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}); </script> </div> <div id="div-hre-Ballotpedia---New-3053" class="publirAds"> <script> googletag.cmd.push(function() { googletag.pubads().addEventListener('slotRenderEnded', function(event) { if (event.slot.getSlotElementId() == "div-hre-Ballotpedia---New-3053") { googletag.display("div-hre-Ballotpedia---New-3053"); } }); }); </script> </div> <div class="row"> <div class="col-md-offset-0 col-md-12" role="main"> <div class="mw-body" id="content"> <div id="mw-js-message" style="display:none;" ></div> <h1 id="firstHeading" class="firstHeading page-header" lang="en"><span dir="auto"><span class="mw-page-title-main">Consumer and investor protection reform approaches opposing environmental, social, and corporate governance (ESG)</span></span></h1>  <div id="bodyContent"> <div id="siteSub">From Ballotpedia</div> <div id="contentSub" ></div> <div id="jump-to-nav" class="mw-jump"> Jump to: <a href="#mw-navigation">navigation</a>, <a href="#p-search">search</a> </div> <div id="mw-content-text" class="mw-body-content mw-content-ltr" lang="en" dir="ltr"><div class="mw-parser-output"><center><a href="/Environmental,_social,_and_corporate_governance" title="Environmental, social, and corporate governance"><img alt="ESG - Teal - D2.jpg" src="https://ballotpedia.s3.amazonaws.com/images/9/9c/ESG_-_Teal_-_D2.jpg" decoding="async" width="2500" height="417" data-file-width="2500" data-file-height="417" /></a></center> <div class="bp-dropdown-menu" id="tasp-menu"> <ul><li><a href="/Environmental,_social,_and_corporate_governance_(ESG)" title="Environmental, social, and corporate governance (ESG)">Key terms related to ESG</a></li> <li><a href="/Enacted_state_ESG_legislation_by_trifecta_status,_2020-2024" title="Enacted state ESG legislation by trifecta status, 2020-2024">Enacted ESG legislation</a></li> <li><a href="/Arguments_about_environmental,_social,_and_corporate_governance_(ESG)" title="Arguments about environmental, social, and corporate governance (ESG)">Areas of inquiry and disagreement</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Opposition to ESG</a></li> <li><a href="/Federal_rules_and_regulations_related_to_environmental,_social,_and_corporate_governance_(ESG)" title="Federal rules and regulations related to environmental, social, and corporate governance (ESG)">Federal ESG rules and regulations</a></li> <li><a href="/Index_of_articles_about_environmental,_social,_and_corporate_governance_(ESG)#Public_pension_information_by_state" title="Index of articles about environmental, social, and corporate governance (ESG)">Public pension information by state</a></li> <li><a href="/Economy_and_Society" title="Economy and Society"><i>Economy and Society</i>: Ballotpedia's weekly ESG newsletter</a> <ul><li><a href="/Economy_and_Society" title="Economy and Society">Subscribe here</a></li></ul></li></ul> <p><br /> </p> </div> <table style="width:20%; background:#F0F0F0; font-size:100%; border:1px solid #ccc; float:right; padding:3px; text-align: center; margin-left:1.5%"> <tbody><tr> <th style="background-color: #0095A4; font-size:115%; color:white; height:30px">Environmental, social, and corporate governance </th></tr> <tr> <th><a href="/Environmental,_social,_and_corporate_governance" title="Environmental, social, and corporate governance"><img alt="ESG Icon 200x200.png" src="https://ballotpedia.s3.amazonaws.com/images/c/ca/ESG_Icon_200x200.png" decoding="async" width="200" height="200" data-file-width="200" data-file-height="200" /></a> </th></tr> <tr> <th style="background-color: #F0F0F0; font-size:100%;"><hr style="background-color:#407374" /> </th></tr> <tr> <th style="background-color: #F0F0F0; font-size:100%;"><small>• <b><a href="/Environmental,_social,_and_corporate_governance_(ESG)" title="Environmental, social, and corporate governance (ESG)">What is ESG?</a><br />• </b><a href="/Enacted_state_ESG_legislation_by_trifecta_status,_2020-2024" title="Enacted state ESG legislation by trifecta status, 2020-2024">Enacted ESG legislation</a><br />• <a href="/Arguments_about_environmental,_social,_and_corporate_governance_(ESG)" title="Arguments about environmental, social, and corporate governance (ESG)">Arguments for and against ESG</a><br />• <a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Opposition to ESG</a><br />• <a href="/Federal_rules_and_regulations_related_to_environmental,_social,_and_corporate_governance_(ESG)" title="Federal rules and regulations related to environmental, social, and corporate governance (ESG)">Federal ESG rules</a><br />• <a href="/Economy_and_Society" title="Economy and Society"><i>Economy and Society</i>: Ballotpedia's weekly ESG newsletter</a> <small> </small></small></th></tr></tbody></table><p>The term <a href="/Environmental,_social,_and_corporate_governance_(ESG)" title="Environmental, social, and