudson said I am. Sorry. So she actually used all know. Yeah. So I'm just From a New York Times today, deal book says that they got an exclusive, look at pricewaterhousecoopers, annual survey, a board directors for 2023. So Matt I'm glucose of look. Yeah, I don't even know what that means, right. I mean, like, they do it every year, like, others like us, who was waiting for this? Who's really, like, you know, who needs to get on this early? Like, really it really? The New York Post this time. Yeah. That probably a sponsor of deal book, but this is some of the main points. I'll let you react to these. The survey found that 54% of directors said that their corporate strategy was linked to ESG concerns down from 64%. Last year, does that matter to you 64, to 54? I mean, are both the joke, right? Like that, they even know what he is. She concerns? Are they just a good question? And acronym? How about this one? Just 73% of male directors. Believe. Gender. Diversity is an important attribute on their board down from 90% in 2016. Does that surprise you? Know, aren't we just telling the truth now? It wasn't 90%, then yeah. It was a good question. Yeah. By contrast, isn't it more like 12%? We're waiting for to get down to the real number, by contrast, all the female directors continue to think that gender diversity is important. Oh 100%. That's like that ESG. One first second, go ahead. Go ahead. Like like if we say SS employees and G is all of governance. Why would they not be? They must not know what the Eds in the g r if they think it doesn't matter. Like that. Isn't this strictly their job governance. That's all. That's what they do. They govern. Yeah this is a knee. Jerk reaction to the anti. Is she movement right there and they're they're doing it. Maybe they're pulling a Larry Fink and they just won't say the acronym anymore like Voldemort, right? They're just not saying it. Even if they're afraid, okay? They went from there for to 54%. So not even two thirds of board members could get up for like the knowing what the acronym was before anyone cared with the acronym, was like, what is this? This is all make-believe. This is this is a lovely fiction. Anyway, go back to. What's the last takeaway? And finally a few, I like this one. Fewer directors, think executives are overpaid. Now, 50% of board members think that executives are overpaid compared to 70% in 2017. Oh wow. Pay is higher now than it's ever been. So yeah, it's great. All right. That's the takeaway from the exciting new price Waterhouse Cooper team. Well I can't believe they got that. Believe they got. I was just shocked. I read the deal book every day. I was just shocked that they even mentioned. This kind of stuff. This is like straight on nerdy woke Wednesday, woke data stuff like this is our this is our they also talked about the Anthony ESG stuff in Oklahoma going on, right? Like we covered like four months ago, so come on. Which means my guess is that they're doing like, look ESG doesn't matter on boards anymore and anti-woke. It's probably like a continuing narrative. Exxon, Mobil will acquire Pioneer Natural Resources for 60 billion dollars. The largest deal since an estimated 80 billion dollar merger between Exxon and Mobil in the late 90s. So Exxon Mobil looking to expand its gas production in Texas. That's six. Well, 60 billion dollar deal. I will tell you one thing. Yeah it's not it's definitely not a but they're not buying it for the women because so I looked at the Pioneer is a is a publicly traded company 31% of the board is female with 22% of the influence and then when you look at the 2022 for 2023 that is exceedingly low. You know that 31% of the board is female. So that was like 22% got they just have no influence and then three of the 16 leadership positions. Are women, which is a staggering in significant amount. Can you guess the roles of the women at leadership at Pioneer that they will either be ahead of Human Resources? Yeah, they will either be Chief legal officer, all closed, but not had a marketing, that's one. Yeah. The last one was operations operation. Okay, well that's I don't know. That is that CEO? What is that? No, it's not CEO. Let's not get carried away. That is, that's the woman who does the IT Tech. Support. Help like operation. Yeah, that's manager. Right? Yeah. So Exxon. Congratulations. On your purchase. You definitely didn't purchase it for the diverse Talent. No, back to Harvard Harvard. Professor Claudia Goldin was awarded, the Nobel prize in economics for her research. on women at work specifically, the gender pay Gap Why is over 200 years of data from US Labor and her research, busted some myths about the gender pay Gap and women's participation in labor force. So historically golden found that the differences in education and occupational choices. Could explain this gender gap in earnings but more recently She found that the bulk of the current earnings difference is, is between men and women in the same occupation. Yeah. Therefore, education and occupational Choice cannot be totally blame. In fact, her research suggests that the earnings difference can be blamed at least partially on motherhood. Simple man. It's that simple. You don't know become a mother and you earn less money. It's that easy. So, I actually looked at the bios of 100,000 directors in our database. Oh God, 1100 of them. Exactly 1100 of them mentioned children or kids or some phrase implying that they had children, really? I mean even that high. Yeah. So it's one percent of 100,000 directors. Of the 1100, who mentioned to be mostly women how to be. 66% were men. Oh wow. For men, children are a selling point. Oh, wow. I wonder what industries that occurred. And I wonder if it's like certain countries or certain industries that we have that data. So this is global, I didn't break it up but this is a global data set. And what what shocked me about it was basically the way that children get mentioned by men is like effectively these are family men, right? Like and that is a selling point for, you know, them being, you