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vertical-align:middle; text-align:center; background-color:#efefef;box-shadow: 0px 2px 5px #A0A0A0;"> <tbody><tr><td><big><a href="/Environmental,_social,_and_corporate_governance_(ESG)" title="Environmental, social, and corporate governance (ESG)">What is ESG?</a></big> ESG investing is an asset management approach that considers the environment, social issues, and corporate governance practices. It's a type of <a href="/Stakeholder_model_of_the_corporation_(stakeholder_capitalism)" title="Stakeholder model of the corporation (stakeholder capitalism)">stakeholder investing</a>, which argues shareholder returns should not be the only goal. Stakeholder investing contrasts with traditional approaches that exclusively consider financial factors like balance sheets, income statements, and valuations to maximize risk-adjusted returns (also known as <a href="/Shareholder_model_of_the_corporation" title="Shareholder model of the corporation">shareholder investing</a>). </td> </tr></tbody></table> <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%;">• <a href="/Environmental,_social,_and_corporate_governance_(ESG)" title="Environmental, social, and corporate governance (ESG)">What is ESG?</a> • <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> • <a href="/Areas_of_inquiry_and_disagreement_related_to_environmental,_social,_and_corporate_governance_(ESG)" title="Areas of inquiry and disagreement related to environmental, social, and corporate governance (ESG)">Arguments for and against ESG</a> • <a class="mw-selflink selflink">Opposition to ESG</a> • <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> • <a href="/Economy_and_Society" title="Economy and Society">Economy and Society: Ballotpedia's weekly ESG newsletter</a> </th></tr></tbody></table> This article documents a selection of state, federal, academic, media, and think tank activity opposing environmental, social, and corporate governance (ESG) and the ESG investing movement. Most opposition to ESG investing in public policy comes from Republican government officials. To learn more about policy support for ESG, <a href="/State_legislative_approaches_supporting_ESG_investing" title="State legislative approaches supporting ESG investing">click here</a>. Use the list below to learn more about the types of activity opposing ESG: <ul><li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_government_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">State government activity opposing ESG investing</a></li></ul> <dl><dd><ul><li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Gubernatorial_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Gubernatorial activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_financial_officer_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">State financial officer activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_administrative_board_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">State administrative board activity against ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Attorney_general_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Attorney general activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Agriculture_commissioner_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Agriculture commissioner activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Secretary_of_state_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Secretary of state activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_legislative_activity_opposing_ESG_investing_or_woke_capitalism" title="Opposition to environmental, social, and corporate governance (ESG) investing">State legislative activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_government_litigation_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">State government litigation opposing ESG investing</a></li></ul></dd></dl> <ul><li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Federal_government_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Federal government activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Intellectual_and_scholarly_opposition_to_ESG_and_the_ESG_investing_movement" title="Opposition to environmental, social, and corporate governance (ESG) investing">Intellectual and scholarly opposition to ESG and the ESG investing movement</a></li></ul> <dl><dd><ul><li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Books" title="Opposition to environmental, social, and corporate governance (ESG) investing">Books</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Editorials,_op-eds,_and_columns" title="Opposition to environmental, social, and corporate governance (ESG) investing">Editorials, op-eds, and columns</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Scholarly_articles" title="Opposition to environmental, social, and corporate governance (ESG) investing">Scholarly articles</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Think_tank_activity" title="Opposition to environmental, social, and corporate governance (ESG) investing">Think tank activity</a></li></ul></dd></dl> <ul><li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Notable_media_coverage_of_opposition_to_the_ESG_investment_movement" title="Opposition to environmental, social, and corporate governance (ESG) investing">Notable media coverage of opposition to the ESG investment movement</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Asset_Management_Companies_established_in_opposition_to_ESG_and_the_ESG_investing_movement" title="Opposition to environmental, social, and corporate governance (ESG) investing">Asset management companies established in opposition to ESG and the ESG investing movement</a></li></ul> <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><label class="toctogglelabel" for="toctogglecheckbox"></label></div> <ul> <li class="toclevel-1 tocsection-1"><a href="#State_government_activity_opposing_ESG_investing">1 State government activity opposing ESG investing</a> <ul> <li class="toclevel-2 tocsection-2"><a href="#Gubernatorial_activity_opposing_ESG_investing">1.1 Gubernatorial activity opposing ESG investing</a></li> <li class="toclevel-2 tocsection-3"><a href="#State_financial_officer_activity_opposing_ESG_investing">1.2 State financial officer activity opposing ESG investing</a></li> <li class="toclevel-2 tocsection-4"><a href="#State_administrative_board_activity_opposing_ESG_investing">1.3 State administrative board activity opposing ESG investing</a></li> <li class="toclevel-2 tocsection-5"><a href="#Attorney_general_activity_opposing_ESG_investing">1.4 Attorney general activity opposing ESG investing</a></li> <li class="toclevel-2 tocsection-6"><a href="#Secretary_of_state_activity_opposing_ESG_investing">1.5 Secretary of state activity opposing ESG investing</a></li> <li class="toclevel-2 tocsection-7"><a href="#Agriculture_commissioner_activity_opposing_ESG_investing">1.6 Agriculture commissioner activity opposing ESG investing</a></li> <li class="toclevel-2 tocsection-8"><a href="#State_legislative_activity_opposing_ESG_investing">1.7 State legislative activity opposing ESG investing</a></li> <li class="toclevel-2 tocsection-9"><a href="#State_government_litigation_opposing_ESG_investing">1.8 State government litigation opposing ESG investing</a></li> </ul> </li> <li class="toclevel-1 tocsection-10"><a href="#Federal_government_activity_opposing_ESG_investing">2 Federal government activity opposing ESG investing</a> <ul> <li class="toclevel-2 tocsection-11"><a href="#Legislation,_legislative_hearings,_and_committee_investigations_opposing_ESG_investing">2.1 Legislation, legislative hearings, and committee investigations opposing ESG investing</a></li> <li class="toclevel-2 tocsection-12"><a href="#Federal_lawsuits_opposing_ESG_investing">2.2 Federal lawsuits opposing ESG investing</a></li> <li class="toclevel-2 tocsection-13"><a href="#Federal_executive_activity_opposing_ESG_investing">2.3 Federal executive activity opposing ESG investing</a></li> </ul> </li> <li class="toclevel-1 tocsection-14"><a href="#Intellectual_and_scholarly_opposition_to_ESG_and_the_ESG_investing_movement">3 Intellectual and scholarly opposition to ESG and the ESG investing movement</a> <ul> <li class="toclevel-2 tocsection-15"><a href="#Books">3.1 Books</a></li> <li class="toclevel-2 tocsection-16"><a href="#Editorials,_op-eds,_and_columns">3.2 Editorials, op-eds, and columns</a></li> <li class="toclevel-2 tocsection-17"><a href="#Scholarly_articles">3.3 Scholarly articles</a></li> <li class="toclevel-2 tocsection-18"><a href="#Think_tank_activity">3.4 Think tank activity</a></li> </ul> </li> <li class="toclevel-1 tocsection-19"><a href="#Notable_media_coverage_of_opposition_to_the_ESG_investment_movement">4 Notable media coverage of opposition to the ESG investment movement</a></li> <li class="toclevel-1 tocsection-20"><a href="#Asset_Management_Companies_established_in_opposition_to_ESG_and_the_ESG_investing_movement">5 Asset Management Companies established in opposition to ESG and the ESG investing movement</a></li> <li class="toclevel-1 tocsection-21"><a href="#See_also">6 See also</a></li> <li class="toclevel-1 tocsection-22"><a href="#Footnotes">7 Footnotes</a></li> </ul> </div> <h2>State government activity opposing ESG investing</h2> This section contains a selection of state government activities opposing ESG investing, especially in the management of public funds such as pensions. The section is organized by the type of state office or branch of government. Click a link below to learn more about how different types of state officials are opposing ESG. <dl><dd><ul><li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Gubernatorial_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Gubernatorial activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_financial_officer_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">State financial officer activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_administrative_board_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">State administrative board activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Attorney_general_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Attorney general activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Agriculture_commissioner_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Agriculture commissioner activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Secretary_of_state_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Secretary of state activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_legislative_activity_opposing_ESG_investing_or_woke_capitalism" title="Opposition to environmental, social, and corporate governance (ESG) investing">State legislative activity opposing ESG investing</a></li></ul> <dl><dd><ul><li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Noteworthy_legislative_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Noteworthy legislative activity opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_legislative_approaches_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">State legislative approaches opposing ESG investing</a></li></ul></dd></dl> <ul><li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#State_government_litigation_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">State government litigation opposing ESG investing</a></li></ul></dd></dl> <h3>Gubernatorial activity opposing ESG investing</h3> This section tracks a selection of gubernatorial activity opposing ESG investing, including activity related to the divestment of state funds from asset managers that consider ESG criteria in their investment decisions and other support for policies that oppose ESG investing. Click the links below to read the full stories. <ul><li><a href="/Florida_governor_argues_ESG_investing_raises_insurance_prices_(2023)" title="Florida governor argues ESG investing raises insurance prices (2023)">Florida governor argues ESG investing raises insurance prices</a>: Florida governor and 2024 presidential candidate <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) told voters in Iowa that he believed ESG calculations were driving up insurance prices.<a href="#cite_note-1">[1]</a></li></ul> <ul><li><a href="/Florida_governor_signs_bill_opposing_ESG_(2023)" title="Florida governor signs bill opposing ESG (2023)">Florida governor signs bill opposing ESG</a>: Florida Governor <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) signed legislation on May 2, 2023, prohibiting the use of ESG criteria in the investment of public funds.<a href="#cite_note-2">[2]</a></li></ul> <ul><li><a href="/New_Hampshire_joins_ESG_pushback_(2023)" title="New Hampshire joins ESG pushback (2023)">New Hampshire governor signs executive order prohibiting ESG in state investments</a>: New Hampshire Governor <a href="/Chris_Sununu" title="Chris Sununu">Chris Sununu</a> (R) signed an executive order April 11, 2023, directing state executive agencies to invest their funds based on expected financial returns (not based on ESG investing criteria).<a href="#cite_note-3">[3]</a></li></ul> <ul><li><a href="/Kentucky%E2%80%99s_Democratic_governor_signs_law_opposing_ESG_in_state_investments_(2023)" title="Kentucky’s Democratic governor signs law opposing ESG in state investments (2023)">Kentucky’s Democratic governor signs law opposing ESG in state investments</a>: Kentucky Governor <a href="/Andy_Beshear" title="Andy Beshear">Andy Beshear</a> (D) signed a law on March 24, 2023, banning ESG considerations in state investments.<a href="#cite_note-4">[4]</a></li></ul> <ul><li><a href="/DeSantis_leads_19_states_in_ESG_pushback_(2023)" title="DeSantis leads 19 states in ESG pushback (2023)">DeSantis leads 19 states in pushback against federal ESG policies</a>: Florida Governor <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) announced on March 16, 2023, that he and the governors of 18 other states had agreed to join forces to push back against ESG investing and what they viewed as pro-ESG federal policies.<a href="#cite_note-5">[5]</a></li></ul> <ul><li><a href="/Florida_governor_proposes_legislation_prohibiting_discrimination_based_on_social_credit,_opposing_ESG_in_state_and_local_governments_(2023)" title="Florida governor proposes legislation prohibiting discrimination based on social credit, opposing ESG in state and local governments (2023)">Florida governor proposes legislation prohibiting discrimination based on social credit, opposing ESG in state and local governments</a>: Florida Governor <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) announced a legislative proposal on February 13, 2023, to prohibit banks from discriminating against individuals based on social credit factors (such as political support for fossil fuel production or gun ownership), among other provisions opposing ESG considerations in state and local governments.<a href="#cite_note-6">[6]</a></li></ul> <ul><li><a href="/Florida_governor_shares_ESG_concerns_(2023)" title="Florida governor shares ESG concerns (2023)">Florida governor criticizes ESG</a>: Florida Governor <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) spoke at a college on February 13, 2023, where he expressed concerns about ESG and discussed government efforts to oppose ESG investing.<a href="#cite_note-7">[7]</a></li></ul> <ul><li><a href="/Montana_governor_announces_ban_on_ESG_considerations_in_state_investments_(2023)" title="Montana governor announces ban on ESG considerations in state investments (2023)">Montana governor announces ban on ESG considerations in state investments</a>: The office of Montana Governor <a href="/Greg_Gianforte" title="Greg Gianforte">Greg Gianforte</a> (R) released a statement on January 18, 2023, announcing that Montana joined several other states in prohibiting non-financial considerations, including considerations related to ESG, in the state’s investments.<a href="#cite_note-8">[8]</a></li></ul> <ul><li><a href="/Virginia_governor_expresses_concerns_about_ESG_investing_(2023)" title="Virginia governor expresses concerns about ESG investing (2023)">Virginia governor expresses concerns about ESG investing</a>: Virginia Governor <a href="/Glenn_Youngkin" title="Glenn Youngkin">Glenn Youngkin</a> (R)—who worked for most of his career in financial services (private equity), where he eventually became co-CEO of the Carlyle Group— signaled that he had some concerns about ESG.</li></ul> <ul><li><a href="/Florida_divests_from_BlackRock_over_its_ESG_policies_(2022)" title="Florida divests from BlackRock over its ESG policies (2022)">Florida divests from BlackRock over ESG policies</a>: On December 1, 2022, the state of Florida, at the direction of Governor <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) and State Chief Financial Officer (CFO) <a href="/Jimmy_Patronis" title="Jimmy Patronis">Jimmy Patronis</a>, divested funds from BlackRock over its sustainability and ESG policies.<a href="#cite_note-9">[9]</a></li></ul> <ul><li><a href="/Florida_governor_bans_the_use_of_ESG_criteria_in_state_pension_fund_management_(2022)" title="Florida governor bans the use of ESG criteria in state pension fund management (2022)">Florida governor bans the use of ESG criteria in state pension fund management</a>: On July 27, 2022, Florida Governor <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) announced he had banned the use of ESG criteria in the management of Florida’s state-sponsored pension funds. The Governor made his announcement at a press conference during the day and then reiterated it that evening on Fox News’ “Tucker Carlson Tonight.”<a href="#cite_note-10">[10]</a></li></ul> <ul><li><a href="/Utah_officials_send_letter_to_S%26P_over_ESG_indicators_(2022)" title="Utah officials send letter to S&P over ESG indicators (2022)">Utah officials send letter to S&P over ESG indicators</a>: In late March 2022, S&P Global released a credit indicator report on the state of Utah that went beyond traditional versions of such reports. S&P, among other things, rated corporate ESG preparedness, including an ESG component in its reports on each of the 50 states. On April 20, Utah Governor <a href="/Spencer_Cox" title="Spencer Cox">Spencer Cox</a> (R), Senators <a href="/Mike_Lee" title="Mike Lee">Mike Lee</a> (R) and <a href="/Mitt_Romney" title="Mitt Romney">Mitt Romney</a> (R), all of the state’s congressmen, along with its treasurer and attorney general, sent a letter to S&P, arguing that the ESG component of its report was inherently political and therefore unfair.<a href="#cite_note-11">[11]</a></li></ul> <h3>State financial officer activity opposing ESG investing</h3> This section tracks a selection of <a href="/List_of_current_treasurers_in_the_United_States" title="List of current treasurers in the United States">state financial officer (SFO)</a> activities opposing ESG investing. SFO opposition to ESG can include the building of lists of companies that are ineligible to contract with the state due to ESG commitments, the divestment of state funds from certain asset managers that do not solely consider financial factors in their investments, and the writing of letters, opinions, or other guidance documents that discuss an SFO's policy approach opposing ESG. Click the links below to read the full stories. <ul><li><a href="/Alabama_auditor_argues_ESG_hurts_agriculture_(2024)" title="Alabama auditor argues ESG hurts agriculture (2024)">Alabama auditor argues ESG hurts agriculture</a>: Alabama State Auditor Andrew Sorrell (R) argued in an op-ed published October 13, 2024, that ESG threatened farmers—especially those in his state. Sorrell said environmental regulations and corporate policies would increase farming costs and damage large agricultural industries.<a href="#cite_note-12">[12]</a></li></ul> <ul><li><a href="/Republican_treasurers_push_back_against_world%E2%80%99s_largest_proxy_advisor_(2024)" title="Republican treasurers push back against world’s largest proxy advisor (2024)">Republican treasurers push back against world’s largest proxy advisor</a>: Fifteen Republican state treasurers sent a letter to Institutional Shareholder Services (ISS)—the world’s largest proxy advisory service—on September 5, 2024, arguing the company’s proxy recommendations were biased, citing a report by Consumers Research.<a href="#cite_note-13">[13]</a></li></ul> <ul><li><a href="/State_treasurers_argue_corporations_should_focus_on_shareholder_value_(2024)" title="State treasurers argue corporations should focus on shareholder value (2024)">State treasurers argue corporations should focus on shareholder value</a>: A group of Republican state treasurers sent a letter on August 28, 2024, asking the Business Roundtable to change its 2019 statement defining the purpose of corporations. The treasurers argued the definition deprioritized shareholder interests in profit and risk management and promoted ESG investing.