corporate governance (ESG)">environmental, social, and corporate governance (ESG)</a> can refer to an investment approach or an approach to corporate decision-making that conforms a company to ideas and goals that ESG investors generally accept. The ESG investment approach involves considering the extent to which corporations conform to certain environmental, social, and corporate governance standards (such as net carbon emission or corporate board diversity goals) and avoiding investments in or otherwise withholding funding from companies that do not meet the standard. </p><p>In the context of public policy, ESG refers to the use of non-financial ESG investing criteria in the regulation and management of public funds, including public pensions. </p><p>Opponents of ESG investing argue that it reduces investment diversification (which increases portfolio risk), harms financial performance, and contrasts with an investment approach that focuses on the likely maximization of financial returns to the investor. To learn more about the opposition to ESG investing, <a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">click here</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1">[1]</a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2">[2]</a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3">[3]</a></sup> </p><p>Supporters of ESG investing argue that in the long run, ESG investing will lead to acceptable financial returns. ESG advocates also say that ESG and profit are not mutually exclusive and argue that corporations can and should improve communities and the environment through the adoption of ESG philosophies and approaches.<sup id="cite_ref-wolfe_4-0" class="reference"><a href="#cite_note-wolfe-4">[4]</a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5">[5]</a></sup> </p><p>This page outlines the <b>consumer and investor protection approaches</b> to opposing ESG investing. </p> <div id="toc" class="toc" role="navigation" aria-labelledby="mw-toc-heading"><input type="checkbox" role="button" id="toctogglecheckbox" class="toctogglecheckbox" style="display:none" /><div class="toctitle" lang="en" dir="ltr"><h2 id="mw-toc-heading">Contents</h2><span class="toctogglespan"><label class="toctogglelabel" for="toctogglecheckbox"></label></span></div> <ul> <li class="toclevel-1 tocsection-1"><a href="#Consumer_and_investor_protection_approaches"><span class="tocnumber">1</span> <span class="toctext">Consumer and investor protection approaches</span></a> <ul> <li class="toclevel-2"><a href="#Reform:_Investigate_environmental_claims_in_investment_products"><span class="tocnumber">1.1</span> <span class="toctext">Reform: Investigate environmental claims in investment products</span></a></li> <li class="toclevel-2"><a href="#Reform:_Require_transparency_around_non-pecuniary_considerations_in_investment_products"><span class="tocnumber">1.2</span> <span class="toctext">Reform: Require transparency around non-pecuniary considerations in investment products</span></a></li> <li class="toclevel-2"><a href="#Reform:_Prevent_funds_that_support_ESG_from_acquiring_stakes_in_utility_companies"><span class="tocnumber">1.3</span> <span class="toctext">Reform: Prevent funds that support ESG from acquiring stakes in utility companies</span></a></li> <li class="toclevel-2"><a href="#Reform:_Make_corporations_prove_that_decision-making_is_based_on_financial_and_non-ESG_factors"><span class="tocnumber">1.4</span> <span class="toctext">Reform: Make corporations prove that decision-making is based on financial and non-ESG factors</span></a></li> </ul> </li> <li class="toclevel-1 tocsection-2"><a href="#See_also"><span class="tocnumber">2</span> <span class="toctext">See also</span></a></li> <li class="toclevel-1 tocsection-3"><a href="#Footnotes"><span class="tocnumber">3</span> <span class="toctext">Footnotes</span></a></li> </ul> </div> <h2><span class="mw-headline" id="Consumer_and_investor_protection_approaches">Consumer and investor protection approaches</span></h2> <p>This type of legislative approach argues that governments should invoke or amend consumer protection and corporate liability laws to require ESG investment product transparency, make corporations responsible for failures in ESG decision-making, and prevent certain types of anti-competitive business practices. </p><p>Ballotpedia has identified the following four reform approaches promoting consumer and investor ESG protections: </p> <ul><li><a href="#Reform:_Investigate_environmental_claims_in_investment_products">Investigate environmental claims in investment products</a></li> <li><a href="#Reform:_Require_transparency_around_non-pecuniary_considerations_in_investment_products">Require transparency around non-pecuniary considerations in investment products</a></li> <li><a href="#Reform:_Prevent_funds_that_support_ESG_from_acquiring_stakes_in_utility_companies">Prevent