know, leaders women get paid less when they have those children so that men can sell their family, man. They're gonna hide that pregnancy is long as they can, and let's be real. I'm guessing most of these men come from Norway where they're just kind of it's coded text to say, hey, look, I'm gonna be on a one year paternity leave, so don't bother me. That that's why they put that in the bio. Don't call me. Don't say. The opportunity, leave me alone. You have plenty of time to join the one phone. Call a month that you have for your board. Yeah, I wouldn't know. I never got that figure out any kind of leave. Yeah. All right. Speaking of family members, Birkenstock and news of all things, nine billion dollar IPO has been announced. I think it goes it shares. Go on sale today. Birkenstock now Birkenstock is backed by lvmh, which is the Louis Vuitton, the world's largest luxury, good. Yeah. It's the Arno family at a France. The company was run by the actual Birkenstock family for six Generations. Until Jordan state was sold to El catterton the PE group backed by the Arno family. And why do I mention that? Because I dug into the into the IPO filing data. The board is shared by Jay, Michael, chew and Matt. He owned 83% of the shares over their. Birkenstock he is the global co-ceo and co-founder of el patent. Yeah. So that, that's the PE group back by machine to say, I don't know. It's isn't it all, isn't it? Right church or something? Isn't it? The other guy. I think it's Oliver Wright. Shirt is the other CEO, okay? Can I know nickel to crawls who is a managing partner. El catterton is also on the board of Birkenstock well. So what that looks like they did was this is basically L catterton the Arno family and the largest shareholder who all sitting on the board. It's one conglomerate is one group is because they they own. They're gonna own, we haven't run the influence numbers but it's going to be 90% Plus in just there are no catterton where we put that influence at a curiosity, because on the, on the Burger stock board is the J. Michael chew, who according to the proxy owned 83% of chairs, but also on that same Boardman, which you pointed out is the Birkenstock CEO all over Right Guard who you said comes from, Elkhart know, he's not from Katarina. I think he's not Burke and stocks, Theo. So that's why they're he's so here's what I think. It's gonna, it's gonna happen, but all We say that. Also, there's an arnault family member on the Birkenstock board. So the influence go with our know there, or we'll go with that interesting part. I think it's gonna sew so chew The reason why I chew owns only 83% of the shares is, he doesn't know. I don't think he owns them himself. I actually think because catering holder, he is the executive officer at Patton and co-founder of Catarina. I think. So he actually is controlling it only through catterton but they are. No family is catterton right? Like yeah, exactly. So like I think the influence numbers are going to get fools here. They're gonna say chew owns the majority the influence, but if we're on us it's just the Arno family. This is this is not like all of the influences, the Arno family who has a all the money be like they fund. The company that actually is the majority stakeholder. I think it's just, you're buying the arnos. That's all you're doing. Your body knows how about this tidbit the, Birkenstock brand gained renewed. Widespread attention recently. After Barbie in the movie Barbie she wore pink Birkenstocks, right? So, I guess that, I guess that led to a major Resurgence in the brand, and I'm sure so simple. Yeah, I'm sure it over inflated the price of this IPO. So, how about this, how about this side note to, to Barbie the feminist movie Barbie making Birkenstock's? Famous again, is that the management over there at Birkenstock led by CEO all over Reichert includes eight. Other dudes know women like I don't remember. The last time I saw a company of this nature and this size with nine men and management know women can. I also say, I looked through the S1 myself and that something like, 70% of their clients are women and their customers are women. Yeah. So we all the women, all our fans of Barbie out there. Listening, don't get fooled by it. Don't get fooled by Barbies. This is, this is, this is like, We're repeating Victoria's Secret. Isn't this the same like repeat we've got and what happened to Victoria's Secret eventually it Crash and Burn know. Right. That's well I mean that wasn't there like some sort of me too like everything. It was really everything. Bad. That could happen over there and the share price went from, you know, from the moon to the, yeah, to the valley. Yeah. What is the deal with a bunch of men selling stuff to win, they know, wouldn't that at least, what? At least one of those, dudes. Be uncomfortable. Be like, shouldn't we? Yes, it's like one woman in here to leave. Yeah, give her opinion. Just like, I mean, I really would be. Uncomfortable at that point. Like I don't mean like as a focus group. I mean, can we just have one woman who has empowered? Yeah. Is there any that we can find? I really am amazed. I'm amazed congratulations. And this is, this is from, you know, France, which which has mandates in place for making sure that, you know, 40% of the board is women. So I'm shocked by this. Oh, this is that French. This is not a French company though, I know. I know that, right? Here's the thing. This is the, this is the big joke that's on everybody else, right? If you look at the board constituency and every ESG provider is going to pick the governance providers, gonna pick this up, you have what? Four men and three women. They actually have, like, nearly parody on this board of male and female. But, when you know that the men are the guy who controls 83% of the stake, and the family that owns the rest of it and the COC CEO of the company who has no power in and of himself, but just Sides with them. Ruth Wilson and pitcher. Anisha Kumar, what do they sit there and think to themselves? Like they're, they're I mean we're highly