<a href="#cite_note-14">[14]</a></li></ul> <ul><li><a href="/Louisiana_Treasurer_pushes_back_against_Bank_of_America_(2024)" title="Louisiana Treasurer pushes back against Bank of America (2024)">Louisiana Treasurer pushes back against Bank of America</a>: Louisiana Treasurer <a href="/John_C._Fleming" class="mw-redirect" title="John C. Fleming">John C. Fleming</a> (R) in August 2024 recommended against approving Bank of America as a fiscal agent in the state. Fleming alleged the bank denied financial services to religious organizations and other customers and potential customers based on politics. Bank of America responded, denying the allegations.<a href="#cite_note-15">[15]</a></li></ul> <ul><li><a href="/Indiana_treasurer_adds_BlackRock_to_state_ESG_watchlist_(2024)" title="Indiana treasurer adds BlackRock to state ESG watchlist (2024)">Indiana treasurer adds BlackRock to state ESG watchlist</a>: Indiana Treasurer Daniel Elliott (R) announced June 21, 2024, that he added BlackRock, the world’s largest asset manager at the time, to “a state watchlist, accusing the firm of making illegal environmental, social or governance (ESG) commitments,” according to the Indiana Capital Chronicle. The decision was related to a 2023 state law banning ESG in state pension investments.<a href="#cite_note-16">[16]</a></li></ul> <ul><li><a href="/Oklahoma_adds_Barclays_as_restricted_business_(2024)" title="Oklahoma adds Barclays as restricted business (2024)">Oklahoma adds Barclays as restricted business</a>: Oklahoma Treasurer Todd Russ (R) announced on May 3, 2024, that Barclays boycotted fossil fuel companies under the state’s legal definition and was therefore restricted in its ability to do business with the state.<a href="#cite_note-17">[17]</a></li></ul> <ul><li><a href="/BMO_Bank_opens_lending_to_fossil_fuel_companies_following_West_Virginia_pushback_(2024)" title="BMO Bank opens lending to fossil fuel companies following West Virginia pushback (2024)">BMO Bank opens lending to fossil fuel companies following West Virginia pushback</a>: BMO Bank, the U.S. subsidiary of the Toronto-based Bank of Montreal, abandoned its internal practice of denying credit to the coal industry. The decision came after West Virginia Treasurer <a href="/Riley_Moore" title="Riley Moore">Riley Moore</a> (R) sent a warning letter to the bank arguing the practice would disqualify BMO from state contracts.<a href="#cite_note-18">[18]</a></li></ul> <ul><li><a href="/West_Virginia_adds_four_banks_to_restricted_institution_list_over_ESG_policies_(2024)" title="West Virginia adds four banks to restricted institution list over ESG policies (2024)">West Virginia adds four banks to restricted institution list over ESG policies</a>: West Virginia Treasurer <a href="/Riley_Moore" title="Riley Moore">Riley Moore</a> (R) announced April 8, 2024, that four large banks and financial services firms—Citigroup, TD Bank, HSBC, and The Northern Trust Company—were ineligible to do business with the state under a 2022 state law prohibiting contracts with businesses that boycott fossil fuel companies.<a href="#cite_note-19">[19]</a></li></ul> <ul><li><a href="/State_financial_officers_ask_State_Street_for_more_investment_options_(2024)" title="State financial officers ask State Street for more investment options (2024)">State financial officers ask State Street for more investment options</a>: Financial officers from 16 states sent a letter on March 14, 2024, to State Street Global Advisors asking the firm to create more options for investors who opposed ESG.<a href="#cite_note-20">[20]</a></li></ul> <ul><li><a href="/West_Virginia_treasurer_sends_letter_to_financial_institutions_over_ESG_practices_(2024)" title="West Virginia treasurer sends letter to financial institutions over ESG practices (2024)">West Virginia treasurer sends letter to financial institutions over ESG practices</a>: West Virginia Treasurer <a href="/Riley_Moore" title="Riley Moore">Riley Moore</a> (R) sent a letter to six banks—including Citibank, TD Bank, and HSBC—warning that they may be ineligible for contracts with the state within 45 days unless they showed that they did not illegally boycott fossil fuel companies.<a href="#cite_note-21">[21]</a></li></ul> <ul><li><a href="/South_Carolina_announces_plan_to_divest_Disney_stock_(2023)" title="South Carolina announces plan to divest Disney stock (2023)">South Carolina treasurer announces plan to divest Disney stock</a>: South Carolina Treasurer <a href="/Curtis_Loftis" class="mw-redirect" title="Curtis Loftis">Curtis Loftis</a> (R) announced plans on December 5, 2023, to divest Disney stock after the company announced it would stop purchasing ads on Twitter/X. Loftis called Disney’s decision a breach of fiduciary duty.<a href="#cite_note-22">[22]</a></li></ul> <ul><li><a href="/State_treasurers_question_independence_of_BlackRock_board_members_(2023)" title="State treasurers question independence of BlackRock board members (2023)">State treasurers question independence of BlackRock board members</a>: Daily Mail reported on August 8, 2023, that fifteen state treasurers, with the aid of the State Financial Officers Foundation, sent a letter to BlackRock suggesting that the company’s board members had potential conflicts of interest that could interfere with their ability to make decisions that would benefit shareholders.<a href="#cite_note-23">[23]</a></li></ul> <ul><li><a href="/States_send_letters_and_questionnaires_inquiring_about_ESG_at_firms_(2023)" title="States send letters and questionnaires inquiring about ESG at firms (2023)">SFOs send letters and questionnaires inquiring about ESG at firms</a>: Twenty-one state financial officers signed letters on May 15, 2023, that were sent to large asset management firms and two proxy advisory services (Glass-Lewis and Institutional Shareholder Services, who combined represent 95% of the proxy advisory business), requesting answers to questions about the use of ESG and the justification for doing so as legal fiduciaries of their clients’ money.<a href="#cite_note-24">[24]</a></li></ul> <ul><li><a href="/Oklahoma_treasurer_announces_13_financial_institutions_can%E2%80%99t_do_business_with_the_state_over_ESG_policies_(2023)" title="Oklahoma treasurer announces 13 financial institutions can’t do business with the state over ESG policies (2023)">Oklahoma treasurer announces 13 financial institutions ineligible to do business with the state over ESG policies</a>: Oklahoma State Treasurer <a href="/Todd_Russ" title="Todd Russ">Todd Russ</a> (R) on May 3, 2023, issued a list of 13 financial institutions that were ineligible to do business with the state under a 2022 law because, according to Russ’s office, they engaged in energy boycotts that hurt the state’s economy.<a href="#cite_note-25">[25]</a></li></ul> <ul><li><a href="/Texas_comptroller_sends_letter_to_state_money_managers_over_ESG_concerns_(2023)" title="Texas comptroller sends letter to state money managers over ESG concerns (2023)">Texas comptroller sends letter to state money managers over ESG concerns</a>: Texas State Comptroller <a href="/Glenn_Hegar" title="Glenn Hegar">Glenn Hegar</a> (R) sent letters on February 22, 2023, to state money managers arguing that they were not doing enough to distance themselves from ESG asset management companies (AMCs) and directing them to cut ties with institutions on the state’s boycott list.<a href="#cite_note-26">[26]</a></li></ul> <ul><li><a href="/Oklahoma_treasurer_inquires_about_financial_companies%E2%80%99_ESG_policies,_eligibility_for_state_contracts_(2023)" title="Oklahoma treasurer inquires about financial companies’ ESG policies, eligibility for state contracts (2023)">Oklahoma treasurer inquires about financial companies’ ESG policies, eligibility for state contracts</a>: Oklahoma State Treasurer <a href="/Todd_Russ" title="Todd Russ">Todd Russ</a> (R) sent a letter to more than 100 financial services companies to determine their positions on ESG and, by extension, their suitability for state contracts.<a href="#cite_note-27">[27]</a></li></ul> <ul><li><a href="/West_Virginia_continues_ESG_pushback,_turns_attention_to_proxy_advisory_services_(2023)" title="West Virginia continues ESG pushback, turns attention to proxy advisory services (2023)">West Virginia continues ESG pushback, turns attention to proxy advisory services</a>: West Virginia State Treasurer <a href="/Riley_Moore" title="Riley Moore">Riley Moore</a> (R), one of the first state officials to push back against ESG investing in general and asset management giant BlackRock in particular, did an interview on January 25, 2023, with The Epoch Times in which he discussed his support for a state bill opposing ESG by requiring that publicly owned shares be voted in the best financial interests of pension plan participants and not in line with the recommendations of proxy advisors.<a href="#cite_note-28">[28]</a></li></ul> <ul><li><a href="/Kentucky_threatens_to_divest_from_11_banks_over_ESG_policies_(2023)" title="Kentucky threatens to divest from 11 banks over ESG policies (2023)">Kentucky threatens to divest from 11 banks over ESG policies</a>: On January 2, 2023, Kentucky State Treasurer <a href="/Allison_Ball" title="Allison Ball">Allison Ball</a> (R) issued a statement notifying 11 banks that their environmental, social, and corporate governance (ESG) policies amounted to energy boycotts that harmed the state’s economy according to definitions passed into law in 2022. The statement said the banks had 90 days to stop what Kentucky argued were energy company boycotts or face divestment from the state.<a href="#cite_note-29">[29]</a></li></ul> <ul><li><a href="/North_Carolina_treasurer_asks_BlackRock_CEO_to_resign_over_ESG_commitments_(2022)" title="North Carolina treasurer asks BlackRock CEO to resign over ESG commitments (2022)">North Carolina treasurer asks BlackRock CEO to resign over ESG commitments</a>: On December 9, 2022, North Carolina State Treasurer <a href="/Dale_Folwell" title="Dale Folwell">Dale Folwell</a> (R) sent a letter to BlackRock CEO Larry Fink, asking him to resign his position over his dedication to ESG.<a href="#cite_note-30">[30]</a></li></ul> <ul><li><a href="/Arizona_divests_from_BlackRock_over_firm%E2%80%99s_ESG_policies_(2022)" title="Arizona divests from BlackRock over firm’s ESG policies (2022)">Arizona divests from BlackRock over firm’s ESG policies</a>: On December 8, 2022, Arizona Treasurer <a href="/Kimberly_Yee" title="Kimberly Yee">Kimberly Yee</a> (R) announced that the state’s Investment Risk Management Committee had completed its review of BlackRock – including Larry Fink’s own letters – and had decided to proceed with removing its funds from BlackRock’s management because of the firm’s ESG positioning.<a href="#cite_note-31">[31]</a></li></ul> <ul><li><a href="/Florida_divests_from_BlackRock_over_its_ESG_policies_(2022)" title="Florida divests from BlackRock over its ESG policies (2022)">Florida divests from BlackRock over ESG policies</a>: On December 1, 2022, the state of Florida, at the direction of Governor <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) and State Chief Financial Officer (CFO) <a href="/Jimmy_Patronis" title="Jimmy Patronis">Jimmy Patronis</a>, divested funds from BlackRock over its sustainability and ESG policies.<a href="#cite_note-32">[32]</a></li></ul> <ul><li><a href="/State_Financial_Officers_Foundation_holds_a_conference_and_makes_an_announcement_(2022)" title="State Financial Officers Foundation holds a conference and makes an announcement (2022)">State Financial Officers Foundation announces campaign opposing ESG</a>: At a semi-annual meeting in Washington, D.C., attended by more than two dozen state officials, the State Financial Officers Foundation (SFOF) and its state financial officer members held a press conference to announce the launch of a retail-oriented, constituent-targeted ESG campaign and website called “Our Money, Our Values”.<a href="#cite_note-33">[33]</a></li></ul> <ul><li><a href="/Missouri_latest_state_to_divest_BlackRock_funds_over_ESG_(2022)" title="Missouri latest state to divest BlackRock funds over ESG (2022)">Missouri divests BlackRock funds over ESG</a>: On October 18, 2022, Missouri Treasurer <a href="/Scott_Fitzpatrick" title="Scott Fitzpatrick">Scott Fitzpatrick</a> (R) announced that he would pull his state’s funds from BlackRock, Inc.’s asset management in response to the firm’s ESG commitments and what the fund called sustainability investing practices.<a href="#cite_note-34">[34]</a></li></ul> <ul><li><a href="/South_Carolina_latest_state_to_divest_BlackRock_funds_over_ESG_(2022)" title="South Carolina latest state to divest BlackRock funds over ESG (2022)">South Carolina divests BlackRock funds over ESG</a>: On October 9, 2022, South Carolina Treasurer <a href="/Curtis_Loftis" class="mw-redirect" title="Curtis Loftis">Curtis Loftis</a> (R) confirmed that his state would remove its investments from BlackRock Inc.’s asset management because of the firm’s dedication to ESG and what BlackRock called sustainability investing.<a href="#cite_note-35">[35]</a></li></ul> <ul><li><a href="/Louisiana_treasurer_announces_plan_to_divest_state_funds_from_BlackRock_(2022)" title="Louisiana treasurer announces plan to divest state funds from BlackRock (2022)">Louisiana treasurer announces plan to divest state funds from BlackRock</a>: On October 5, 2022, Louisiana Treasurer <a href="/John_Schroder" title="John Schroder">John Schroder</a> (R) announced that he had joined a growing number of state public officials who either pulled their state’s investments from BlackRock and other ESG-fund providers or threatened to do so. In his letter to BlackRock CEO Larry Fink, also dated October 5, Schroder said that, in his words, the firm’s “blatantly anti-fossil fuel policies would destroy Louisiana’s economy.”<a href="#cite_note-36">[36]</a><a href="#cite_note-37">[37]</a></li></ul> <ul><li><a href="/Texas_state_Senate_committee_seeks_documents_from_funds,_including_BlackRock,_in_ESG_probe_(2022)" title="Texas state Senate committee seeks documents from funds, including BlackRock, in ESG probe (2022)">Texas treasurer issues list of funds ineligible for business with the state over ESG policies</a>: On August 24, 2022, the government of Texas joined West Virginia in issuing a list of companies and funds that were ineligible to do business with the state because of their ESG policies and/or statements. The list included many names in ESG investing, such as BlackRock.<a href="#cite_note-38">[38]</a></li></ul> <ul><li><a href="/Kentucky_treasurer_writes_opinion_arguing_against_ESG_(2022)" title="Kentucky treasurer writes opinion arguing against ESG (2022)">Kentucky treasurer writes opinion arguing against ESG</a>: On June 2, 2022, <a href="/Allison_Ball" title="Allison Ball">Allison Ball</a> (R), the Treasurer of Kentucky, took to the pages of RealClearMarkets to make the case against ESG and what opponents described as woke capital and to explain what she and others in her state were aiming to do about it.<a href="#cite_note-39">[39]</a></li></ul> <ul><li><a href="/West_Virginia_adds_five_financial_institutions_to_its_restricted_financial_institution_list_over_ESG_policies_(2022)" title="West Virginia adds five financial institutions to its restricted financial institution list over ESG policies (2022)">West Virginia adds five financial institutions to its restricted financial institution list over ESG policies</a>: In West Virginia, State Treasurer <a href="/Riley_Moore" title="Riley Moore">Riley Moore</a> (R) announced that five firms had been placed on his state’s restricted financial institution list because their ESG policies conflicted with what the treasurer said were his state’s financial interests, namely coal and other fossil fuels.<a href="#cite_note-40">[40]</a></li></ul> <ul><li><a href="/Missouri_Treasurer_asks_the_legislature_to_address_ESG_influence_on_public_pensions_(2022)" title="Missouri Treasurer asks the legislature to address ESG influence on public pensions (2022)">Missouri Treasurer asks the legislature to address ESG influence on public pensions</a>: Missouri Treasurer <a href="/Scott_Fitzpatrick" title="Scott Fitzpatrick">Scott Fitzpatrick</a> (R) – who was campaigning to be the state’s next auditor – pleaded with state legislators to address ESG, which he argued had harmful consequences for the state.<a href="#cite_note-41">[41]</a></li></ul> <ul><li><a href="/West_Virginia_treasurer_speaks_out_against_S%26P_ESG_indicators_(2022)" title="West Virginia treasurer speaks out against S&P ESG indicators (2022)">West Virginia treasurer speaks out against S&P ESG indicators</a>: In April 2022, West Virginia Treasurer <a href="/Riley_Moore" title="Riley Moore">Riley Moore</a> followed his Utah counterpart, Treasurer <a href="/Marlo_Oaks" title="Marlo Oaks">Marlo Oaks</a> (R), in opposing S&P Global’s state ESG ratings and calling for them to be scrapped.<a href="#cite_note-42">[42]</a></li></ul> <h3>State administrative board activity opposing ESG investing</h3> This section tracks a selection of state administrative board (including boards for <a href="/State_public_pension_plans" title="State public pension plans">pensions</a> and other funds) activity opposing ESG, especially as ESG investing relates to <a href="/State_public_pension_plans" title="State public pension plans">state public pension plans</a>. Board activity includes creating policies prohibiting ESG considerations in investments and ending contracts with businesses and asset managers that violate guidelines. Click the links below to read the full stories. <ul><li><a href="/Texas_fund_adopts_shareholder_voting_approach_opposing_ESG_(2024)" title="Texas fund adopts shareholder voting approach opposing ESG (2024)">Texas fund adopts shareholder voting approach opposing ESG</a>: The Texas Permanent School Fund announced in April 2024 that it would use a proxy voting option from Institutional Shareholder Services (ISS) referred to as the ESG skeptic option, which was developed by Bowyer Research.<a href="#cite_note-43">[43]</a></li></ul> <ul><li><a href="/Texas_education_fund_pulls_$8.5_billion_from_BlackRock_(2024)" title="Texas education fund pulls $8.5 billion from BlackRock (2024)">Texas education fund pulls $8.5 billion from BlackRock</a>: The Texas Permanent School Fund (TPSF) on March 19, 2024, pulled roughly $8.5 billion from BlackRock’s asset management. Texas State Board of Education Chairman <a href="/Aaron_Kinsey" title="Aaron Kinsey">Aaron Kinsey</a> (R) argued that BlackRock supported ESG and was ineligible to manage public funds under a state law prohibiting public contracts with companies that illegally boycott the fossil fuel industry. BlackRock responded with a <a target="_blank" rel="noreferrer noopener" class="external text" href="https://twitter.com/BlackRock/status/1770897379195064762">thread</a> on Twitter/X and a letter to Kinsey and the TPSF, arguing the move was not in the best financial interest of the school fund. The move brought the total of Republican state funds withdrawn from BlackRock’s management to more than $13 billion.<a href="#cite_note-44">[44]</a><a href="#cite_note-45">[45]</a><a href="#cite_note-46">[46]</a></li></ul> <ul><li><a href="/Wyoming_state_board_pushes_back_against_ESG_(2023)" title="Wyoming state board pushes back against ESG (2023)">Wyoming state board pushes back against ESG</a>: The Wyoming State Loan and Investment Board on August 2, 2023, enacted an investment policy prohibiting ESG considerations in state investments.<a href="#cite_note-47">[47]</a></li></ul> <ul><li><a href="/Indiana_contracts_with_investment_advisory_firm_opposed_to_ESG_(2023)" title="Indiana contracts with investment advisory firm opposed to ESG (2023)">Indiana contracts with investment advisory firm opposed to ESG</a>: The Indiana Capital Chronicle reported on March 20, 2023, that Indiana, which was among the states trying to limit considerations of ESG in the investment of state funds, contracted with Strive Advisory in November 2022 to help its pension system “strengthen its investment policy statement and proxy voting policies.”<a href="#cite_note-48">[48]</a></li></ul> <ul><li><a href="/Montana_governor_announces_ban_on_ESG_considerations_in_state_investments_(2023)" title="Montana governor announces ban on ESG considerations in state investments (2023)">Montana Board of Investments announces ban on ESG considerations in state investments</a>: The office of Montana Governor <a href="/Greg_Gianforte" title="Greg Gianforte">Greg Gianforte</a> (R) released the following statement on January 18, 2023, announcing that Montana joined several other states in prohibiting non-financial considerations, including considerations related to ESG, in the state’s investments.<a href="#cite_note-49">[49]</a></li></ul> <ul><li><a href="/Governor_DeSantis_bans_the_use_of_ESG_criteria_in_state_pension_fund_management_(2022)" title="Governor DeSantis bans the use of ESG criteria in state pension fund management (2022)">Florida State Board of Administration votes to ban ESG considerations in state pension investment decisions</a>: The Florida State Board of Administration agreed to change rules governing state pension investments. It banned considerations of "social, political or ideological interests" in state investment decisions.