funds that support ESG from acquiring stakes in utility companies</a></li> <li><a href="#Reform:_Make_corporations_prove_that_decision-making_is_based_on_financial_and_non-ESG_factors">Make corporations prove that decision-making is based on financial and non-ESG factors</a></li></ul> <h4><span class="mw-headline" id="Reform:_Investigate_environmental_claims_in_investment_products">Reform: Investigate environmental claims in investment products</span></h4> <p>This type of approach argues that governments should investigate allegedly false, misleading, or exaggerated claims related to the stated environmental investment goals of certain financial products. </p><p><u><b>Other reform activity</b></u> </p> <ul><li>The <i>Financial Times</i> reported on August 15, 2023, that the Securities and Exchange Commission (SEC) had subpoenaed documents from several large fund managers as part of an inquiry into their marketing of ESG products.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6">[6]</a></sup></li></ul> <p><br /> </p> <h4><span class="mw-headline" id="Reform:_Require_transparency_around_non-pecuniary_considerations_in_investment_products">Reform: Require transparency around non-pecuniary considerations in investment products</span></h4> <p>This type of approach argues that governments should invoke consumer protection laws to require ESG investment product transparency, including transparency around any risks associated with ESG funds and the factors considered in picking ESG fund investments. </p><p><u><b>Model legislation</b></u> </p> <ul><li>The Foundation for Government Accountability argued in a one-pager that state governments should "[s]trengthen ethics codes for advisors who are not transparent with investors about politically motivated investing."<sup id="cite_ref-FGAESG1PAGE_7-0" class="reference"><a href="#cite_note-FGAESG1PAGE-7">[7]</a></sup></li></ul> <p><u><b>Other reform activity</b></u> </p> <ul><li>The U.S. House Financial Services Committee introduced legislation on July 27, 2023, which proposed requiring "investors to consent to the use of non-pecuniary factors in decision-making," according to the committee's website.<sup id="cite_ref-housefinservices1_8-0" class="reference"><a href="#cite_note-housefinservices1-8">[8]</a></sup></li></ul> <p><br /> </p> <h4><span class="mw-headline" id="Reform:_Prevent_funds_that_support_ESG_from_acquiring_stakes_in_utility_companies">Reform: Prevent funds that support ESG from acquiring stakes in utility companies</span></h4> <p>This approach argues that state executive and administrative officials should try to block companies that support ESG from acquiring utility companies and damaging competition. </p><p><u><b>Other reform activity</b></u> </p> <ul><li>Several Republican state Attorneys General filed a motion with the Federal Energy Regulatory Commission (FERC) on May 10, 2023, to prevent BlackRock – one of the largest advocates of ESG investing – from using its financial position and prominence to impose ESG policies (like net carbon emission goals) on utility companies.<sup id="cite_ref-severalAG518_9-0" class="reference"><a href="#cite_note-severalAG518-9">[9]</a></sup></li></ul> <p><br /> </p> <h4><span class="mw-headline" id="Reform:_Make_corporations_prove_that_decision-making_is_based_on_financial_and_non-ESG_factors">Reform: Make corporations prove that decision-making is based on financial and non-ESG factors</span></h4> <p>This approach argues that governments should shift the burden of proof to corporations in certain derivative shareholder lawsuits that allege a corporation made a poor decision based on ESG criteria. In such cases, this approach would argue that corporations should have to prove that their decisions were made in the best financial interests of shareholders. </p><p><u><b>Other reform activity</b></u> </p> <ul><li>Texas House Bill 4794 was introduced on March 10 2023. The bill proposed requiring "in a derivative proceeding by a shareholder that alleges an act or omission related to the improper consideration of environmental, social, and governance criteria in the performance of the act or omission, the burden of proof is on the corporation to prove the act or omission was in the best interest of the corporation."