qualified and no one's going to listen to us. Hey, look, but but it's free pink Birkenstocks for life. No doubt. I guess how I don't do we need. This is why I don't comprehend why there's any pushback against our data because because you're right because the the what the modern day board does is it masks the fact that it's really not giving women a voice? But because the the culture has caught up to putting women on the board but only our data exposes the fact that these women don't have power and I don't get why there's any pushback against against using our data really. Honestly, because you cannot take those numbers at face value, they're bulshit there are no bulshit. And that's a perfect example. Perfect example. That's not to mention when those three women like sit in The boardroom with the like basically share majority shareholding, men. They call in the management team to present to them about their stuff and it's eight dudes, who come and tell them what's happening, be fair. It's not Now, all the, now all the sudden you're literally saying like, Okay, well, the four guys who are on the board who owned all the power are sitting in front of like, it's not it's nine, dudes, but one of them is a CEO, right? So, it's actually eight other dudes. Now, we're talking about others. Well, 12, men, 12, dudes. And three women. What exactly are they going out on a limb to, you know, like to say they're gonna descent, are they gonna be like? This is a really bad idea. Is anybody gonna listen to them and are no family? You pick? You pick a 31 year old male or no to sit in the board and you could have given the board, a good joke. Yeah. And one last thing I know a lot of people probably can they rolled her eyes saying like yeah we we already know that these women don't have power. We get it. We understand how these the mechanics work at these boards but again we're the only data provider out there that has Quantified this right? It's not just an anecdotal level we have Quantified. The lack, their lack of voice. Okay? So, stop pushing back and buy the data. Come on, stop. This is like the second or third story today. Where we effectively have a male, a fake male CEO, right? Yes. Yeah. Walgreens. We need a name for this because it's like, this is like we know when women come in like it's like a janitorial role. We call it the glass Cliff, but it's generally because they're cleaning up the boys mess. Is this basically the male sidecar is this basically? Like we're gonna pay some dude to go tell the employees and stuff, we don't have to deal with employees and stuff. We just want them to go do all that stuff, but they're gonna get paid handsome, but we own all the influence of power. Anyway, what is that? The sidecar are they a sidecar? What is that? We need a name for it. So if you're listener ESG, I know I know like there's one of you out there Hit us, come back to us, hit us on LinkedIn. Like you at free fast. Jump on the show if you want. Really. If you if you really have a lot of opinions, come on the show. We'll have you on the show and tell us tell us what we should name. The thing that is a male version but not a glass Cliff, but a sidecar CEO, what is it? What is it? And finally Nelson Peltz back in the news. Matt his trian fund management is going after Disney again. Oh, they blah, blah, blah Priestess stake to roughly 30 million shares. Remember he started a proxy contest with Disney earlier in the year, but then decided to drop it this time. So now the rumors have it that he's going after two board seats this time. I don't, I don't have, I don't have any information about who he wants on the board, but Nelson, I know you're listening. If you want to figure out how to create those board, vacancies, the right way on Disney reach out to us. We'll show you which director's you should replace based on their, their probably, their lack of influence. So, let me, let me give you a free tip, Nelson. Go ahead. As you, you've tried this already. Just one, just give me one because really one free tip the person. You should add to the board. Should not be your son. Who you added to the Wendy's board and was like like between the two of you don't piss him off ornaments your performance. Don't just not great. We're not great. Well, I, I do know, one of the people he wants on the board is himself, does that? Is that okay? Uh, no, stop with that, just put somebody else on the board who actually understands the business of Disney. I'm sure this is, that's when the, the activists like thing crosses from like this, this this like self-aggrandizing narcissism, like it goes from where about shareholder value maximizing, shareholder value into pure narcissism like, put me on the board and all good. You're not Jesus. Let's somebody who understands the business. Be on the board, please. What about this groundbreaking ESG idea? I'm about to tell you. Hold on, hold on. I want, I want to see. I wish I had some music. How are you? Forget what my ideas? Yeah, it do it because I can't find any music. This is I We already have Bob Iger on the board, right? Yeah, what if we created another board, vacancy, right? And gave and let let former CEO Bob Iger, take that board seat so that Bob has two votes on the board because because Bob has a lot of institutional knowledge. So we, we can come on as an independent director and as a CEO. You know, it would be two different boats. What if Nelson Peltz nominates Bob chapek for one of the board seats? Okay? Now you're just being stupid. Now, you just ruined all her credibility. That's all it took. We like we had credibility. We are free float. This show was brought to you by ESG age, your ESG data. Solutions? Provider, free flow, analytics.com. Go there. Get the when we talk about influence, its all there, including the methodology, how we come up with it? There is nothing in the dark about these companies anymore. We can show you the life who runs up. So go there and check that out until Friday when I'm back in office and hopefully, let's chat lagged. That's it. Yeah. Goodbye. Goodbye.