<a href="#cite_note-50">[50]</a></li></ul> <ul><li><a href="/Arizona%E2%80%99s_Pension_Board_goes_anti-ESG_(2022)" title="Arizona’s Pension Board goes anti-ESG (2022)">Arizona’s pension board updates rules to prevent adoption of ESG investment strategies</a>: On August 30, 2022, the Arizona State Pension Board altered its rules to deter the use of non-pecuniary factors in state pension investments, updating its policies to prevent the adoption of ESG or related investment strategies.<a href="#cite_note-51">[51]</a></li></ul> <h3>Attorney general activity opposing ESG investing</h3> This section tracks a selection of <a href="/Attorney_General_(state_executive_office)" title="Attorney General (state executive office)">attorney general</a> activities opposing ESG, including investigations of companies over ESG concerns, letters to federal agencies over ESG rulemaking, and opinions related to state laws surrounding the definitions of fiduciary responsibilities. Click the links below to read the full stories. <ul><li><a href="/Virginia_attorney_general_issues_ESG_opinion_(2024)" title="Virginia attorney general issues ESG opinion (2024)">Virginia attorney general issues ESG opinion</a>: Virginia Attorney General <a href="/Jason_Miyares" title="Jason Miyares">Jason Miyares</a> (R) issued an advisory opinion August 16, 2024, opposing ESG and other non-financial considerations in the management of public pension funds.<a href="#cite_note-52">[52]</a></li></ul> <ul><li>State attorneys general sue over SEC climate disclosure rule: State attorneys general in 10 states, led by West Virginia Attorney General <a href="/Patrick_Morrisey" title="Patrick Morrisey">Patrick Morrisey</a> (R) and Georgia Attorney General <a href="/Chris_Carr" title="Chris Carr">Chris Carr</a> (R), filed a lawsuit against the <a href="/Securities_and_Exchange_Commission" title="Securities and Exchange Commission">Securities and Exchange Commission</a> (SEC) after the agency released regulations requiring publicly traded companies to submit standardized climate risk and carbon emissions disclosures. The suit alleged the regulations were not clearly tied to the SEC's statutory authority and possibly violated the First Amendment.<a href="#cite_note-53">[53]</a></li></ul> <ul><li><a href="/Texas_bans_Barclays_from_purchasing_and_underwriting_municipal_bonds_(2024)" title="Texas bans Barclays from purchasing and underwriting municipal bonds (2024)">Texas bans Barclays from purchasing and underwriting municipal bonds</a>: Texas Attorney General <a href="/Ken_Paxton" title="Ken Paxton">Ken Paxton</a> (R) on January 26, 2024, banned Barclay’s from participating in the state’s municipal bond market because the company did not respond to requests for information related to its ESG commitments.<a href="#cite_note-54">[54]</a></li></ul> <ul><li>Tennessee sues BlackRock, alleging false statements related to ESG investment considerations: Tennessee Attorney General <a href="/Jonathan_Skrmetti" title="Jonathan Skrmetti">Jonathan Skrmetti</a> (R) filed a lawsuit against BlackRock on December 18, 2023, alleging that BlackRock made misleading statements regarding the extent to which the company considered ESG factors in investments, preventing consumers from making informed investment choices.<a href="#cite_note-55">[55]</a></li></ul> <ul><li><a href="/State_attorneys_general_appeal_challenge_to_labor_department%E2%80%99s_ESG_rule_(2023)" title="State attorneys general appeal challenge to labor department’s ESG rule (2023)">State attorneys general appeal challenge to labor department’s ESG rule</a>: The state attorneys general who sued the Biden administration to overturn its rule allowing ESG considerations in Employee Retirement Income Security Act of 1974 (ERISA)-governed pension plans filed an appeal on October 26, 2023. The case was previously thrown out in a federal district court.<a href="#cite_note-56">[56]</a></li></ul> <ul><li><a href="/State_attorneys_general_push_back_against_participation_of_financial_advisors_in_climate_groups_(2023)" title="State attorneys general push back against participation of financial advisors in climate groups (2023)">State attorneys general push back against participation of financial advisors in climate groups</a>: Tennessee Attorney General <a href="/Jonathan_Skrmetti" title="Jonathan Skrmetti">Jonathan Skrmetti</a> (R) led a coalition of 21 other state attorneys general in requesting information from large financial firms regarding their participation in certain climate groups, such as the Net Zero Financial Service Providers Alliance. The letter argued that participation in such groups could constitute noncompetitive behavior under antitrust laws.<a href="#cite_note-57">[57]</a></li></ul> <ul><li><a href="/State_AGs_warn_corporations_that_social_policies_could_violate_the_law_following_Supreme_Court_affirmative_action_ruling_(2023)" title="State AGs warn corporations that social policies could violate the law following Supreme Court affirmative action ruling (2023)">State AGs warn corporations that social policies could violate the law following Supreme Court affirmative action ruling</a>: Thirteen Republican state attorneys general sent a letter on July 13, 2023, to major corporations warning that certain social policies (the S in ESG) like making hiring or promotion decisions based on race was potentially illegal following the Supreme Court’s ruling on affirmative action on June 29, 2023.<a href="#cite_note-58">[58]</a></li></ul> <ul><li><a href="/Alabama_AG_criticizes_ESG_supporters_who_claim_to_promote_free_markets_(2023)" title="Alabama AG criticizes ESG supporters who claim to promote free markets (2023)">Alabama AG criticizes ESG supporters who claim to promote free markets</a>: Alabama Attorney General <a href="/Steve_Marshall" title="Steve Marshall">Steve Marshall</a> (R) took to the pages of The Wall Street Journal on May 23, 2023, to condemn congressional ESG supporters for calling themselves free market advocates.<a href="#cite_note-59">[59]</a></li></ul> <ul><li><a href="/States_seek_to_block_U.S._Department_of_Labor_ESG_rule_(2023)" title="States seek to block U.S. Department of Labor ESG rule (2023)">State lawyers seek to block U.S. Department of Labor ESG rule</a>: Twenty-five states asked a federal judge in Texas on May 16, 2023, to block the implementation of the Biden Labor Department’s rule on the use of ESG in retirement investment plans that fall under ERISA. The states argue that the Biden rule was not created properly because the previous rule (enacted under the Trump administration) was, in their view, improperly invalidated.<a href="#cite_note-60">[60]</a></li></ul> <ul><li><a href="/States_move_to_block_BlackRock_from_buying_utility_companies_(2023)" title="States move to block BlackRock from buying utility companies (2023)">Attorneys general move to block BlackRock from buying utility companies</a>: Several Republican state attorneys general filed a motion with the <a href="/Federal_Energy_Regulatory_Commission" title="Federal Energy Regulatory Commission">Federal Energy Regulatory Commission</a> (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.<a href="#cite_note-61">[61]</a></li></ul> <ul><li><a href="/Louisiana_attorney_general_launches_ESG_investigation_(2023)" title="Louisiana attorney general launches ESG investigation (2023)">Louisiana attorney general launches ESG investigation</a>: Louisiana Attorney General <a href="/Jeff_Landry" title="Jeff Landry">Jeff Landry</a> (R) launched an investigation on April 25, 2023, into Climate Action 100+, which described itself as “an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.” Landry’s office said the investigation aimed to determine whether some asset management companies that were part of the initiative violated their fiduciary duties by focusing on ESG investment factors.<a href="#cite_note-62">[62]</a></li></ul> <ul><li><a href="/Tennessee_joins_open_letter_opposing_ESG_(2023)" title="Tennessee joins open letter opposing ESG (2023)">Tennessee joins open letter opposing ESG</a>: Tennessee joined the original group of state attorneys general on April 10 who signed an open letter to asset managers arguing that those managers had a legal responsibility to seek maximized returns based on financial (not ESG) considerations in the investment of state funds.<a href="#cite_note-63">[63]</a></li></ul> <ul><li><a href="/States_send_letter_to_asset_managers_opposing_ESG_(2023)" title="States send letter to asset managers opposing ESG (2023)">States send letter to asset managers opposing ESG</a>: Attorneys general from 21 states signed and sent a letter on March 30, 2023, to some of the biggest and best-known asset management companies (AMCs) in the country. The letter threatened state divestment from AMCs that incorporated ESG policies into their investment strategies.<a href="#cite_note-64">[64]</a></li></ul> <ul><li><a href="/State_attorneys_general_continue_the_pushback_against_ESG_(2023)" title="State attorneys general continue the pushback against ESG (2023)">State attorneys general continue the pushback against ESG</a>: Bloomberg Law argued on February 13, 2023, that state attorneys general were the new players in the state-level pushback against ESG after state financial officers (like treasurers and auditors) dominated most of the state-level pushback in 2022.<a href="#cite_note-65">[65]</a></li></ul> <ul><li>State attorneys general sue SEC over ESG fund disclosure rules: Texas and three other states filed a lawsuit in February 2023 against a <a href="/Securities_and_Exchange_Commission" title="Securities and Exchange Commission">Securities and Exchange Commission</a> rule requiring funds to disclose additional information about their votes on ESG shareholder proposals and requiring other corporate meeting disclosures related to ESG.<a href="#cite_note-66">[66]</a></li></ul> <ul><li><a href="/States_sue_Biden_administration_over_ESG_in_retirement_plans_(2023)" title="States sue Biden administration over ESG in retirement plans (2023)">States sue Biden administration over ESG in retirement plans</a>: Twenty-five states announced on January 26, 2023, that they had filed a lawsuit against the Biden administration alleging that, in their view, the Department of Labor’s rule allowing for the consideration of ESG factors in Employee Retirement Income Security Act (ERISA)-governed retirement investments increased portfolio risk and violated the law.<a href="#cite_note-67">[67]</a></li></ul> <ul><li><a href="/State_attorneys_general_continue_to_oppose_ESG_(2023)" title="State attorneys general continue to oppose ESG (2023)">Twenty-one state attorneys general release a letter to proxy advisory firms warning that ESG investment considerations could violate state laws and contracts</a>: Twenty-one Republican state attorneys general—led by Utah Attorney General <a href="/Sean_Reyes" class="mw-redirect" title="Sean Reyes">Sean Reyes</a> (R)—on January 17, 2023, released a letter to proxy advisory firms warning that ESG investment considerations could violate state laws and contracts.<a href="#cite_note-68">[68]</a></li></ul> <ul><li><a href="/West_Virginia_Attorney_General_threatens_to_sue_SEC_if_regulator_enacts_ESG_reporting_requirements_(2023)" title="West Virginia Attorney General threatens to sue SEC if regulator enacts ESG reporting requirements (2023)">West Virginia Attorney General threatens to sue SEC if regulator enacts ESG reporting requirements</a>: In 2022, West Virginia Attorney General <a href="/Patrick_Morrisey" title="Patrick Morrisey">Patrick Morrisey</a> (R) won the West Virginia v. EPA court case, limiting the Environmental Protection Agency’s power to regulate greenhouse gases. Morrisey said in January 2023 that he would sue the Securities and Exchange Commission if the regulator enacted rules requiring businesses to report on greenhouse gas emissions or other ESG metrics:<a href="#cite_note-69">[69]</a></li></ul> <ul><li><a href="/State_attorneys_general_file_motion_to_oppose_Vanguard_utility_company_stock_purchases_(2022)" title="State attorneys general file motion to oppose Vanguard utility company stock purchases (2022)">State attorneys general file motion to oppose Vanguard utility company stock purchases</a>: On November 29, 2022, 13 Republican state attorneys general filed a motion asking the Federal Energy Regulatory Commission to hold a hearing on ESG-mutual-fund player Vanguard’s plans to purchase large numbers of shares in public utility stocks. The states said they were concerned that, as an ESG advocate, Vanguard might engage in environmental activism with its stakes in the utilities.<a href="#cite_note-70">[70]</a></li></ul> <ul><li><a href="/19_state_attorneys_general_announce_investigation_into_ESG_investing_practices_of_six_banks_(2022)" title="19 state attorneys general announce investigation into ESG investing practices of six banks (2022)">19 state attorneys general announce investigation into ESG investing practices of six banks</a>: Fox Business reported on October 19, 2022, that attorneys general from 19 states announced that they were launching an investigation into the involvement of six large American banks with the United Nations’ Net-Zero Banking Alliance. Missouri Attorney General <a href="/Eric_Schmitt" title="Eric Schmitt">Eric Schmitt</a> (R) said, “We are leading a coalition investigating banks for ceding authority to the U.N., which will only result in the killing of American companies that don’t subscribe to the woke, climate agenda.”<a href="#cite_note-71">[71]</a></li></ul> <ul><li><a href="/Texas_joins_investigation_over_S%26P%E2%80%99s_use_of_ESG_in_credit_ratings_(2022)" title="Texas joins investigation over S&P’s use of ESG in credit ratings (2022)">Texas joins investigation over S&P’s use of ESG in credit ratings</a>: On September 28, 2022, Texas Attorney General Ken Paxon (R) announced that he and his state had joined in a multi-state investigation of S&P and its use of ESG factors in creating credit ratings, an issue that was first highlighted in April by Utah Treasurer <a href="/Marlo_Oaks" title="Marlo Oaks">Marlo Oaks</a> (R). The press release from Paxon’s office read as follows:<a href="#cite_note-72">[72]</a></li></ul> <ul><li><a href="/Indiana_joins_the_list_of_ESG-boycotting_states_(2022)" title="Indiana joins the list of ESG-boycotting states (2022)">Indiana Attorney General advises the Indiana Public Retirement System that ESG investment strategies violate state law because they are not fiduciarily responsible</a>: State Attorney General <a href="/Todd_Rokita" title="Todd Rokita">Todd Rokita</a> (R) made his case that ESG was not, in his view, fiduciarily responsible and was, therefore, a violation of state law.<a href="#cite_note-73">[73]</a></li></ul> <ul><li><a href="/18_states_join_Missouri_Attorney_General_investigation_over_Morningstar_ESG_(2022)" title="18 states join Missouri Attorney General investigation over Morningstar ESG (2022)">18 states join Missouri attorney general investigation over Morningstar ESG</a>: Missouri Attorney General <a href="/Eric_Schmitt" title="Eric Schmitt">Eric Schmitt</a> (R) began an investigation of Morningstar, Inc. and its ESG-ratings subsidiary, Sustainalytics, for alleged consumer protection violations. Specifically, Schmitt’s scrutiny focused on accusations that Sustainalytics used sources in developing and implementing its ESG ratings that violated state laws prohibiting discrimination against Israeli companies. Schmitt's office announced that it had been joined in its inquiry by attorneys general in 18 other states.<a href="#cite_note-74">[74]</a></li></ul> <ul><li><a href="/Kentucky%E2%80%99s_attorney_general_says_ESG_is_inconsistent_with_Kentucky_law_(2022)" title="Kentucky’s attorney general says ESG is inconsistent with Kentucky law (2022)">Kentucky’s attorney general says ESG is inconsistent with state law</a>: Kentucky Treasurer <a href="/Allison_Ball" title="Allison Ball">Allison Ball</a> (R) asked Kentucky Attorney General <a href="/Daniel_Cameron" title="Daniel Cameron">Daniel Cameron</a> (R) “[w]hether 'stakeholder capitalism' and 'environmental, social, and governance' investment practices in connection with the investment of public pensions funds" were "consistent with Kentucky law governing fiduciary duties.” The Attorney General’s office replied on May 26, 2022, arguing ESG was inconsistent with fiduciary responsibility in the state.<a href="#cite_note-75">[75]</a></li></ul> <ul><li><a href="/Group_of_state_attorneys_general_file_comments_with_the_Securities_and_Exchange_Commission_(SEC)_opposing_proposed_rules_for_ESG_funds_(2022)" title="Group of state attorneys general file comments with the Securities and Exchange Commission (SEC) opposing proposed rules for ESG funds (2022)">Group of state attorneys general file comments with the Securities and Exchange Commission (SEC) opposing proposed rules for ESG funds</a>: On August 17, 2022, West Virginia Attorney General <a href="/Patrick_Morrisey" title="Patrick Morrisey">Patrick Morrisey</a> (R) led a group of state attorneys general in filing comments with the Securities and Exchange Commission (SEC) opposing the Commission’s proposed rules for ESG funds. Morrisey and the others appeared to be planning to challenge the SEC in the same manner as Morrissey successfully challenged the Environmental Protection Agency (EPA) for overstepping its statutory authority.<a href="#cite_note-76">[76]</a></li></ul> <ul><li><a href="/Missouri_Attorney_General_Schmitt_launches_investigation_of_Morningstar_over_ESG_business_practices_(2022)" title="Missouri Attorney General Schmitt launches investigation of Morningstar over ESG business practices (2022)">Missouri Attorney General Schmitt launches investigation of Morningstar over ESG business practices</a>: Missouri Attorney General <a href="/Eric_Schmitt" title="Eric Schmitt">Eric Schmitt</a> (R) launched an investigation of Morningstar into its ESG business practices and whether they complied with state law.<a href="#cite_note-77">[77]</a></li></ul> <ul><li>Louisiana attorney general issues guidance opposing ESG investing in state pensions: Louisiana Attorney General <a href="/Jeff_Landry" title="Jeff Landry">Jeff Landry</a> (R) issued guidance in August 2022 arguing that asset managers like BlackRock, Vanguard, and State Street violated their fiduciary duties under state law through their ESG commitments.<a href="#cite_note-78">[78]</a></li></ul> <h3>Secretary of state activity opposing ESG investing</h3> This section tracks a selection of secretary of state activities opposing ESG, including cease and desist orders over ESG activity, fines over misleading ESG policies, and statements and arguments from officials. Click the links below to read the full stories. <ul><li><a href="/Missouri_appeals_federal_court_ruling_blocking_anti-ESG_law_(2024)" title="Missouri appeals federal court ruling blocking anti-ESG law (2024)">Missouri appeals federal court ruling blocking anti-ESG law</a>: Missouri Secretary of State <a href="/Jay_Ashcroft" title="Jay Ashcroft">Jay Ashcroft</a> (R) on September 13, 2024, appealed a <a href="/Court_blocks_Missouri_anti-ESG_rules_(2024)" title="Court blocks Missouri anti-ESG rules (2024)">federal court decision</a> that invalidated two of the state’s 2023 anti-ESG investing rules.<a href="#cite_note-79">[79]</a></li></ul> <ul><li><a href="/Indiana_Secretary_of_State_issues_cease-and-desist_order_against_BlackRock_(2024)" title="Indiana Secretary of State issues cease-and-desist order against BlackRock (2024)">Indiana Secretary of State issues cease-and-desist order against BlackRock</a>: Indiana Secretary of State <a href="/Diego_Morales" title="Diego Morales">Diego Morales</a> (R) announced his office issued a cease-and-desist order August 22, 2024, against BlackRock, arguing the asset manager misled investors and used non-ESG funds to promote ESG goals.<a href="#cite_note-80">[80]</a></li></ul> <ul><li><a href="/Mississippi_issues_cease_and_desist_order_to_BlackRock,_warns_of_potential_fines_(2024)" title="Mississippi issues cease and desist order to BlackRock, warns of potential fines (2024)">Mississippi issues cease and desist order to BlackRock, warns of potential fines</a>: Mississippi Secretary of State <a href="/Michael_Watson" title="Michael Watson">Michael Watson</a> (R) on March 26, 2024, sent a cease and desist letter to BlackRock arguing the firm misled investors regarding the extent of its commitment to ESG strategies and threatened to fine the asset manager. Watson specifically said BlackRock's claim that the firm's non-ESG funds did not "seek to follow a sustainable, impact or ESG investment strategy” was false or misleading and contrary to BlackRock’s public ESG commitments to pro-ESG initiatives like the <a href="/Net_Zero_Asset_Managers_Initiative" title="Net Zero Asset Managers Initiative">Net Zero Asset Managers Initiative</a>.