<sup id="cite_ref-10" class="reference"><a href="#cite_note-10">[10]</a></sup></li></ul> <p><br /> </p> <div id="div-gpt-ad-1548351761485-0"><script>googletag.cmd.push(function() { googletag.display("div-gpt-ad-1548351761485-0"); });</script></div><h2><span class="mw-headline" id="See_also">See also</span></h2> <ul><li><a href="/Reform_proposals_related_to_environmental,_social,_and_corporate_governance_(ESG)" title="Reform proposals related to environmental, social, and corporate governance (ESG)">Reform proposals related to environmental, social, and corporate governance (ESG)</a></li> <li><a href="/State_legislative_activity_against_ESG_investing" title="State legislative activity against ESG investing">State legislative activity against ESG investing</a></li> <li><a href="/State_legislative_approaches_opposing_ESG_investing" title="State legislative approaches opposing ESG investing">State legislative approaches opposing ESG investing</a></li></ul> <h2><span class="mw-headline" id="Footnotes">Footnotes</span></h2> <p> <script type="text/javascript"> if(document.getElementsByClassName("reference").length==0) if(document.getElementById('Footnotes')!==null) document.getElementById('Footnotes').parentNode.style.display = 'none'; </script> </p> <div class="references-small"><div class="mobile-columns"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><a href="#cite_ref-1">↑</a></span> <span class="reference-text"><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.npr.org/2022/09/12/1121976216/esg-explained"><i>NPR</i>, "How ESG investing got tangled up in America's culture wars", September 12, 2022</a></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><a href="#cite_ref-2">↑</a></span> <span class="reference-text"><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/esg-and-the-long-run-interests-dodge-stockholders-apple-disney-chevron-equity-pressure-lgbtqa-company-climate-change-11664459307?mod=Searchresults_pos2&page=1"><i>Wall Street Journal</i>, "ESG and the ‘Long-Run Interests’ Dodge", September 29, 2022</a></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><a href="#cite_ref-3">↑</a></span> <span class="reference-text"><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/an-esg-champion-stumbles-11663869233?mod=Searchresults_pos3&page=1"><i>Wall Street Journal</i>, "An ESG Champion Stumbles: The California Public Employees’ Retirement System posts a decade of lackluster returns.", September 22, 2022</a></span> </li> <li id="cite_note-wolfe-4"><span class="mw-cite-backlink"><a href="#cite_ref-wolfe_4-0">↑</a></span> <span class="reference-text"><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.cnbc.com/2022/09/23/lauren-taylor-wolfe-says-its-just-too-risky-for-investors-to-ignore-esg-amid-recent-pushback.html"><i>CNBC</i>, "Lauren Taylor Wolfe says it’s just too risky for investors to ignore ESG amid recent pushback", September 23, 2022</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><a href="#cite_ref-5">↑</a></span> <span class="reference-text"><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.cnbc.com/2022/09/29/the-esg-backlash-inside-the-executive-ranks-at-top-corporations.html"><i>CNBC</i>, "There’s an ESG backlash inside the executive ranks at top corporations", September 29, 2022</a></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><a href="#cite_ref-6">↑</a></span> <span class="reference-text"><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.ft.com/content/518387b0-5c4c-4ff7-8221-27be0bb0b8ac"><i>Financial Times</i>, "SEC lawyers subpoena fund managers over ESG disclosures," accessed August 24, 2023</a></span> </li> <li id="cite_note-FGAESG1PAGE-7"><span class="mw-cite-backlink"><a href="#cite_ref-FGAESG1PAGE_7-0">↑</a></span> <span class="reference-text"><a target="_blank" rel="noreferrer noopener" class="external text" href="https://thefga.org/one-pagers/what-is-esg/"><i>Foundation for Government Accountability</i>, "What is ESG?" accessed January 24, 2023</a></span> </li> <li id="cite_note-housefinservices1-8"><span class="mw-cite-backlink"><a href="#cite_ref-housefinservices1_8-0">↑</a></span> <span class="error mw-ext-cite-error" lang="en" dir="ltr">Cite error: Invalid <code><ref></code> tag; no text was provided for refs named <code>housefinservices1</code></span></li> <li id="cite_note-severalAG518-9"><span class="mw-cite-backlink"><a href="#cite_ref-severalAG518_9-0">↑</a></span> <span class="reference-text"><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.reuters.com/business/sustainable-business/us-republicans-seek-review-blackrock-utility-holdings-2023-05-10/"><i>Reuters</i>, "US Republicans seek review of BlackRock utility holdings," accessed January 15, 2024</a></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><a href="#cite_ref-10">↑</a></span> <span class="reference-text"><a target="_blank" rel="noreferrer noopener" class="external text" href="https://legiscan.com/TX/bill/HB4794/2023"><i>Legiscan</i>, "Texas House Bill 4794," accessed January 15, 2024</a></span> </li> </ol></div></div></div> <table class="navbox" cellspacing="0" style=";"><tbody><tr><td style="padding:2px;"><table cellspacing="0" class="collapsible autocollapse" style="width:100%;background:transparent;color:inherit;;"><tbody><tr><th style=";background:#bbccee;" colspan="2" class="navbox-title"><div style="float:left; 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