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Twenty-two Republican state financial officers—treasurers, auditors, and a comptroller—sent a letter Jan. 28 asking the U.S. Department of Labor (DOL) and the Securities and Exchange Commission (SEC) to issue new rules clarifying and updating ESG policies enacted or proposed during the Biden administration. The DOL and the SEC each issued ESG and sustainability investing rules…
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The Indiana Public Retirement System’s trustees voted last week to stop using BlackRock for asset management services. The board is considering three firms as replacements: State Street, UBS, and Northern Trust. Indiana Treasurer Daniel Elliott (R) argued in August that BlackRock’s ESG commitments made the firm ineligible for contracts under the state’s 2023 anti-ESG law.…
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Eleven Republican-led states on Nov. 27 sued BlackRock, Vanguard, and State Street—the Big Three passive asset managers—arguing the firms violated antitrust laws. The states said the firms’ collective ESG engagement hurt coal production, raising consumer energy costs. The firms argued they operate independently and compete with one another. BlackRock, Vanguard, and State Street hold large…
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What’s the story? Oklahoma Attorney General Gentner Drummond (R) filed an appeal with the state Supreme Court seeking to overturn a lower court’s ruling against the state’s anti-ESG law. The statute prohibits state contracts and investments with asset managers who—in the state treasurer’s view—boycott the fossil fuel industry. Why does it matter? Oklahoma’s decision on…
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States passed 32 bills either supporting or opposing ESG investing in 2024. ESG investing is an asset management approach that considers the environment, social issues, and corporate governance practices. It’s a type of stakeholder investing, which argues shareholder returns should not be the only goal. Stakeholder investing contrasts with traditional approaches that exclusively consider financial…
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Missouri Secretary of State Jay Ashcroft (R) on Sept. 13 appealed the recent federal court decision that invalidated two of the state’s anti-ESG investing rules, published last year. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments for, against, and about ESG, click…
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Fifteen Republican state treasurers sent a letter to Institutional Shareholder Services (ISS)—the world’s largest proxy advisory service—on September 5, arguing the company’s proxy recommendations were biased, citing a report by Consumers Research. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments for, against,…