<a href="#cite_note-81">[81]</a></li></ul> <ul><li><a href="/Wyoming_secretary_of_state_joins_ESG_pushback_(2023)" title="Wyoming secretary of state joins ESG pushback (2023)">Wyoming secretary of state joins ESG pushback</a>: During a meeting of the State Loans and Investments Board on April 6, 2023, Wyoming Secretary of State <a href="/Chuck_Gray" title="Chuck Gray">Chuck Gray</a> (R) said he opposed ESG and would do whatever he could, given his position, to oppose it.<a href="#cite_note-82">[82]</a></li></ul> <h3>Agriculture commissioner activity opposing ESG investing</h3> This section tracks a selection of <a href="/List_of_current_agriculture_commissioners_in_the_United_States" title="List of current agriculture commissioners in the United States">agriculture commissioner</a> activities opposing ESG, including investigations of companies over ESG effects on agriculture, letters to banks over ESG activities, and studies on the economic impacts of ESG. Click the links below to read the full stories. <ul><li><a href="/State_agriculture_commissioners_join_ESG_pushback_(2024)" title="State agriculture commissioners join ESG pushback (2024)">State agriculture commissioners join ESG pushback</a>: Agriculture commissioners from 12 states sent a letter on January 29, 2024, to the heads of six banks, arguing that ESG efforts to promote net-zero carbon policies would hurt farmers and inflate consumer food prices.<a href="#cite_note-83">[83]</a></li></ul> <h3>State legislative activity opposing ESG investing</h3> <dl><dd><dl><dd>See also: <a href="/State_legislative_approaches_opposing_ESG_investing" title="State legislative approaches opposing ESG investing">State legislative approaches opposing ESG investing</a>, <a href="/Enacted_state_ESG_legislation_by_trifecta_status,_2020-2024" title="Enacted state ESG legislation by trifecta status, 2020-2024">Enacted state ESG legislation by trifecta status, 2020-2024</a></dd></dl></dd></dl> This section lists noteworthy examples of legislative activity opposing ESG investing. To learn more about the six types of legislative approaches opposing ESG and for a full list of bills since 2020, <a href="/State_legislative_approaches_opposing_ESG_investing" title="State legislative approaches opposing ESG investing">click here</a>. Click the links below to read the full stories. <ul><li>Oklahoma Council of Public Affairs argues for anti-ESG law: The Oklahoma Council of Public Affairs ran an article arguing Oklahoma’s anti-ESG law financially helped the state and its pension beneficiaries.<a href="#cite_note-84">[84]</a></li></ul> <ul><li><a href="/ESG_critics_testify_in_favor_of_Texas_anti-ESG_law_(2024)" title="ESG critics testify in favor of Texas anti-ESG law (2024)">ESG critics testify in favor of Texas anti-ESG law</a>: Two ESG opponents—William Hild (the executive director of Consumers’ Research) and Eric Bledsoe (a senior fellow at the Foundation for Government Accountability)—gave testimonies before the Texas Senate on October 17, 2024. They argued the state’s anti-ESG laws produced positive results and said non-ESG investment funds tended to outperform investments that considered other factors.<a href="#cite_note-85">[85]</a></li></ul> <ul><li><a href="/South_Carolina_lawmakers_consider_bill_to_prohibit_ESG_discrimination_against_agriculture_companies_(2024)" title="South Carolina lawmakers consider bill to prohibit ESG discrimination against agriculture companies (2024)">South Carolina lawmakers consider bill to prohibit ESG discrimination against agriculture companies</a>: South Carolina lawmakers were considering legislation that proposed prohibiting financial services institutions from discriminating against agricultural businesses on the basis of ESG criteria. The bill passed the state House on March 29, 2024, and was amended in the state Senate April 18.<a href="#cite_note-86">[86]</a></li></ul> <ul><li><a href="/New_Hampshire_bills_could_prohibit_ESG_investing_in_public_funds_(2024)" title="New Hampshire bills could prohibit ESG investing in public funds (2024)">New Hampshire bills could prohibit ESG investing in public funds</a>: Republican legislators in New Hampshire introduced two bills—one in the state House, one in the Senate—in early January 2024 that proposed prohibiting ESG considerations in the management of public funds.<a href="#cite_note-87">[87]</a></li></ul> <ul><li><a href="/Arkansas_laws_opposing_ESG_take_effect_(2023)" title="Arkansas laws opposing ESG take effect (2023)">Arkansas laws opposing ESG take effect</a>: Two new state laws in Arkansas creating an oversight committee to develop a list of companies using ESG in investment or boycott decisions took effect August 1, 2023.<a href="#cite_note-88">[88]</a></li></ul> <ul><li><a href="/Texas_Legislature_passes_bill_prohibiting_insurers_from_considering_ESG_factors_(2023)" title="Texas Legislature passes bill prohibiting insurers from considering ESG factors (2023)">Texas Legislature passes bill prohibiting insurers from considering ESG factors</a>: The Texas Legislature passed a bill in May 2023 prohibiting insurance companies from setting rate policies using ESG factors.<a href="#cite_note-89">[89]</a></li></ul> <ul><li><a href="/Alabama_governor_signs_legislation_opposing_ESG_in_state_contracts_(2023)" title="Alabama governor signs legislation opposing ESG in state contracts (2023)">Alabama governor signs legislation opposing ESG in state contracts</a>: Alabama Governor <a href="/Kay_Ivey" title="Kay Ivey">Kay Ivey</a> (R) signed legislation on June 6, 2023, banning state contracts with companies that engage in ESG-related boycotts.<a href="#cite_note-90">[90]</a></li></ul> <ul><li><a href="/North_Carolina_becomes_latest_state_to_challenge_ESG_(2023)" title="North Carolina becomes latest state to challenge ESG (2023)">North Carolina becomes latest state to challenge ESG</a>: The North Carolina State Senate on June 13 passed a bill banning the use of ESG in state investments and sent it to the desk of Governor <a href="/Roy_Cooper" title="Roy Cooper">Roy Cooper</a> (D). The bill previously passed the state House.<a href="#cite_note-91">[91]</a></li></ul> <ul><li><a href="/Alabama_anti-ESG_legislation_heads_to_Governor%E2%80%99s_desk_(2023)" title="Alabama anti-ESG legislation heads to Governor’s desk (2023)">Alabama anti-ESG legislation heads to Governor’s desk</a>: On May 31, 2023, the Alabama House followed in the footsteps of the state Senate, passing a far-reaching bill restricting the use of ESG in the investment of public funds.<a href="#cite_note-92">[92]</a></li></ul> <ul><li><a href="/Alabama_Senate_advances_bill_opposing_ESG_boycotts_(2023)" title="Alabama Senate advances bill opposing ESG boycotts (2023)">Alabama Senate advances bill opposing ESG boycotts</a>: The Alabama State Senate on May 18, 2023, passed a bill that proposed prohibiting state contracts with businesses that boycotted certain companies and industries (like fossil fuel or mining companies) based on ESG criteria.<a href="#cite_note-93">[93]</a></li></ul> <ul><li><a href="/Alabama_Senate_committee_advances_bill_opposing_ESG_(2023)" title="Alabama Senate committee advances bill opposing ESG (2023)">Alabama Senate committee advances bill opposing ESG</a>: The Alabama Senate Committee on Fiscal Responsibility and Economic Development overrode objections from the state’s bankers and Democrats and advanced an ESG bill that proposed preventing state entities from doing business with financial companies that boycotted specific sectors of the economy.<a href="#cite_note-94">[94]</a></li></ul> <ul><li><a href="/Florida_governor_signs_bill_opposing_ESG_(2023)" title="Florida governor signs bill opposing ESG (2023)">Florida enacts bill opposing ESG</a>: Florida Governor <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) signed legislation on May 2, 2023, prohibiting the use of ESG criteria in the investment of public funds.<a href="#cite_note-95">[95]</a></li></ul> <ul><li><a href="/Indiana_House_passes_bill_opposing_ESG_in_state_investments_(2023)" title="Indiana House passes bill opposing ESG in state investments (2023)">Indiana House passes bill opposing ESG in state investments</a>: The Indiana House passed a bill on April 24, 2023, that proposed restricting the use of ESG funds in state investments, following the lead of the state Senate.<a href="#cite_note-96">[96]</a></li></ul> <ul><li><a href="/Kansas_bill_opposing_ESG_to_become_law_(2023)" title="Kansas bill opposing ESG to become law (2023)">Kansas bill opposing ESG becomes law</a>: Governor <a href="/Laura_Kelly" title="Laura Kelly">Laura Kelly</a> (D) announced on April 24, 2023, that she would not veto a bill aimed at opposing the influence of ESG in state investments, meaning the law would be enacted.<a href="#cite_note-97">[97]</a></li></ul> <ul><li><a href="/Florida_advances_bill_opposing_ESG_(2023)" title="Florida advances bill opposing ESG (2023)">Florida advances bill opposing ESG</a>: The Florida Senate passed a bill on April 19, 2023, that proposed prohibiting the state and local governments from using ESG in debt financing and investing. The bill advanced to Governor <a href="/Ron_DeSantis" title="Ron DeSantis">Ron DeSantis</a> (R) for consideration.<a href="#cite_note-98">[98]</a></li></ul> <ul><li><a href="/South_Carolina_House_advances_bill_opposing_ESG_(2023)" title="South Carolina House advances bill opposing ESG (2023)">South Carolina House advances bill opposing ESG</a>: A bill in South Carolina that proposed requiring the state pension system to consider only pecuniary factors in its investments and to exercise its shareholder proxy rights passed the state House on April 13, 2023, and advanced to the Senate.<a href="#cite_note-99">[99]</a></li></ul> <ul><li><a href="/Kansas_bill_opposing_ESG_passes_legislature_(2023)" title="Kansas bill opposing ESG passes legislature (2023)">Kansas bill opposing ESG passes legislature</a>: Kansas lawmakers approved a bill on April 6, 2023, prohibiting ESG considerations in public pension investments. Some measures that were proposed, like certain restrictions on private ESG investing and on public investments in foreign companies, did not make it into the final bill. The bill was sent to the governor for consideration.<a href="#cite_note-100">[100]</a></li></ul> <ul><li><a href="/Anti-ESG_bill_advances_out_of_Indiana_Senate_committee_(2023)" title="Anti-ESG bill advances out of Indiana Senate committee (2023)">Anti-ESG bill advances out of Indiana Senate committee</a>: The Indiana Senate Pensions and Labor Committee advanced a bill April 5, 2023, that proposed prohibiting ESG considerations in public investments. The Senate bill contained several exemptions that did not appear in the bill when it was first introduced. Some suggested the changes would water down the legislation.<a href="#cite_note-101">[101]</a></li></ul> <ul><li><a href="/Kentucky%E2%80%99s_Democratic_governor_signs_law_opposing_ESG_in_state_investments_(2023)" title="Kentucky’s Democratic governor signs law opposing ESG in state investments (2023)">Kentucky’s Democratic governor signs law opposing ESG in state investments</a>: Kentucky Governor <a href="/Andy_Beshear" title="Andy Beshear">Andy Beshear</a> (D) signed a law on March 24, 2023, banning ESG considerations in state investments.<a href="#cite_note-102">[102]</a></li></ul> <ul><li><a href="/Kansas_passes_legislation_opposing_ESG_(2023)" title="Kansas passes legislation opposing ESG (2023)">Kansas passes legislation opposing ESG</a>: The Kansas House passed a bill on March 23, 2023, that proposed prohibiting the use of ESG factors in state and local pension contracting and investments.<a href="#cite_note-103">[103]</a></li></ul> <ul><li><a href="/Florida_continues_its_pushback_against_ESG_(2023)" title="Florida continues its pushback against ESG (2023)">Florida House passes legislation opposing ESG</a>: The Florida State Legislature on March 24, 2023, took the first step toward passing a law banning the use of ESG in all state and local investments. The Florida House passed the bill 80-31.<a href="#cite_note-104">[104]</a></li></ul> <ul><li><a href="/Kansas_legislature_considers_proposals_to_restrict_ESG_considerations_in_public_pensions_(2023)" title="Kansas legislature considers proposals to restrict ESG considerations in public pensions (2023)">Kansas legislature considers proposals to restrict ESG considerations in public pensions</a>: A report suggesting that banning ESG would hurt Kansas public pensioners slowed down state lawmakers' consideration of a bill that proposed restricting ESG considerations in public pensions.<a href="#cite_note-105">[105]</a></li></ul> <ul><li><a href="/Idaho_House_votes_three_times_against_ESG_(2023)" title="Idaho House votes three times against ESG (2023)">Idaho House votes three times against ESG</a>: The Idaho House of Representatives passed three bills on March 2, 2023, intended to restrict the use of ESG investments.<a href="#cite_note-106">[106]</a></li></ul> <ul><li><a href="/Utah_legislators_discuss_plans_to_oppose_ESG_(2023)" title="Utah legislators discuss plans to oppose ESG (2023)">Utah legislators discuss plans to oppose ESG</a>: The Salt Lake Tribune reported on February 24, 2023, that Utah legislators last week voiced their frustrations with ESG investment tactics and pledged to oppose what Rep. Ken Ivory (R) described as “an effort to weaponize capital.”<a href="#cite_note-107">[107]</a></li></ul> <ul><li><a href="/Indiana_lawmakers_join_ESG_pushback_(2023)" title="Indiana lawmakers join ESG pushback (2023)">Indiana lawmakers join ESG pushback</a>: Members of the Indiana General Assembly’s House Financial Institutions Committee on February 2, 2023, passed a bill to require the state to remove all pension funds from management by financial firms that supported ESG or considered ESG criteria in investments.<a href="#cite_note-108">[108]</a></li></ul> <ul><li><a href="/Texas_state_senators_hold_hearings_for_two_of_the_three_biggest_ESG_asset_managers_(2023)" title="Texas state senators hold hearings for two of the three biggest ESG asset managers (2023)">Texas state senators hold hearings for two of the three biggest ESG asset managers</a>: The Texas Senate held hearings on ESG, fossil fuel boycotts, and other related investment and banking matters. The hearings featured, among others, representatives from BlackRock and State Street, two of the three largest passive asset management firms. Kevin Stocklin, a writer at the Epoch Times, penned a news analysis arguing that the memberships of both asset managers in organizations like the Net Zero Asset Managers Initiative require them to use their shares to compel companies towards environmental goals, even though representatives from both companies said in the hearings that they did not participate in such activities:<a href="#cite_note-109">[109]</a></li></ul> <ul><li><a href="/Texas_legislators_subpoena_BlackRock_and_other_financial_firms_in_ESG_investigation_(2022)" title="Texas legislators subpoena BlackRock and other financial firms in ESG investigation (2022)">Texas legislators subpoena BlackRock and other financial firms in ESG investigation</a>: PJ Media reported December 8, 2022, that a Texas legislative committee subpoenaed BlackRock and other asset managers, plus proxy advisory service Institutional Shareholder Services (ISS), as part of an investigation of ESG policies at the companies. The companies ignored the committee’s previous request for documents.<a href="#cite_note-110">[110]</a></li></ul> <ul><li><a href="/Idaho_legislature_prepares_bills_to_prohibit_ESG_investing_with_public_money_(2022)" title="Idaho legislature prepares bills to prohibit ESG investing with public money (2022)">Idaho legislature prepares bills to prohibit ESG investing with public money</a>: Republicans in Idaho’s legislature were preparing to join a group of state-level elected officials seeking to insulate their states against ESG, according to the Idaho Capital Sun.<a href="#cite_note-111">[111]</a></li></ul> <ul><li><a href="/Texas_state_Senate_committee_seeks_documents_from_funds,_including_BlackRock,_in_ESG_probe_(2022)" title="Texas state Senate committee seeks documents from funds, including BlackRock, in ESG probe (2022)">Texas state Senate committee seeks documents from funds, including BlackRock, in ESG probe</a>: State senators in Texas jumped into the ESG battlespace, demanding documents from large asset management firms about their ESG investment strategies in the state and those strategies’ effectiveness.<a href="#cite_note-112">[112]</a></li></ul> <ul><li><a href="/Idaho_legislature_considers_bill_to_prohibit_ESG_considerations_in_state_investments_(2022)" title="Idaho legislature considers bill to prohibit ESG considerations in state investments (2022)">Idaho legislature considers bill to prohibit ESG considerations in state investments</a>: In March 2022, it was reported that Idaho looked to join Florida, Texas, and West Virginia in prohibiting ESG in state investments, according to KTVT in Twin Falls, Idaho.<a href="#cite_note-113">[113]</a></li></ul> <h3>State government litigation opposing ESG investing</h3> This section tracks activity in state courts opposing ESG mandates. For example, if a judge strikes down a state law requiring businesses in a state to meet certain diversity requirements, it may appear here. Click the links below to read the full stories. <ul><li><a href="/Oklahoma_AG_appeals_ESG_ruling_to_state_Supreme_Court_(2024)" title="Oklahoma AG appeals ESG ruling to state Supreme Court (2024)">Oklahoma AG appeals ESG ruling to state Supreme Court</a>: Oklahoma Attorney General <a href="/Gentner_Drummond" title="Gentner Drummond">Gentner Drummond</a> (R) announced October 25, 2024, that his office would file an appeal with the state Supreme Court seeking to overturn a lower court’s ruling against the state’s anti-ESG law.<a href="#cite_note-114">[114]</a></li></ul> <ul><li><a href="/State_judge_dismisses_lawsuit_opposing_ESG_investments_in_NYC_pension_plans_(2024)" title="State judge dismisses lawsuit opposing ESG investments in NYC pension plans (2024)">State judge dismisses lawsuit opposing ESG investments in NYC pension plans</a>: New York State Judge Andrea Masley on July 3, 2024, dismissed a lawsuit brought against New York City public pension funds opposing the system’s divestment from fossil fuels. Judge Masley ruled the plaintiffs—including four city employees—did not have standing to sue and did not sufficiently demonstrate that the fossil fuel divestment injured them.<a href="#cite_note-115">[115]</a></li></ul> <ul><li><a href="/New_York_Supreme_Court_could_hear_case_opposing_NYC_pension_plans%E2%80%99_ESG_investment_considerations_(2023)" title="New York Supreme Court could hear case opposing NYC pension plans’ ESG investment considerations (2023)">New York Supreme Court could hear case opposing NYC pension plans’ ESG investment considerations</a>: Four New York City employees, with the help of nonprofit legal organization Americans for Fair Treatment, filed a lawsuit in May 2023 opposing New York City pension plans’ environmental investment considerations. The court, according to E&E News, could be the first to hear a legal claim against investment managers who consider ESG.<a href="#cite_note-116">[116]</a></li></ul> <ul><li><a href="/Judge_strikes_down_California_diversity_law_(2022)" title="Judge strikes down California diversity law (2022)">Judge strikes down California diversity law</a>: On May 16, 2022, a California state judge handed down a rebuke of ESG/DEI efforts on the part of state lawmakers.<a href="#cite_note-117">[117]</a></li></ul> <ul><li><a href="/California_corporate_diversity_law_ruled_unconstitutional_(2022)" title="California corporate diversity law ruled unconstitutional (2022)">California corporate diversity law ruled unconstitutional</a>: On September 30, 2020, California Governor <a href="/Gavin_Newsom" title="Gavin Newsom">Gavin Newsom</a> (D) signed Assembly Bill 979, which added a section to the California Corporate Code. The section mandated that every corporation in the state had to have at least one person of a racial or sexual minority on its board of directors by the end of 2021. The law was challenged in court and ruled unconstitutional.<a href="#cite_note-118">[118]</a></li></ul> <h2>Federal government activity opposing ESG investing</h2> This section tracks a selection of federal government activities opposing ESG investing. Federal opposition to ESG includes congressional oversight of ESG mandates from regulators like the SEC, opposition to laws and regulations that force diversity or ESG reporting requirements on businesses, opposition to ESG investment considerations in the management of Employee Retirement Income Security Act (ERISA)-governed pension plans, and investigations into banks and officials that support ESG. Click a link below to learn more about how different federal approaches opposing ESG: <dl><dd><ul><li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Legislation,_legislative_hearings,_and_committee_investigations_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Legislation, legislative hearings, and committee investigations opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Federal_lawsuits_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Federal lawsuits opposing ESG investing</a></li> <li><a href="/Opposition_to_environmental,_social,_and_corporate_governance_(ESG)_investing#Federal_executive_activity_opposing_ESG_investing" title="Opposition to environmental, social, and corporate governance (ESG) investing">Federal executive activity opposing ESG investing</a></li></ul></dd></dl> <h3>Legislation, legislative hearings, and committee investigations opposing ESG investing</h3> This section tracks a selection of federal legislative activities opposing ESG investing, including legislation, legislative hearings, and committee investigations opposing ESG investing: <ul><li><a href="/House_Republicans_argue_against_ESG_in_financial_services_report_(2024)" title="House Republicans argue against ESG in financial services report (2024)">House Republicans argue against ESG in financial services report</a>: The House Republican Environmental, Social, and Governance Working Group released a report on ESG. The report argued the Biden administration promoted ESG initiatives to advance environmental and social policies without congressional support. It also proposed anti-ESG policies related to proxy voting, shareholder proposals, ESG ratings, and other topics.<a href="#cite_note-119">[119]</a></li></ul> <ul><li><a href="/House_Judiciary_Committee_continues_investigation_into_ESG_practices_(2024)" title="House Judiciary Committee continues investigation into ESG practices (2024)">House Judiciary Committee continues investigation into ESG practices</a>: House Judiciary Committee Chairman Jim Jordan (R-Ohio) sent letters to more than 130 investment organizations, asking about their involvement with ESG and international climate-related investing alliances like Climate Action 100+.<a href="#cite_note-120">[120]</a></li></ul> <ul><li><a href="/House_Appropriations_Committee_passes_budget_blocking_ESG_labor_rule_(2024)" title="House Appropriations Committee passes budget blocking ESG labor rule (2024)">House Appropriations Committee passes budget blocking ESG labor rule</a>: The House Appropriations Committee passed a fiscal year 2025 labor budget bill on July 10, 2024, that proposed prohibiting the Department of Labor from implementing its rule allowing ESG considerations in Employee Retirement Income Security Act (ERISA)-governed retirement plans.<a href="#cite_note-121">[121]</a></li></ul> <ul><li><a href="/House_Judiciary_Committee_report_alleges_organizations_colluded_to_force_ESG_policies_(2024)" title="House Judiciary Committee report alleges organizations colluded to force ESG policies (2024)">House Judiciary Committee report alleges organizations colluded to force ESG policies</a>: The House Judiciary Committee released an interim report on June 11, 2024, alleging that several organizations, investors, and asset managers colluded to force American corporations to adopt ESG policies, violating laws that prohibit anti-competitive behavior. The report specifically referred to Ceres, Climate Action 100+, the Net Zero Asset Managers Initiative, the California Public Employees’ Retirement System (CalPERS), and the Big Three asset managers (BlackRock, State Street, and Vanguard), among others in its allegations. The Judiciary Committee followed up its report with a hearing on ESG and related matters on June 12, 2024.<a href="#cite_note-122">[122]</a><a href="#cite_note-123">[123]</a></li></ul> <ul><li><a href="/House_Judiciary_Committee_probes_Glasgow_Financial_Alliance_for_Net_Zero_(2024)" title="House Judiciary Committee probes Glasgow Financial Alliance for Net Zero (2024)">House Judiciary Committee probes Glasgow Financial Alliance for Net Zero</a>: The House Judiciary Committee interviewed at least two leaders of the Glasgow Financial Alliance for Net Zero (GFANZ), a global network of financial firms supporting ESG in June 2024. Reuters also reported that the committee requested interviews with several other GFANZ officials and affiliated individuals, including billionaire and former New York City Mayor Michael Bloomberg.<a href="#cite_note-124">[124]</a></li></ul> <ul><li><a href="/Lawmakers_argue_ISS_sale_could_threaten_national_security_(2024)" title="Lawmakers argue ISS sale could threaten national security (2024)">Lawmakers argue Institutional Shareholder Services (ISS) sale could threaten national security</a>: Congressmen <a href="/Andy_Barr" title="Andy Barr">Andy Barr</a> (R, Ky.) and Brian Snell (R, Wis.) wrote a letter concerning the sale of Institutional Shareholder Services (ISS), the world’s largest proxy advisory service, to a German financial services firm. They argued ISS proxy votes supporting ESG had a significant impact on corporate decisions that reduced American energy independence and harmed national security.<a href="#cite_note-125">[125]</a></li></ul> <ul><li><a href="/House_Judiciary_Committee_subpoenas_As_You_Sow_(2024)" title="House Judiciary Committee subpoenas As You Sow (2024)">House Judiciary Committee subpoenas As You Sow</a>: The House Judiciary Committee issued another subpoena for testimony from Andrew Behar, the head of the pro-ESG group As You Sow, as part of its investigation into potential ESG antitrust violations.<a href="#cite_note-126">[126]</a></li></ul> <ul><li><a href="/House_subcommittee_holds_hearing_on_SEC_climate_rule_(2024)" title="House subcommittee holds hearing on SEC climate rule (2024)">House subcommittee holds hearing on SEC climate rule</a>: The House Financial Services Committee’s Oversight and Investigations Subcommittee held a hearing on March 18 aimed at assessing the potential costs associated with the SEC’s climate emissions reporting rule. A video of the hearing from C-Span can be found <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.c-span.org/video/?534335-1/house-financial-services-subcommittee-field-hearing-sec-climate-disclosure-rule">here</a>. Consumers Research, an organization opposed to ESG, highlighted parts of the hearing on its <a target="_blank" rel="noreferrer noopener" class="external text" href="https://twitter.com/ConsumersFirst">Twitter/X feed</a>.<a href="#cite_note-127">[127]</a></li></ul> <ul><li><a href="/House_committee_issues_more_subpoenas_related_to_ESG_practices_(2023)" title="House committee issues more subpoenas related to ESG practices (2023)">House committee issues more subpoenas related to ESG practices</a>: The House Judiciary Committee issued more subpoenas the week of December 15, 2023, in its investigation into whether some finance companies may have violated antitrust laws through their ESG investing practices.<a href="#cite_note-128">[128]</a></li></ul> <ul><li><a href="/House_Judiciary_Committee_subpoenas_Vanguard_and_Arjuna_Capital_(2023)" title="House Judiciary Committee subpoenas Vanguard and Arjuna Capital (2023)">House Judiciary Committee subpoenas Vanguard and Arjuna Capital</a>: As part of an investigation into ESG and antitrust compliance, the House Judiciary Committee on December 11, 2023, issued subpoenas to Vanguard and Arjuna Capital. According to the committee, the two firms had not provided adequate responses to previous inquiries.<a href="#cite_note-129">[129]</a></li></ul> <ul><li><a href="/House_Republicans_continue_pushback_against_ESG_considerations_in_retirement_plans_(2023)" title="House Republicans continue pushback against ESG considerations in retirement plans (2023)">House Republicans continue pushback against ESG considerations in retirement plans</a>: House Republicans again pushed back on the Biden administration’s rule allowing ESG considerations in investments governed by the Employee Retirement Income Security Act of 1974 (ERISA). The House Ways and Means Committee held a hearing on the matter on November 7. The Republicans on the committee released a statement after the hearing arguing that, in their view, opposing ESG was important for maximizing retirement savings.<a href="#cite_note-130">[130]</a></li></ul> <ul><li><a href="/House_Judiciary_Committee_subpoenas_ESG_supporters_(2023)" title="House Judiciary Committee subpoenas ESG supporters (2023)">House Judiciary Committee subpoenas ESG supporters</a>: The House Judiciary Committee on November 1, 2023, subpoenaed organizations that supported ESG to investigate whether the groups had violated antitrust laws, according to the committee, including As You Sow and the Glasgow Financial Alliance for Net Zero (GFANZ).<a href="#cite_note-131">[131]</a></li></ul> <ul><li><a href="/House_Oversight_Committee_seeks_documents_from_SEC_over_involvement_in_EU_ESG_regulations_(2023)" title="House Oversight Committee seeks documents from SEC over involvement in EU ESG regulations (2023)">House Oversight Committee seeks documents from SEC over involvement in EU ESG regulations</a>: House Oversight Committee Chairman <a href="/James_Comer" class="mw-redirect" title="James Comer">James Comer</a> (R) sent a letter to Securities and Exchanges Commission (SEC) Chairman Gary Gensler saying the committee would subpoena the commission if it did not comply with congressional document requests for information related to U.S. involvement in crafting European Union environmental, social and governance regulations.<a href="#cite_note-132">[132]</a></li></ul> <ul><li><a href="/House_GOP_passes_four_more_bills_opposing_ESG_out_of_committee_(2023)" title="House GOP passes four more bills opposing ESG out of committee (2023)">House GOP passes four more bills opposing ESG out of committee</a>: House Republicans on September 14, 2023, passed four ESG bills out of the Education and Workforce Committee, bringing the total number of ESG bills passed out of committee at that point in 2023 to seven. The move followed the lead of the House Financial Services Committee, which advanced its own slate of bills opposing ESG in August 2023.<a href="#cite_note-133">[133]</a></li></ul> <ul><li><a href="/House_Republicans_consider_next_ESG_actions_(2023)" title="House Republicans consider next ESG actions (2023)">House Republicans consider next ESG actions</a>: House Republicans held hearings, issued statements, and passed out of committee various bills related to ESG in July 2023. The discussion turned in September 2023 to how they intended to move forward with their plans to oppose ESG.<a href="#cite_note-134">[134]</a></li></ul> <ul><li><a href="/House_Judiciary_Committee_requests_ESG_documents_from_California_pension_system_(2023)" title="House Judiciary Committee requests ESG documents from California pension system (2023)">House Judiciary Committee requests ESG documents from California pension system</a>: House Judiciary Committee Chairman <a href="/Jim_Jordan" title="Jim Jordan">Jim Jordan</a> (R-Ohio) requested documents in late 2022 from the California Public Employees’ Retirement System (CalPERS) and Ceres, a nonprofit group that advised CalPERS on environmental matters. The committee was seeking information about CalPERS’ ESG efforts and the effect they had on investments and returns. Bloomberg reported on August 17, 2023, that CalPERS had been complying with the request, turning over thousands of pages of documents in the preceding months.<a href="#cite_note-135">[135]</a></li></ul> <ul><li><a href="/House_committee_advances_legislation_opposing_ESG_(2023)" title="House committee advances legislation opposing ESG (2023)">House committee advances legislation opposing ESG</a>: The House Financial Services Committee announced on July 27, 2023, that, after investigating and considering ESG policy for most of the month, the committee advanced seven pieces of legislation opposing ESG.<a href="#cite_note-136">[136]</a></li></ul> <ul><li><a href="/Senate_bill_introduced_to_limit_ESG_in_public_retirement_plans_(2023)" title="Senate bill introduced to limit ESG in public retirement plans (2023)">Senate bill introduced to limit ESG in public retirement plans</a>: Senator <a href="/Tom_Cotton" title="Tom Cotton">Tom Cotton</a> (R-Ark.) introduced a bill on July 12, 2023, to limit the use of ESG in retirement and public pension plans.<a href="#cite_note-137">[137]</a></li></ul> <ul><li><a href="/Financial_Services_Committee_holds_four_hearings_targeting_ESG_policies_(2023)" title="Financial Services Committee holds four hearings targeting ESG policies (2023)">Financial Services Committee holds four hearings opposing ESG policies</a>: The House Republican majority held four ESG hearings, which included a full House Financial Services Committee hearing on July 12, 2023, followed by three subcommittee hearings later in the week. There was debate between ESG opponents and supporters.<a href="#cite_note-138">[138]</a></li></ul> <ul><li><a href="/Congressmen_send_letters_requesting_ESG_information_from_Big_Three_asset_managers_(2023)" title="Congressmen send letters requesting ESG information from Big Three asset managers (2023)">Congressmen send letters requesting ESG information from Big Three asset managers</a>: House Judiciary Committee Chairman <a href="/Jim_Jordan" title="Jim Jordan">Jim Jordan</a> (R-Ohio), along with representatives <a href="/Thomas_Massie" title="Thomas Massie">Thomas Massie</a> (R-Ky.) and <a href="/Dan_Bishop" title="Dan Bishop">Dan Bishop</a> (R-N.C.), sent letters to the Big Three passive asset management firms – BlackRock, State Street, and Vanguard – on July 6, 2023, requesting information about their efforts to combat climate change through ESG. Jordan said such efforts had the potential to violate antitrust laws.<a href="#cite_note-139">[139]</a></li></ul> <ul><li><a href="/House_GOP_working_group_issues_ESG_agenda_(2023)" title="House GOP working group issues ESG agenda (2023)">House GOP working group issues ESG agenda</a>: The Republican ESG House Working Group issued a memo on June 23, 2023, detailing its agenda for the 118th Congress (2023-24), which focused on increasing oversight of proxy voting and large asset management firms.<a href="#cite_note-140">[140]</a></li></ul> <ul><li><a href="/House_Republican_introduces_bill_opposing_ESG_in_retirement_funds_(2023)" title="House Republican introduces bill opposing ESG in retirement funds (2023)">House Republican introduces bill opposing ESG in retirement funds</a>: Congressman <a href="/Andy_Barr" title="Andy Barr">Andy Barr</a> (R, Ky.) introduced a bill on June 21, 2023, opposing the Biden Labor Department’s rule allowing the use of ESG in retirement plan investments. Both chambers previously passed a Congressional Review Act (CRA) resolution overturning the Labor Department rule, but President <a href="/Joe_Biden" title="Joe Biden">Joe Biden</a> (D) vetoed that legislation. Congressman Barr introduced the bill in response.<a href="#cite_note-141">[141]</a></li></ul> <ul><li><a href="/House_Republicans_hold_ESG_hearing_(2023)" title="House Republicans hold ESG hearing (2023)">House Republicans hold ESG hearing</a>: On June 6, 2023, the House Oversight Committee held a hearing on ESG and the risks that its Republican-led members believed it posed to the nation’s financial infrastructure.<a href="#cite_note-142">[142]</a></li></ul> <ul><li><a href="/Congressman_introduces_legislation_that_would_eliminate_ESG_in_TSP_pensions_(2023)" title="Congressman introduces legislation that would eliminate ESG in TSP pensions (2023)">Proposed legislation would eliminate ESG in TSP pensions</a>: Congressman <a href="/Chip_Roy" title="Chip Roy">Chip Roy</a> (R-Texas) on May 23, 2023, reintroduced legislation calling for the elimination of the use of ESG in the Thrift Savings Plan (TSP), the pension plan for federal employees and members of the military.<a href="#cite_note-143">[143]</a></li></ul> <ul><li><a href="/House_Oversight_Committee_holds_ESG_hearing_(2023)" title="House Oversight Committee holds ESG hearing (2023)">House Oversight Committee holds ESG hearing</a>: The House Oversight Committee on May 10, 2023, held a hearing on ESG. Chairman <a href="/James_Comer" class="mw-redirect" title="James Comer">James Comer</a> (R-Ky.) criticized ESG in his opening statement. Among other things, Chairman Comer said that he intended to hold more oversight hearings to investigate ESG policy.<a href="#cite_note-144">[144]</a></li></ul> <ul><li><a href="/House_fails_to_overturn_veto_of_ESG_legislation_(2023)" title="House fails to overturn veto of ESG legislation (2023)">House fails to overturn veto of ESG legislation</a>: The U.S. House of Representatives on March 23, 2023, failed in its attempt to overturn President <a href="/Joe_Biden" title="Joe Biden">Joe Biden</a>’s (D) veto of the Congressional Review Act (CRA) resolution Congress had sent to his desk that sought to block a Labor Department rule permitting ESG considerations in retirement plans.<a href="#cite_note-145">[145]</a></li></ul> <ul><li><a href="/Manchin_pushes_back_against_Biden%E2%80%99s_CRA_veto_(2023)" title="Manchin pushes back against Biden’s CRA veto (2023)">Manchin pushes back against Biden’s Congressional Review Act ESG veto</a>: Senator <a href="/Joe_Manchin" class="mw-redirect" title="Joe Manchin">Joe Manchin</a> (D-W.Va.), one of the two Senate Democrats who voted in favor of the bill blocking the Labor Department's rule allowing ESG considerations in retirement plans, criticized Biden's veto of the CRA legislation.<a href="#cite_note-146">[146]</a></li></ul> <ul><li><a href="/Critics_blame_ESG_for_Silicon_Valley_Bank_failure_(2023)" title="Critics blame ESG for Silicon Valley Bank failure (2023)">Critics in Congress blame ESG for Silicon Valley Bank failure</a>: California regulators shut down Silicon Valley Bank (SVB) on March 10, 2023, making it the second-largest bank failure in American history at the time. In the wake of the collapse and the fear of contagion, some in politics and the media criticized the bank’s loans to ESG-related companies and its in-house ESG policies. For example, Congressman <a href="/James_Comer" class="mw-redirect" title="James Comer">James Comer</a> (R-Ky.), the chairman of the House Oversight Committee, said SVB was “one of the most woke banks” in America.<a href="#cite_note-147">[147]</a></li></ul> <ul><li><a href="/Senator_Cruz_explains_the_Senate%E2%80%99s_pushback_against_the_Labor_Department_rule_(2023)" title="Senator Cruz explains the Senate’s pushback against the Labor Department rule (2023)">Senator Cruz explains the Senate’s pushback against the Labor Department rule</a>: After the Senate vote on March 1, 2023, Texas Republican <a href="/Ted_Cruz" title="Ted Cruz">Ted Cruz</a> (R) went on Fox News to explain why he and 49 other senators opposed the Labor Department <a href="/Prudence_and_Loyalty_in_Selecting_Plan_Investments_and_Exercising_Shareholder_Rights_rule_(2023)" title="Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights rule (2023)">rule permitting ESG considerations in retirement plans</a> and why he believed ESG posed a threat to retirement savings and capital markets.</li></ul> <ul><li><a href="/Congress_rejects_ESG_in_retirement_plans_(2023)" title="Congress rejects ESG in retirement plans (2023)">Congress passes Congressional Review Act resolution aiming to block Biden's ESG retirement plan rule</a>: The U.S. House of Representatives voted 216-204 on February 28, 2023, to pass a <a href="/Congressional_Review_Act" title="Congressional Review Act">Congressional Review Act</a> (CRA) resolution (H.J. Res. 30) aiming to block the <a href="/U.S._Department_of_Labor" title="U.S. Department of Labor">U.S. Department of Labor</a> from implementing its <a href="/Prudence_and_Loyalty_in_Selecting_Plan_Investments_and_Exercising_Shareholder_Rights_rule_(2023)" title="Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights rule (2023)">rule permitting ESG considerations in retirement plans</a>. Democratic Representative <a href="/Jared_Golden" title="Jared Golden">Jared Golden</a> (Maine) joined Republicans in the vote to pass the measure. The U.S. Senate passed the resolution on March 1, 2023, by a 50-46 vote. Democratic Senators <a href="/Joe_Manchin" class="mw-redirect" title="Joe Manchin">Joe Manchin</a> (W. Va.) and <a href="/Jon_Tester" title="Jon Tester">Jon Tester</a> (Mont.) joined Republican senators in the vote. President <a href="/Joe_Biden" title="Joe Biden">Joe Biden</a> (D) vetoed the measure on March 20, 2023.<a href="#cite_note-148">[148]</a><a href="#cite_note-149">[149]</a><a href="#cite_note-150">[150]</a></li></ul> <ul><li><a href="/Congress_considers_blocking_Biden%E2%80%99s_ESG_retirement_plan_rule_(2023)" title="Congress considers blocking Biden’s ESG retirement plan rule (2023)">Congress considers Congressional Review Act resolution to block Biden’s ESG retirement plan rule</a>: According to Bloomberg Law, Republicans in the Senate were trying to garner commitments from their colleagues to prevent the Biden Labor Department from implementing its <a href="/Prudence_and_Loyalty_in_Selecting_Plan_Investments_and_Exercising_Shareholder_Rights_rule_(2023)" title="Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights rule (2023)">rule permitting ESG considerations in retirement plans</a> or to force the president to veto their efforts. Every Republican in the Senate and Senator <a href="/Joe_Manchin" class="mw-redirect" title="Joe Manchin">Joe Manchin</a> (D-W. Va.) expressed they would support a resolution under the <a href="/Congressional_Review_Act" title="Congressional Review Act">Congressional Review Act</a> (CRA) opposing the rule, meaning one more vote was necessary to block it. Senator <a href="/Angus_King" title="Angus King">Angus King</a> (I-Maine), who caucused with Democrats, and Senator <a href="/Jon_Tester" title="Jon Tester">Jon Tester</a> (D-Mont.) said they had not decided how to vote.<a href="#cite_note-151">[151]</a></li></ul> <ul><li><a href="/Senator_Manchin_explains_his_opposition_to_the_Labor_Department%E2%80%99s_ESG_investing_rule_(2023)" title="Senator Manchin explains his opposition to the Labor Department’s ESG investing rule (2023)">Senator Manchin explains his opposition to the Labor Department’s ESG investing rule</a>: West Virginia Senator <a href="/Joe_Manchin" class="mw-redirect" title="Joe Manchin">Joe Manchin</a> (D) explained that he dissented from his Democratic colleagues and opposed the Labor Department’s <a href="/Prudence_and_Loyalty_in_Selecting_Plan_Investments_and_Exercising_Shareholder_Rights_rule_(2023)" title="Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights rule (2023)">ESG retirement investment rule</a> because, in his view, focusing narrowly on ESG investing criteria threatened energy production and security.<a href="#cite_note-152">[152]</a></li></ul> <ul><li><a href="/House_Republicans_ramp_up_ESG_opposition_(2023)" title="House Republicans ramp up ESG opposition (2023)">House Republicans ramp up ESG opposition</a>: The House Financial Services Committee on February 3, 2023, announced the formation of what Fox News called a first-of-its-kind ESG working group to oppose ESG.<a href="#cite_note-153">[153]</a></li></ul> <ul><li><a href="/Congress_makes_plans_to_lead_federal_opposition_to_ESG_in_2023_(2023)" title="Congress makes plans to lead federal opposition to ESG in 2023 (2023)">Congress makes plans to lead federal opposition to ESG in 2023</a>: From state treasurers divesting pension and operating funds from BlackRock and other ESG providers to state attorneys general investigating the same providers over the impact of ESG on assorted policy matters, state officials led the pushback against environmental, social, and corporate governance investing in 2022. But the shift in control of the House of Representatives after the 2022 election had Republican elected officials making plans to increase their visibility and activity opposing ESG at the federal level as well.<a href="#cite_note-154">[154]</a></li></ul> <ul><li><a href="/Republicans_map_out_their_agenda_on_ESG_and_antitrust_(2022)" title="Republicans map out their agenda on ESG and antitrust (2022)">Republicans map out their agenda on ESG and antitrust</a>: Some members and committees started laying out their ESG agendas ahead of the 118th Congress. Among those were members of the Judiciary Committee, who wanted to understand better how ESG and ESG-related organizations fit into the existing body of antitrust legislation and regulation.<a href="#cite_note-155">[155]</a></li></ul> <ul><li><a href="/House_Financial_Services_Committee_members_plan_legislation_on_ESG_and_ERISA-governed_pension_plans_(2022)" title="House Financial Services Committee members plan legislation on ESG and ERISA-governed pension plans (2022)">House Financial Services Committee members plan legislation on ESG and ERISA-governed pension plans</a>: House Financial Services Committee members congressmen <a href="/Andy_Barr" title="Andy Barr">Andy Barr</a> (R-Ky.) and <a href="/Mike_Braun" title="Mike Braun">Mike Braun</a> (R-Ind.) launched an effort to address one of the issues at the heart of the intersection of the federal government with ESG-world, namely the question of ESG usage in ERISA (the Employee Retirement Income Security Act of 1974)-governed retirement plans. In 2020, the Trump Administration’s Department of Labor issued a rule limiting the use of ESG factors in ERISA-governed plans and only allowed such considerations if investment managers needed to decide between otherwise equally financially sound investments. Early in the Biden presidency, that rule was overturned and replaced by an ESG-friendly rule. Barr and Braun introduced legislation to oppose the Biden Labor Department’s rule:<a href="#cite_note-156">[156]</a></li></ul> <ul><li><a href="/Senators_send_Biden_letter_over_ESG_regulations_(2022)" title="Senators send Biden letter over ESG regulations (2022)">Senators send Biden letter over ESG regulations</a>: In the Senate, 12 Republican members sent a letter to President Biden asking him to consider what they deemed the negative effects of his administration’s approach to ESG.<a href="#cite_note-157">[157]</a></li></ul> <ul><li><a href="/Congressional_Republicans_discuss_plans_to_investigate_ESG_and_expand_SEC_oversight_if_they_win_majorities_(2022)" title="Congressional Republicans discuss plans to investigate ESG and expand SEC oversight if they win majorities (2022)">Congressional Republicans announce plans to investigate ESG and expand SEC oversight with U.S. House majority</a>: According to the Washington Post, congressional Republicans before the 2022 midterms were planning to spend time investigating ESG and trying to inhibit other efforts to promote what they called woke capitalism if they gained majorities in either legislative chamber. Republican leadership also expressed interest in expanding legislative oversight of the SEC and its planned climate disclosure regulations:<a href="#cite_note-158">[158]</a></li></ul> <ul><li><a href="/Chairman_of_the_Senate_Intelligence_Committee_says_ESG-favored_companies_often_ignore_environmental_and_social_abuses_in_China_(2022)" title="Chairman of the Senate Intelligence Committee says ESG-favored companies often ignore environmental and social abuses in China (2022)">Chairman of the Senate Intelligence Committee says ESG-favored companies often ignore environmental and social abuses in China</a>: On October 18, 2022, U.S. Senator <a href="/Mark_Warner" title="Mark Warner">Mark Warner</a> (D), the chairman of the Senate Intelligence Committee, argued that some companies only talked about their ESG credentials in American and Western settings. Warner said companies like Apple and Tesla often ignored environmental and social abuses in countries like China.<a href="#cite_note-159">[159]</a></li></ul> <ul><li><a href="/Proposed_bill_would_clarify_fiduciary_duty_of_retirement_plan_administrators_to_invest_solely_based_on_monetary_factors_(2022)" title="Proposed bill would clarify fiduciary duty of retirement plan administrators to invest solely based on monetary factors (2022)">Indiana Senator Mike Braun (R) introduces bill to clarify fiduciary duty of retirement plan administrators to invest solely based on monetary factors</a>: In July 2022, Roll Call reported that Senate Republicans were formulating opposition to the Labor Department’s proposed rule for retirement plans could force plan managers to incorporate ESG principles into their management schemes.<a href="#cite_note-160">[160]</a></li></ul> <ul><li><a href="/Marco_Rubio_introduces_bill_allowing_shareholders_to_sue_companies_that_do_not_act_in_the_companies%27_best_interest_(2022)" title="Marco Rubio introduces bill allowing shareholders to sue companies that do not act in the companies' best interest (2022)">Marco Rubio introduces bill allowing shareholders to sue companies that do not act in the companies' best interest</a>: U.S. Senator <a href="/Marco_Rubio" title="Marco Rubio">Marco Rubio</a> (R-Fla.) on September 23, 2021, introduced the Mind Your Own Business Act, which would allow a company’s shareholders to sue the company if it adopts policies that shareholders claim are not in the company’s best interest. The legislation aims to address the corporate adoption of what Rubio describes as woke culture.<a href="#cite_note-161">[161]</a></li></ul> <h3>Federal lawsuits opposing ESG investing</h3> This section lists a selection of activity in federal courts opposing ESG investing: <ul><li><a href="/Federal_judge_certifies_class_for_ESG_suit_against_American_Airlines_(2024)" title="Federal judge certifies class for ESG suit against American Airlines (2024)">Federal judge certifies class for ESG suit against American Airlines</a>: A federal judge in Texas on May 22, 2024, certified the plaintiffs in a suit against American Airlines as a class for litigation. The suit opposed the investment of airline pension funds in ESG products.<a href="#cite_note-162">[162]</a></li></ul> <ul><li><a href="/Suits_against_SEC_consolidated_and_assigned_to_Eighth_Circuit_(2024)" title="Suits against SEC consolidated and assigned to Eighth Circuit (2024)">Suits against SEC consolidated and assigned to Eighth Circuit</a>: Nine lawsuits against the Securities and Exchange Commission’s final rule on climate disclosures for publicly traded companies were consolidated on March 21, 2024, and assigned to the U.S. Court of Appeals for the Eighth Circuit through a lottery process. Sixteen of the court’s 17 justices were appointed under Republican presidents at the time of the consolidation.<a href="#cite_note-163">[163]</a></li></ul> <ul><li><a href="/Appeals_court_pauses_implementation_of_SEC_climate_rule_(2024)" title="Appeals court pauses implementation of SEC climate rule (2024)">Appeals court pauses implementation of SEC climate rule</a>: The U.S. Court of Appeals for the Fifth Circuit on March 15, 2024, temporarily blocked the implementation of the SEC’s 2024 final rules on emissions data reporting while the courts considered lawsuits alleging the regulations exceeded the SEC’s authority.<a href="#cite_note-164">[164]</a></li></ul> <ul><li><a href="/Judge_allows_lawsuit_to_move_forward_against_American_Airlines%E2%80%99_ESG_retirement_investing_practices_(2024)" title="Judge allows lawsuit to move forward against American Airlines’ ESG retirement investing practices (2024)">Judge allows lawsuit to move forward against American Airlines’ ESG retirement investing practices</a>: A federal judge in Texas ruled in February 2024 that an employee lawsuit against American Airlines claiming the company violated its responsibilities to its employees and retirees by investing retirement funds in ESG products could move forward.<a href="#cite_note-165">[165]</a></li></ul> <ul><li><a href="/NCPPR_sues_the_SEC,_alleging_bias_(2023)" title="NCPPR sues the SEC, alleging bias (2023)">NCPPR sues the SEC, alleging bias</a>: The National Center for Public Policy Research (NCPPR), a nonprofit organization, on April 28, 2023, filed a lawsuit against the Securities and Exchange Commission (SEC), alleging that the Commission was biased against NCPPR because the organization filed shareholder proposals that were opposed to ESG.<a href="#cite_note-166">[166]</a></li></ul> <h3>Federal executive activity opposing ESG investing</h3> This section lists a selection of federal executive (and presidential candidate) activity opposing ESG investing: <ul><li><a href="/Federal_Reserve_officials_push_back_against_global_climate_banking_regulations_(2024)" title="Federal Reserve officials push back against global climate banking regulations (2024)">Federal Reserve officials push back against global climate banking regulations</a>: The Federal Reserve pushed back on April 3, 2024, against supporters of global climate banking regulations in a meeting of the Basel Committee on Banking Supervision—a group of officials from central banking systems around the world.<a href="#cite_note-167">[167]</a></li></ul> <ul><li><a href="/Fed_governor_questions_importance_of_climate_risks_to_financial_system_(2023)" title="Fed governor questions importance of climate risks to financial system (2023)">Fed governor questions importance of climate risks to financial system</a>: Fed Governor Christopher Waller spoke on May 11, 2023, at an economic conference in Spain and said that, in his view, climate change did not pose what he called a "significantly unique or material" risk to the financial system.<a href="#cite_note-168">[168]</a></li></ul> <ul><li><a href="/GOP_presidential_candidate_criticizes_Biden_administration_for_encouraging_ESG_(2023)" title="GOP presidential candidate criticizes Biden administration for encouraging ESG (2023)">GOP presidential candidate criticizes Biden administration for encouraging ESG</a>: The day after President Joe Biden (D) <a href="/Biden_executive_order_incorporates_environmental_justice_into_federal_agency_missions_(2023)" title="Biden executive order incorporates environmental justice into federal agency missions (2023)">signed an executive order</a> directing all federal agencies to incorporate what he called environmental justice into their policymaking, the New York Post published an op-ed by a challenger for the White House, Vivek Ramaswamy (R), who criticized the Biden administration for supporting ESG.<a href="#cite_note-169">[169]</a></li></ul> <ul><li><a href="/Former_President_Trump_joins_opposition_to_ESG_(2023)" title="Former President Trump joins opposition to ESG (2023)">Former President Trump joins opposition to ESG</a>: Former President Donald Trump (R) released a video on February 24, 2023, confirming his opposition to ESG. In the video, Trump said he wanted to see what he viewed as political considerations kept away from Americans’ retirement investments.<a href="#cite_note-170">[170]</a></li></ul> <ul><li><a href="/SEC_commissioner_shares_ESG_concerns_(2023)" title="SEC commissioner shares ESG concerns (2023)">SEC commissioner shares ESG concerns</a>: SEC Commissioner Mark Uyeda on January 27, 2023, gave a speech in which he addressed what he viewed as the failures of ESG. Some analysts claimed that Uyeda’s remarks put forth a legislative and legal roadmap for ESG opponents to follow.<a href="#cite_note-171">[171]</a></li></ul> <h2>Intellectual and scholarly opposition to ESG and the ESG investing movement</h2> This section tracks a selection of books, editorials, academic and scholarly articles, think tank white papers, and other intellectual activity and works opposing ESG investing. Click a link below to jump to a section: <ul><li><a href="#Books">Books</a></li> <li><a href="#Editorials,_op-eds,_and_columns">Editorials, op-eds, and columns</a></li> <li><a href="#Scholarly_articles">Scholarly articles</a></li> <li><a href="#Think_tank_activity">Think tank activity</a></li></ul> <h3>Books</h3> This section tracks a selection of books opposing or arguing against ESG investing. Click the links below for more information on each book. <ul><li>Capitalist Punishment: How Wall Street is Using Your Money to Create a Country You Didn’t Vote For (2023) is a book by entrepreneur and political commentator <a href="/Vivek_Ramaswamy" title="Vivek Ramaswamy">Vivek Ramaswamy</a> pushing back against President Joe Biden's (D) support for policies promoting ESG investing.<a href="#cite_note-172">[172]</a></li></ul> <ul><li>Sustainable: Moving Beyond ESG to Impact Investing (2022) is a book by Terrence Keeley, a former BlackRock senior adviser, to express his concerns with the ESG investing model.<a href="#cite_note-173">[173]</a></li></ul> <ul><li><a href="/The_Dictatorship_of_Woke_Capital_by_Stephen_Soukup_(2021)" title="The Dictatorship of Woke Capital by Stephen Soukup (2021)">The Dictatorship of Woke Capital: How Political Correctness Captured Big Business</a> (2021) is a book by American commentator and analyst <a href="/Stephen_Soukup" title="Stephen Soukup">Stephen Soukup</a> that "explores the rise of progressivism as a cultural force and explains why corporations increasingly are taking sides in politics."<a href="#cite_note-174">[174]</a></li></ul> <ul><li><a href="/Woke,_Inc._by_Vivek_Ramaswamy_(2021)" title="Woke, Inc. by Vivek Ramaswamy (2021)">Woke, Inc.: Inside Corporate America's Social Justice Scam</a> (2021) is a book by entrepreneur and political commentator <a href="/Vivek_Ramaswamy" title="Vivek Ramaswamy">Vivek Ramaswamy</a> that offered an argument against <a href="/Stakeholder_model_of_the_corporation_(stakeholder_capitalism)" title="Stakeholder model of the corporation (stakeholder capitalism)">stakeholder theory of the corporation</a>.</li></ul> <h3>Editorials, op-eds, and columns</h3> This section tracks a selection of editorials, op-eds, and columns opposing or arguing against ESG investing. <ul><li>RealClear Energy, "Terrence Keeley: Why ESG Investments Are Self-Defeating": Terrence Keeley—an ESG critic and former Blackrock senior adviser—argued that ESG investments were self-defeating in an interview at RealClear’s 2024 Energy Future Forum.<a href="#cite_note-175">[175]</a></li></ul> <ul><li>RealClear Policy, "Canada’s Glass Lewis Shouldn’t Force Leftwing Politics on U.S. Companies": Derek Kreifels—the CEO of the State Financial Officers Foundation (SFOF) and an ESG opponent—argued in an op-ed June 26, 2024, that Glass Lewis' pick for its CEO hiring in May showed that the company aimed to force “Leftwing Politics on U.S. Companies.”<a href="#cite_note-176">[176]</a></li></ul> <ul><li>Wall Street Journal: "Diversity Was Supposed to Make Us Rich. Not So Much": Wall Street Journal columnist James Mackintosh argued June 28, 2024, that a 2015 study linking executive diversity to corporate profitability was flawed and irreplaceable.<a href="#cite_note-177">[177]</a></li></ul> <ul><li>Bloomberg Law: "Big Index Funds Need to Be Passive, Not Political: Editorial": Bloomberg’s editorial board argued in a May 2, 2024, opinion piece that passive investment funds should not actively vote the shares they hold or engage with corporate executives. The editors wrote that funds should allow end investors (who own shares of the fund) to vote their own proxies or default votes to mirror the preferences of company management or other shareholders.<a href="#cite_note-178">[178]</a></li></ul> <ul><li>The Political Forum Institute: "The GOP’s ESG Strategy": <a href="/Stephen_Soukup" title="Stephen Soukup">Stephen Soukup</a>, an ESG opponent and the author of The Dictatorship of Woke Capital, argued that some House Republicans were, in his view, already planning for Chevron’s reversal and preparing for a larger congressional role in SEC oversight.<a href="#cite_note-179">[179]</a></li></ul> <ul><li>VoxEU: "Smoke and mirrors: A look inside ESG fund portfolios": Gianpaolo Parise and Mirco Rubin, professors from the EDHEC Business School in France, examined the portfolios of investment funds that claimed to consider ESG factors in their investments. The authors argued that many such funds were misleading regulators and clients about their holdings. The paper called the practice of overstating, in their view, ESG investment commitments “Green Window Dressing.”<a href="#cite_note-180">[180]</a></li></ul> <ul><li>Financial Post: "Terence Corcoran: ‘Woke’ ESG regulations leading to policy chaos with worst yet to come": In a piece for Canada’s Financial Post, markets/finance writer Terence Corcoran argued that, while it was easy to talk like an advocate of ESG, global ESG reporting standards would, in his view, make business and markets more difficult and complicated.<a href="#cite_note-181">[181]</a></li></ul> <ul><li>VettaFi Advisor Perspectives: "Aswath Damodaran: It’s Time to Retire the ESG Concept": At Morningstar's 2023 annual conference, Aswath Damodaran, a professor of finance at NYU’s Stern School of Business and ESG opponent, criticized ESG in a talk.<a href="#cite_note-182">[182]</a></li></ul> <ul><li>Timothy M. Doyle: "ESG: 'Doing Good or Sounding Good?'": Timothy M. Doyle, a senior advisor at the Bipartisan Policy Center, interviewed Aswath Damodaran, professor of corporate finance and valuation at the NYU Stern School of Business and "one of the foremost academic critics of ESG.” Doyle published highlights from the conversation on November 22, 2022.<a href="#cite_note-183">[183]</a></li></ul> <ul><li>The Wall Street Journal: "Sam Bankman-Fried Becomes an ESG Truth-Teller": On November 17, 2022, The Wall Street Journal Editorial Board turned comments from FTX Founder Sam Bankman-Fried criticizing ESG into an editorial.<a href="#cite_note-184">[184]</a></li></ul> <ul><li>Rupert Darwall: "Proposed climate rule is bigger, badder deal than Manchin-Schumer climate bill": On October 15, 20222, The Hill carried a guest editorial by Rupert Darwall, a climate author and researcher and senior fellow at the RealClear Foundation. In it, Darwall argued that the Securities and Exchange Commission’s proposed environmental disclosure rules would be bigger, more expensive, and more intrusive than proponents argued.<a href="#cite_note-185">[185]</a></li></ul> <ul><li>Derek Kreifels: "ESG Cancel Culture Comes for State Financial Officers": On October 8, 2022, Derek Kreifels, the Chief Executive Officer of the State Financial Officers Foundation (SFOF) appeared in RealClearPolitics to defend state treasurers who opposed ESG and to defend his organization against charges that it was spreading misinformation on those treasurers’ behalf.<a href="#cite_note-186">[186]</a></li></ul> <ul><li>Hans Taparia: "One of the Hottest Trends in the World of Investing Is a Sham": On September 29, 2022, in a New York Times guest essay, Hans Taparia, a clinical associate professor at the New York University Stern School of Business, argued that ESG could benefit markets, investors, and stakeholders but that its practitioners were preventing that from happening. Taparia concluded that the system needed changed. “The current system,” he wrote, “needs an overhaul. Reform may not be as kind to corporate America, but it would make it easier to invest in the future of our society and planet.”<a href="#cite_note-187">[187]</a></li></ul> <ul><li>Allen Mendenhall: "Post-ESG era for corporations, investment nears": In an opinion published on Fox News, Allen Mendenhall, an associate dean and Grady Rosier Professor in the Sorrell College of Business at Troy University, made the case that large asset management firms focused too much on sustainability and other ESG criteria and were doing a disservice to their clients and behaving unethically.<a href="#cite_note-188">[188]</a></li></ul> <ul><li>The Federalist: The ‘ESG’ Scam Rates Slave-Using Chinese Firms Higher Than Clean American Energy Producers: In a June 28, 2022, piece published by The Federalist, Chuck Devore, a conservative commentator and the vice president of national initiatives at the Texas Public Policy Foundation, compared ratings issued by ESG giant MSCI for American companies and those issued for Chinese companies. Devore argued that his comparison showed a discrepancy that favored Chinese companies and, in his view, betrayed the spirit at the heart of the ESG movement.<a href="#cite_note-189">[189]</a></li></ul> <ul><li>Wall Street Journal: “The ESG Investing Backlash Arrives”: On August 15, 2022, The Wall Street Journal published an editorial titled, “The ESG Investing Backlash Arrives,” which featured state AGs’ efforts to push back against BlackRock’s ESG program and the rise of “post-ESG” investment vehicles like Strive Asset Management.<a href="#cite_note-190">[190]</a></li></ul> <ul><li>George Will argues against ESG: On June 22, 2022, conservative newspaper columnist George Will used his Washington Post column to address ESG and stakeholder capitalism.<a href="#cite_note-191">[191]</a></li></ul> <ul><li>David Bahnsen writes about NYU finance professor Aswath Damodara's opposition to ESG: In an article that accompanied David Bahnsen's National Review-produced podcast with NYU finance professor Aswath Damodaran, Bahnsen wrote about “A few points I find worth highlighting for those interested in a deeper dive on the subject [of ESG],” including.<a href="#cite_note-192">[192]</a></li></ul> <ul><li>Vivek Ramaswamy responds to proposed Biden administration ESG rule and potential impact on retirement plans: On July 19, 2022, <a href="/Vivek_Ramaswamy" title="Vivek Ramaswamy">Vivek Ramaswamy</a>, the author, entrepreneur, and executive chairman of Strive Asset Management, and Alex Acosta, the former Trump administration Secretary of Labor wrote a piece for the Wall Street Journal in which they made the case that the Biden Administration’s plans for a rule on ESG investments in retirement plans were likely, in their view, to be problematic for investors and create a tax on retirement accounts. The two wrote the following.</li></ul> <ul><li>New York Post: "The New York Times’ cluelessness just hit a new high": On August 5, the New York Times ran an investigative report on the people and organizations that it argued were, in its words, weaponizing public offices to push back against ESG.<a href="#cite_note-193">[193]</a> On August 7, 2022, the New York Post responded with an editorial critiquing its crosstown rival, declaring that “The New York Times’ cluelessness just hit an astounding new high.”<a href="#cite_note-194">[194]</a></li></ul> <h3>Scholarly articles</h3> This section tracks a selection of scholarly articles opposing or arguing against ESG investing. <ul><li>SSRN, "ESG Ratings of ESG Index Providers": This research paper from Columbia Business School argues that a number of companies that earn a significant portion of their revenue from ESG rating services tend to rank businesses with better stock performance more favorably on ESG indexes. The researchers’ conclusions suggest that MSCI—a leading ESG rating service—has a strong financial incentive that impacts its ESG ratings.<a href="#cite_note-195">[195]</a></li></ul> <ul><li>Rock Center for Corporate Governance at Stanford University, "ESG Ratings: A Compass without Direction": On August 4, 2022, David Larcker and Brian Tayan of Stanford, Edward Watts of the Yale School of Management, and Lukasz Pomorski of AQR Capital Management published a paper examining the reliability and effectiveness of ESG ratings. The paper, titled “ESG Ratings: A Compass without Direction,” found that ratings tended to fall short of their claims on both counts.<a href="#cite_note-196">[196]</a></li></ul> <ul><li>European Corporate Governance Institute (ECGI), "Is History Repeating Itself? The (Un)Predictable Past of ESG Ratings": In a press release late June 2022, the Sloan School of Management at MIT touted a paper co-authored by the school’s Florian Berg that purported to show that positive ESG return-on-investment was less about actual returns and more about retroactive fiddling with ESG scores.<a href="#cite_note-197">[197]</a></li></ul> <ul><li>Harvard Business Review, “An Inconvenient Truth About ESG Investing”: In late March, the Harvard Business Review published a piece by Sanjai Bhagat, the Provost Professor of Finance at the University of Colorado. Whereas most finance-derived critiques of ESG had focused on the questionable nature of the investment technique’s promise to deliver better-than-market returns, Bhagat focused instead on its capacity to effect actual environmental or social change.<a href="#cite_note-198">[198]</a></li></ul> <h3>Think tank activity</h3> This section tracks a selection of think tank white papers and initiatives opposing or arguing against ESG investing. <ul><li>Book review opposing ESG argues against corporate political neutrality: The American Institute for Economic Reform published a book review September 13, 2024, of Ending ESG—a collection of essays about ESG, edited by former BlackRock adviser Terrence Keeley and former U.S. Senator Phil Gramm (R). The book review’s author, Russell Greene—an ESG critic and senior fellow for the economy at Stand Together Trust—summarized the arguments throughout the essays and added commentary about ending ESG. Greene argued that corporations should avoid political and ideological neutrality and actively oppose subsidies, regulations, and shareholders promoting ESG business practices. His argument differed from those of other ESG critics who argued companies should keep politics out of business.<a href="#cite_note-199">[199]</a></li></ul> <ul><li>Anti-ESG group launches agriculture-themed campaign: Consumers’ Research, a leader in the anti-ESG movement, launched an ad campaign in July 2024 arguing ESG hurt agriculture and opposing the inclusion of ESG initiatives in revisions to the federal Farm Bill.<a href="#cite_note-200">[200]</a></li></ul> <ul><li>Project 2025 argues Republican administration should block SEC climate disclosure rule: Project 2025—the Heritage Foundation’s presidential transition plan proposal—argued that a future presidential administration and Congress should work to change the Securities and Exchange Commission (SEC) and block the agency from implementing its climate disclosure rule.<a href="#cite_note-201">[201]</a></li></ul> <ul><li>AAF report argues BlackRock mismanaged Oklahoma pensions: The American Accountability Foundation—an organization opposing ESG—released a report in late June 2024 arguing that BlackRock used Oklahoma public pensions to advance political goals instead of focusing on investment returns.<a href="#cite_note-202">[202]</a></li></ul> <ul><li>American Energy Institute releases new study supporting Oklahoma anti-ESG law: The American Energy Institute (AEI) released a study in June 2024 that offered different findings than an April 2024 study by the Oklahoma Rural Association (ORA) regarding the effect of Oklahoma’s 2022 anti-ESG law (the Energy Discrimination Elimination Act) on local government borrowing. The ORA study argued that the law increased borrowing costs for municipalities in the state by 15.7%. The June AEI study argued that the ORA study was “riddled with flaws and omissions that skewed its findings.”<a href="#cite_note-203">[203]</a></li></ul> <ul><li>CTUP releases second annual report on ESG proxy voting: The Committee to Unleash Prosperity (CTUP)—an organization opposing ESG—in May 2024 released the second edition of its investment company proxy voting and ESG report card. The report argued companies were starting to move away from ESG practices and proxy votes.<a href="#cite_note-204">[204]</a></li></ul> <ul><li>State Financial Officers Foundation launches two anti-ESG organizations: The State Financial Officers Foundation (SFOF)—a nonprofit organization opposing ESG in state finances, especially among state treasurers, comptrollers, and auditors—announced in late April 2024 the formation of two affiliated organizations: SFOF Action and the Public Fiduciaries Network.<a href="#cite_note-205">[205]</a><a href="#cite_note-206">[206]</a></li></ul> <ul><li>Think tanks argue unions use ESG to divide employees and employers: F. Vincent Vernuccio—the president of the Institute for the American Worker—and Sam Adolphsen—the policy director for the Foundation for Government Accountability—argued in an op-ed for The New York Post that unions used ESG pressure to create tension between employers and employees, even where no such tension existed before.<a href="#cite_note-207">[207]</a></li></ul> <ul><li>Buckeye Institute argues ESG hurts farmers and consumers: The Buckeye Institute—a Columbus, Ohio-based think tank—published a report February 7, 2024, arguing that ESG hurts farmers and agriculture and drives up the prices of food and other consumer goods.<a href="#cite_note-208">[208]</a></li></ul> <ul><li>American Accountability Foundation reports on new pushback against ESG opposition: The American Accountability Foundation—a nonprofit opposing ESG—penned a report suggesting that some ESG supporters were aiming to push back against the ESG opposition movement through corporate resolutions that proposed revoking business support for conservative nonprofits, think tanks, and other organizations.<a href="#cite_note-209">[209]</a></li></ul> <ul><li>Heritage Foundation launches an initiative against ESG: The Heritage Foundation, one of the oldest conservative think tanks in Washington, D.C., decided to launch an initiative to fight back against ESG investing. The move was announced on September 1, 2022.<a href="#cite_note-210">[210]</a></li></ul> <h2>Notable media coverage of opposition to the ESG investment movement</h2> This section tracks a selection of news stories that cover opposition to or discuss pushback against the ESG investing movement. Click the links below to read the full stories on the publisher's website. <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.businessinsider.com/donald-trump-jr-joining-vc-firm-explained-2024-11">Business Insider, "This is the anti-ESG venture capital firm that Donald Trump Jr. is joining instead of taking a White House role"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2024-09-12/wall-street-quietly-turns-tail-on-its-sustainability-commitments?srnd=undefined">Bloomberg, "Wall Street Quietly Turns Tail on Its Sustainability Commitments"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.ft.com/content/c49ec5ed-88d0-491c-963f-5b5c8d12550f?_wcsid=DCDF28171A8C01AECD7A19589E96FCD968B69289FD60F9BE">Financial Times, "Vanguard backed no environmental or social measures in 2024 proxy season"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2024-08-28/ford-joins-harley-in-scaling-back-dei-policies-amid-backlash">Bloomberg, "Ford Joins Harley in Scaling Back DEI Policies Amid Backlash"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://news.gallup.com/poll/648269/americans-business-stay-quiet-public-policy.aspx">Gallup, "Americans Still Want Business to Stay Quiet on Public Policy"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://esgnews.com/goldman-sachs-fund-division-latest-to-depart-climate-action-100/">ESG News, "Goldman Sachs’ Fund Division Latest to Depart Climate Action 100+"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.morningstar.com/sustainable-investing/us-esg-funds-bleed-less-money-q2-2024">Morningstar, "ESG Funds Bleed Less Money in Q2 2024"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2024-08-01/hsbc-study-points-to-stalling-global-investor-interest-in-esg?embedded-checkout=true">Bloomberg, "HSBC Study Points to Stalling Global Investor Interest in ESG"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://citywire.com/pro-buyer/news/esg-funds-shed-record-13-5bn-in-h1-of-2024/a2447106">CityWire Pro Buyer, "ESG funds shed record $13.5bn in H1 of 2024"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.ft.com/content/63ac21a5-9929-4bc3-9089-03299f023bcd">Financial Times, "Companies drop DEI targets from bonus plans on pressure from conservatives"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2024-07-18/backlash-against-esg-seen-in-sharp-decline-of-fund-launches">Bloomberg, "Backlash Against ESG Seen in Sharp Decline of Fund Launches"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://washingtonstand.com/commentary/tractor-supply-puts-pride-out-to-pasture-handing-americans-its-biggest-win-yet-">Washington Stand, "Tractor Supply Puts Pride Out to Pasture, Handing Americans Their Biggest Win Yet"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://news.bloomberglaw.com/esg/s-p-500-firms-rarely-disclose-emissions-to-sec-as-rules-loom">Bloomberg Law, "S&P 500 Firms Rarely Disclose Emissions to SEC as Rules Loom"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/business/anti-woke-shareholders-are-going-after-corporate-boards-5dc08fa5">Wall Street Journal, "‘Anti-Woke’ Shareholders Are Going After Corporate Boards"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.realclearenergy.org/articles/2024/06/13/oklahomas_anti-esg_law_is_not_hurting_sooner_state_taxpayers_or_retirees_1038011.html">RealClear Energy, "Oklahoma’s Anti-ESG Law Is Not Hurting Sooner State Taxpayers or Retirees"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.ft.com/content/cf9001ab-e326-4264-af5e-12b3fbb0ee7b">Financial Times, "Investors pull cash from ESG funds as performance lags"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2024-05-28/bosses-talking-less-about-esg-diversity-climate-change-after-culture-wars?embedded-checkout=true">Bloomberg, "After Year of Culture Wars, Bosses Are Talking Less About ESG"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2024-04-07/bankers-in-europe-push-back-as-ecb-conducts-new-esg-risk-review">Bloomberg, "Bank Valuations at Stake as EU Splits With US Over ESG Risk"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2024-03-17/exxon-xom-ceo-goes-on-the-offensive-as-wall-street-investors-sour-on-esg">Bloomberg, "Exxon Chief Goes on the Offensive as Wall Street Sours on ESG"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2024-03-11/esg-investing-studies-are-flawed-reports-say">Bloomberg, "Academics Question ESG Studies That Helped Fuel Investing Boom"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.morningstar.com/sustainable-investing/proxy-voting-expect-more-divergence-esg-among-investors">Morningstar, "Proxy Voting: Expect More Divergence on ESG Among Investors"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.reuters.com/sustainability/boards-policy-regulation/proxy-adviser-iss-expands-offerings-esg-skeptic-clients-2024-03-04/">Reuters, "Exclusive: Proxy adviser ISS expands offerings for 'ESG skeptic' clients"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.politico.com/newsletters/the-long-game/2023/10/31/brits-barnstormed-by-esg-politics-mate-00124453">Politico, "Anti-ESG takes a leap across the pond"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.city-sentinel.com/business/anti-esg-law-benefiting-state-economy/article_09600970-691e-11ee-880d-d31b72fe2871.html">City Sentinel, "Anti-ESG law benefiting state economy"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.reuters.com/sustainability/morningstar-cut-up-12-staff-esg-unit-sustainalytics-2023-09-13/">Reuters, "Morningstar to cut up to 12% of staff at ESG unit Sustainalytics"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.foxbusiness.com/markets/vanguard-joins-blackrock-rejecting-esg-proposals-shareholders">Fox Business, "Vanguard joins BlackRock in rejecting more ESG proposals from shareholders"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.foxnews.com/politics/consumer-group-launches-campaign-targeting-energy-company-pushing-esg-measures">Fox Business, "Consumer group launches campaign targeting energy company pushing ESG measures"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.foxbusiness.com/politics/blackrock-turned-down-record-number-climate-proposals-amid-inflation-esg-pushback">Fox Business: "BlackRock turned down record number of climate proposals amid inflation, ESG pushback"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.axios.com/2023/08/23/esg-blackrock-shareholders">Axios, "BlackRock's support for shareholder proposals wanes"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.barrons.com/articles/blackrock-backs-fewer-esg-proposals-4a6c27f6">Barrons, "BlackRock Backs Fewer ESG Proposals. The Reason Is Surprising."</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.pionline.com/esg/many-companies-experiencing-esg-backlash-conference-board-finds">Pension & Investments: "Many companies experiencing ESG backlash, Conference Board finds"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.washingtonexaminer.com/policy/economy/nyc-clamps-down-fossil-fuels-esg-gop-blowback">The Washington Examiner: "New York City clamps down on fossil fuels via ESG in defiance of national GOP blowback"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/red-states-have-slowed-the-esg-juggernaut-environmental-social-governance-shareholders-investing-7308cb8d">Wall Street Journal: "Red States Have Slowed the ESG Juggernaut"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.washingtonexaminer.com/restoring-america/courage-strength-optimism/conservatives-are-winning-the-war-against-esg">Washington Examiner: "Conservatives are winning the war against ESG. Here's how"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2023-06-07/bank-of-america-is-latest-target-for-anti-esg-group-that-battled-blackrock">Bloomberg: "The Little-Known Group That's Battling Wall Street Over ESG"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.nationalreview.com/news/anti-esg-movement-racks-up-wins-in-eleven-states-as-media-insists-effort-is-backfiring/">National Review: "Anti-ESG Movement Racks Up Wins in Eleven States as Media Insist Effort Is ‘Backfiring’"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://fortune.com/2023/05/12/new-york-pension-fund-lawsuit-anti-esg/">Fortune: "3 New York City pension funds are being sued for divesting from fossil fuels as Republican politicians take aim at anti-ESG investing"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.ft.com/content/907cfec1-6d9d-45b6-89e0-18bd878ea5c3">The Financial Times: "The ESG world is turning more to private investments"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2023-05-04/after-esg-collusion-threats-insurers-change-their-strategy?utm_campaign=socialflow-organic&utm_content=energy&cmpid%3D=socialflow-twitter-energy&utm_source=twitter&utm_medium=social">Bloomberg: "After ‘ESG Collusion’ Threats, Insurers Abort Joint Strategy"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.dailysignal.com/2023/04/14/these-states-have-taken-action-against-esg-in-2023/">Daily Signal: "These States Have Taken Action Against ESG in 2023"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://indianacapitalchronicle.com/2023/03/20/indiana-pension-system-hires-conservative-anti-esg-presidential-candidate/">Indiana Capital Chronicle: "Indiana pension system contracts with conservative anti-ESG firm"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://thehill.com/blogs/blog-briefing-room/3898331-anti-esg-group-launches-mobile-billboard-campaign-in-dc-ahead-of-expected-biden-veto/">The Hill: "Anti-ESG group launches mobile billboard campaign in DC ahead of expected Biden veto"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.politico.com/news/magazine/2023/02/13/anti-woke-ramaswamy-2024-election-00082414">Politico: "The ‘CEO of Anti-Woke Inc.’ Has His Eye on the Presidency"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.thestreet.com/technology/elon-musk-accuses-two-influential-firms-of-controlling-the-stock-market">The Street: "Elon Musk Accuses Two Influential Firms of Controlling the Stock Market"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.ft.com/content/48c1793c-3e31-4ab4-ab02-fd5e94b64f6b">Financial Times: "Vanguard quits climate alliance in blow to net zero project"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://rollcall.com/2022/11/17/republicans-ride-esg-backlash-to-state-financial-offices/">Roll Call</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://rollcall.com/2022/11/17/republicans-ride-esg-backlash-to-state-financial-offices/">: "Republicans ride ESG backlash to state financial offices"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.nationalreview.com/2022/11/esg-blackrocks-hard-place/">National Review</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.nationalreview.com/2022/11/esg-blackrocks-hard-place/">: "ESG: BlackRock’s Hard Place"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/farm-groups-rally-against-sec-proposal-to-report-climate-data-11667035804">The Wall Street Journal</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/farm-groups-rally-against-sec-proposal-to-report-climate-data-11667035804">: "Farm Groups Rally Against SEC Proposal to Report Climate Data"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.theepochtimes.com/blackrock-downgraded-by-ubs-over-growing-esg-investing-risks_4796030.html">The Epoch Times</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.theepochtimes.com/blackrock-downgraded-by-ubs-over-growing-esg-investing-risks_4796030.html">: "BlackRock Downgraded by UBS Over Growing ESG Investing Risks"</a></li></ul> <ul><li><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">CNBC</a><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">: “There’s an ESG backlash inside the executive ranks at top corporations"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.ft.com/content/0affebaa-c62a-49d1-9b44-b9d27f0b5600">The Financial Times</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.ft.com/content/0affebaa-c62a-49d1-9b44-b9d27f0b5600">: "US banks threaten to leave Mark Carney’s green alliance over legal risks"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.dailywire.com/news/wall-street-is-trying-to-punish-middle-america-for-religious-and-cultural-views-through-woke-investing-republican-state-treasurers-warn">The Daily Wire</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.dailywire.com/news/wall-street-is-trying-to-punish-middle-america-for-religious-and-cultural-views-through-woke-investing-republican-state-treasurers-warn">: "Wall Street Is ‘Trying To Punish’ Middle America For Religious And Cultural Views Through Woke Investing, Republican State Treasurers Warn"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/investors-balk-at-tough-climate-proposals-2022-proxy-voting-roundup-11655892000">Wall Street Journal</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/investors-balk-at-tough-climate-proposals-2022-proxy-voting-roundup-11655892000">: "Investors Balk at Tough Climate Proposals: 2022 Proxy Voting Roundup"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.msn.com/en-us/money/other/edelman-ceo-advice-to-others-beware-of-the-pushback-against-wokeness/ar-AAY4UE5?ocid=msedgntp&cvid=5caa4b6471114d058aeb053f7f5e2321">MSN</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.msn.com/en-us/money/other/edelman-ceo-advice-to-others-beware-of-the-pushback-against-wokeness/ar-AAY4UE5?ocid=msedgntp&cvid=5caa4b6471114d058aeb053f7f5e2321">: "Edelman CEO advice to other top execs: Beware of the 'pushback against wokeness'"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/upstart-money-manager-gets-billionaires-to-back-the-anti-blackrock-11652134919">The Wall Street Journal</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/upstart-money-manager-gets-billionaires-to-back-the-anti-blackrock-11652134919">: "'Woke, Inc.' Author’s Startup to Take On BlackRock"</a></li></ul> <ul><li><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2022-05-06/tesla-says-esg-metrics-are-fundamentally-flawed">Bloomberg</a><a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2022-05-06/tesla-says-esg-metrics-are-fundamentally-flawed">: "Tesla, Echoing Musk, Says ESG Metrics Are ‘Fundamentally Flawed'"</a></li></ul> <h2>Asset Management Companies established in opposition to ESG and the ESG investing movement</h2> This section tracks asset management companies established in opposition to ESG and the ESG investing movement. Such companies generally pledge to only consider financial factors in their investment decisions. Click the links below to read the full stories. <ul><li><a href="/Vivek_Ramaswamy_launches_anti-activism_exchange-traded_fund_(2022)" title="Vivek Ramaswamy launches anti-activism exchange-traded fund (2022)">Vivek Ramaswamy launches anti-activism exchange-traded fund</a>: On August 9, 2022, Strive Asset Management – a startup venture from author and entrepreneur <a href="/Vivek_Ramaswamy" title="Vivek Ramaswamy">Vivek Ramaswamy</a> – launched trading on its first ETF, an energy fund tagged DRLL on the New York Stock Exchange (NYSE). Bloomberg reported on the launch.<a href="#cite_note-211">[211]</a></li></ul> <div id="div-gpt-ad-1548351761485-0"><script>googletag.cmd.push(function() { googletag.display("div-gpt-ad-1548351761485-0"); });</script></div><h2>See also</h2> <ul><li><a href="/State_financial_officer_announcements_about_treasury_divestments_related_to_environmental,_social,_and_corporate_governance_(ESG)" title="State financial officer announcements about treasury divestments related to environmental, social, and corporate governance (ESG)">State financial officer announcements about treasury divestments 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>Footnotes</h2> <script type="text/javascript"> if(document.getElementsByClassName("reference").length==0) if(document.getElementById('Footnotes')!==null) document.getElementById('Footnotes').parentNode.style.display = 'none'; </script> <div class="references-small"><div class="mobile-columns"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://floridapolitics.com/archives/649476-ron-desantis-esg-insurance/">Florida Politics, "Ron DeSantis blames high insurance costs on ‘ESG’, accessed December 19, 2023</a> </li> <li id="cite_note-2"><a href="#cite_ref-2">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.reuters.com/business/sustainable-business/desantis-signs-sweeping-anti-esg-legislation-florida-2023-05-02/">Reuters, "DeSantis signs sweeping anti-ESG legislation in Florida," accessed May 12, 2023</a> </li> <li id="cite_note-3"><a href="#cite_ref-3">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://nhjournal.com/sununu-steps-up-anti-esg-fight-with-executive-order/">NH Journal, "Sununu Steps Up Anti-ESG Fight With Executive Order," accessed April 20, 2023</a> </li> <li id="cite_note-4"><a href="#cite_ref-4">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.theepochtimes.com/kentucky-governor-signs-bill-banning-esg-investment-in-public-pensions_5163428.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge">The Epoch Times, "Kentucky Governor Signs Bill Banning ESG Investment in Public Pensions," accessed April 7, 2023</a> </li> <li id="cite_note-5"><a href="#cite_ref-5">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://thehill.com/homenews/state-watch/3903188-desantis-18-states-to-push-back-against-biden-esg-agenda/">The Hill, "DeSantis, 18 states to push back against Biden ESG agenda," accessed March 27, 2023</a> </li> <li id="cite_note-6"><a href="#cite_ref-6">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://flgov.com/2023/02/13/governor-ron-desantis-announces-legislation-to-protect-floridians-from-the-woke-esg-financial-scam/">Office of the Florida Governor, "Governor Ron DeSantis Announces Legislation to Protect Floridians from the Woke ESG Financial Scam," accessed February 23, 2023</a> </li> <li id="cite_note-7"><a href="#cite_ref-7">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wfla.com/news/politics/desantis-senate-house-leaders-to-speak-in-naples/">WFLA 8, "DeSantis announces new legislation to ban ESG, ‘woke’ banking in Florida," accessed February 16, 2023</a> </li> <li id="cite_note-8"><a 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November 22, 2022</a> </li> <li id="cite_note-184"><a href="#cite_ref-184">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/sam-bankman-fried-esg-truth-teller-ftx-cryptocurrency-crash-11668723808">The Wall Street Journal, "Sam Bankman-Fried Becomes an ESG Truth-Teller," November 17, 2022</a> </li> <li id="cite_note-185"><a href="#cite_ref-185">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://thehill.com/opinion/energy-environment/3688593-proposed-climate-rule-is-bigger-badder-deal-than-manchin-schumer-climate-bill%ef%bf%bc/">The Hill, "Proposed climate rule is bigger, badder deal than Manchin-Schumer climate bill," October 15, 2022</a> </li> <li id="cite_note-186"><a href="#cite_ref-186">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.realclearpolitics.com/articles/2022/10/08/esg_cancel_culture_comes_for_state_financial_officers_148298.html">RealClear Politics, "ESG Cancel Culture Comes for State Financial Officers," October 8, 2022</a> </li> <li id="cite_note-187"><a href="#cite_ref-187">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.nytimes.com/2022/09/29/opinion/esg-investing-responsibility.html">New York Times. "One of the Hottest Trends in the World of Investing Is a Sham," September 29, 2022</a> </li> <li id="cite_note-188"><a href="#cite_ref-188">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.foxnews.com/opinion/post-esg-era-corporations-investment-nears">Fox News, "Post-ESG era for corporations, investment nears," September 26, 2022</a> </li> <li id="cite_note-189"><a href="#cite_ref-189">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://thefederalist.com/2022/06/28/the-esg-scam-rates-slave-using-chinese-firms-higher-than-clean-american-energy-producers/">The Federalist, "The ‘ESG’ Scam Rates Slave-Using Chinese Firms Higher Than Clean American Energy Producers," June 28, 2022</a> </li> <li id="cite_note-190"><a href="#cite_ref-190">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.wsj.com/articles/the-esg-backlash-arrives-blackrock-mark-brnovich-strive-asset-management-attorneys-general-11660600459">Wall Street Journal, "The ESG Investing Backlash Arrives," August 15, 2022</a> </li> <li id="cite_note-191"><a href="#cite_ref-191">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.washingtonpost.com/opinions/2022/06/22/progressive-stakeholder-capitalism-esg-investing/">Washington Post, Business beware, ‘stakeholder’ capitalism is parasitic progressivism," June 22, 2022</a> </li> <li id="cite_note-192"><a href="#cite_ref-192">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.nationalreview.com/2022/07/the-bankruptcy-of-esg-is-being-exposed/">National Review, "The Bankruptcy of ESG Is Being Exposed," September 8, 2022</a> </li> <li id="cite_note-193"><a href="#cite_ref-193">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.nytimes.com/2022/08/05/climate/republican-treasurers-climate-change.html?smid=nytcore-ios-share">New York Times, "How Republicans Are ‘Weaponizing’ Public Office Against Climate Action," August 5, 2022</a> </li> <li id="cite_note-194"><a href="#cite_ref-194">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://nypost.com/2022/08/07/the-new-york-times-cluelessness-just-hit-an-astounding-new-high/">New York Post, "The New York Times’ cluelessness just hit a new high," accessed February 15, 2023</a> </li> <li id="cite_note-195"><a href="#cite_ref-195">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4468531&utm_source=substack&utm_medium=email">SSRN, "ESG Ratings of ESG Index Providers, accessed November 30, 2023</a> </li> <li id="cite_note-196"><a href="#cite_ref-196">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4179647">Rock Center for Corporate Governance at Stanford University Working Paper Forthcoming, "ESG Ratings: A Compass without Direction," August 4, 2022</a> </li> <li id="cite_note-197"><a href="#cite_ref-197">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://finance.yahoo.com/news/mit-sloan-study-discovers-widespread-110500430.html">Yahoo, "New MIT Sloan study discovers "widespread and repeated" retroactive changes to ESG scores," June 28, 2022</a> </li> <li id="cite_note-198"><a href="#cite_ref-198">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://hbr.org/2022/03/an-inconvenient-truth-about-esg-investing">Harvard Business Review, "An Inconvenient Truth About ESG Investing," March 31, 2022</a> </li> <li id="cite_note-199"><a href="#cite_ref-199">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.aier.org/article/how-to-really-end-esg/">American Institute for Economic Research, "How to Really End ESG," accessed September 17, 2024</a> </li> <li id="cite_note-200"><a href="#cite_ref-200">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://thehill.com/policy/energy-environment/4764971-anti-esg-group-farm-bill/">The Hill, "Anti-ESG group launches campaign around farm bill," accessed July 17, 2024</a> </li> <li id="cite_note-201"><a href="#cite_ref-201">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.forbes.com/sites/jonmcgowan/2024/07/10/project-2025-calls-for-end-of-sec-climate-related-disclosure-rule-esg/">Forbes, "Project 2025 Calls For End Of SEC Climate Related Disclosure Rule/ ESG," accessed June 17, 2024</a> </li> <li id="cite_note-202"><a href="#cite_ref-202">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://dailycaller.com/2024/06/26/exclusive-blackrock-oklahoma-pension-funds-racial-climate-agenda-report">Daily Caller, "EXCLUSIVE: Wall Street Giant Used Red State’s Pension Funds To Push Racial, Climate Agenda, Report Reveals," accessed July 4, 2024</a> </li> <li id="cite_note-203"><a href="#cite_ref-203">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.citynewsokc.com/community/oklahomas-anti-esg-law-not-harming-cities-borrowing-costs-study-finds/article_c4e4a8b8-2548-11ef-8a97-d3034b7cc4ab.html">City News OKC, "Oklahoma's Anti-ESG law not harming cities' borrowing costs, study finds," accessed June 10, 2024</a> </li> <li id="cite_note-204"><a href="#cite_ref-204">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.pensionpolitics.com/read-the-2024-report/">Pension Politics, "Read the Report," accessed May 21, 2024</a> </li> <li id="cite_note-205"><a href="#cite_ref-205">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.washingtonexaminer.com/policy/finance-and-economy/2985931/republican-state-treasurers-launch-political-arm-escalate-war-esg/">Washington Examiner, "Republican state treasurers launch political arm to escalate war against ESG," accessed May 10, 2024</a> </li> <li id="cite_note-206"><a href="#cite_ref-206">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.dailywire.com/news/new-effort-launched-to-stop-use-of-public-pension-funds-for-leftist-causes">Daily Wire, "New Effort Launched To Stop Use Of Public Pension Funds For Leftist Causes," accessed May 10, 2024</a> </li> <li id="cite_note-207"><a href="#cite_ref-207">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://nypost.com/2024/03/21/opinion/unions-using-esg-to-control-workers-and-drain-americans-retirement-savings/">New York Post, "Unions using ESG to control workers — and drain Americans’ retirement savings," accessed March 27, 2024</a> </li> <li id="cite_note-208"><a href="#cite_ref-208">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.buckeyeinstitute.org/library/docLib/2024-02-07-Net-Zero-Climate-Control-Policies-Will-Fail-the-Farm-policy-report.pdf">Buckeye Institute, "NET-ZERO CLIMATE-CONTROL POLICIES WILL FAIL THE FARM," February 7, 2024</a> </li> <li id="cite_note-209"><a href="#cite_ref-209">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.washingtonexaminer.com/policy/economy/watchdog-report-catalogues-esg-shareholder-efforts-pressure-corporations">Washington Examiner, "Watchdog report catalogs ESG shareholder efforts to pressure corporations on liberal priorities," accessed August 29, 2023</a> </li> <li id="cite_note-210"><a href="#cite_ref-210">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.foxbusiness.com/politics/heritage-foundation-unveils-initiative-opposing-esg-policies-pushed-woke-corporations">Fox Business, "Heritage Foundation unveils initiative opposing ESG policies pushed by 'woke' corporations," September 1, 2022</a> </li> <li id="cite_note-211"><a href="#cite_ref-211">↑</a> <a target="_blank" rel="noreferrer noopener" class="external text" href="https://www.bloomberg.com/news/articles/2022-08-10/-post-esg-etf-backed-by-thiel-debuts-to-encourage-more-drilling">Bloomberg, "Thiel-Backed Firm Debuts Anti-ESG ETF to Urge More Drilling," August 10, 2022</a> </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; width:6em;text-align:left;"><div class="noprint plainlinksneverexpand" style="background-color:transparent; padding:0; white-space:nowrap; font-weight:normal; font-size:xx-small; ;background:#bbccee;;border:none;;"><a href="/Template:ESG_hnt" title="Template:ESG hnt">v</a> • <a target="_blank" rel="noreferrer noopener" class="external text" href="https://ballotpedia.org/wiki/index.php?title=Template:ESG_hnt&action=edit">e</a></div></div><big><a href="/Environmental,_social,_and_corporate_governance_(ESG)" title="Environmental, social, and corporate governance (ESG)">Environmental, social, and corporate governance (ESG)</a></big></th></tr><tr style="height:2px;"><td></td></tr><tr><td class="navbox-group" style=";background:#bbccee;;">Index</td><td style="text-align:left;border-left:2px solid #fdfdfd;width:100%;padding:0px;padding:0.25em 0; line-height:1.4em;;;" class="navbox-list navbox-odd"><div style="padding:0em 0.25em"><a href="/Index_of_articles_about_environmental,_social,_and_corporate_governance_(ESG)" title="Index of articles about environmental, social, and corporate governance (ESG)">Index of articles about environmental, social, and corporate governance (ESG)</a></div></td></tr><tr style="height:2px"><td></td></tr><tr><td class="navbox-group" style=";background:#bbccee;;">Overviews</td><td style="text-align:left;border-left:2px solid #fdfdfd;width:100%;padding:0px;padding:0.25em 0; line-height:1.4em;;;" class="navbox-list navbox-even"><div style="padding:0em 0.25em"><a href="/Areas_of_inquiry_and_disagreement_related_to_environmental,_social,_and_corporate_governance_(ESG)" title="Areas of inquiry and disagreement related to environmental, social, and corporate governance (ESG)">ESG arguments‎</a> • <a class="mw-selflink selflink">Opposition to ESG</a> • <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 ESG</a> • <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></div></td></tr><tr style="height:2px"><td></td></tr><tr><td class="navbox-group" style=";background:#bbccee;;">Legislation</td><td style="text-align:left;border-left:2px solid #fdfdfd;width:100%;padding:0px;padding:0.25em 0; line-height:1.4em;;;" class="navbox-list navbox-odd"><div style="padding:0em 0.25em"><a href="/State_legislative_approaches_opposing_ESG_investing" title="State legislative approaches opposing ESG investing">State legislative approaches opposing ESG investing</a> • <a href="/State_legislative_approaches_supporting_ESG_investing" title="State legislative approaches supporting ESG investing">State legislative approaches supporting ESG investing</a> • <a href="/Enacted_state_ESG_legislation_by_trifecta_status,_2020-2024" title="Enacted state ESG legislation by trifecta status, 2020-2024">Enacted state ESG legislation by trifecta status, 2020-2024</a></div></td></tr><tr style="height:2px"><td></td></tr><tr><td class="navbox-group" style=";background:#bbccee;;">Terms</td><td style="text-align:left;border-left:2px solid #fdfdfd;width:100%;padding:0px;padding:0.25em 0; line-height:1.4em;;;" class="navbox-list navbox-even"><div style="padding:0em 0.25em"><a href="/Environmental,_social,_and_corporate_governance" class="mw-redirect" title="Environmental, social, and corporate governance">Environmental, social, and corporate governance</a> • <a href="/Socially_responsible_investing" title="Socially responsible investing">Socially responsible investing</a> • <a href="/Shareholder_model_of_the_corporation" title="Shareholder model of the corporation">Shareholder model of the corporation</a> • <a href="/Stakeholder_model_of_the_corporation_(stakeholder_capitalism)" title="Stakeholder model of the corporation 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