Tag: ESG initiatives

  • House Judiciary Committee probes Glasgow Financial Alliance for Net Zero

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    The House Judiciary Committee late last week interviewed at least two leaders of the Glasgow Financial Alliance for Net Zero (GFANZ), a global network of financial firms supporting ESG. The committee has also requested interviews with several other GFANZ officials and affiliated individuals, including billionaire and former New York City Mayor Michael Bloomberg. Ballotpedia tracks…

  • Largest state pension fund announces punitive action against ExxonMobil

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    The California Public Employees Retirement System (CalPERS), the largest public pension fund in the country, announced on May 21 that it has chosen to take action against ExxonMobil at the company’s May 29 annual shareholder meeting. Because of a lawsuit filed by Exxon against two small shareholders – Arjuna Capital and Follow This – CalPERS…

  • Congressional Democrats ask SEC to finalize ESG disclosure rule

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    Twenty-one congressional Democrats sent a letter to SEC Chairman Gary Gensler on May 13 requesting that the commission continue finalizing its rule requiring additional disclosures for self-identified ESG investment funds. 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…

  • Mississippi issues cease and desist order to BlackRock, warns of potential fines

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    Mississippi Secretary of State Michael Watson (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…

  • Appeals court pauses implementation of SEC climate rule

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    The U.S. Court of Appeals for the Fifth Circuit on March 15 temporarily blocked the implementation of the Securities and Exchange Commission’s (SEC’s) new rules on emissions data reporting while the court considers a lawsuit alleging the regulations exceed the SEC’s authority. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance…

  • SEC approves climate reporting rules

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    The Securities and Exchange Commission (SEC) on March 6 approved its long-awaited final rules on climate reporting standards. As expected, the new rules eliminated requirements for Scope 3 emissions reporting and reduced Scope 1 and 2 requirements. In response to the SEC’s disclosure rules, ten states announced the same day that they would sue to…

  • West Virginia treasurer sends letter to financial institutions over ESG practices

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    West Virginia Treasurer Riley Moore (R) sent a letter on February 22, 2024, to six banks—including Citibank, TD Bank, and HSBC—warning that they may be ineligible for contracts with the state in 45 days unless they show that they do not illegally boycott fossil fuel companies. Ballotpedia tracks support for and opposition to the environmental,…

  • Financial institutions pull $14 trillion from ESG initiative

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    J.P. Morgan Chase and State Street Global Advisors—two of the largest asset managers in the world—withdrew on February 15 from Climate Action 100+, an asset manager initiative aimed at making companies reduce their carbon emissions through environmental, social, and corporate governance (ESG) investing. BlackRock, the largest asset manager in the world, announced it would reduce…

  • BlackRock CEO seeks firm’s removal from Texas prohibited asset manager list

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    BlackRock CEO Larry Fink petitioned Texas elected officials to remove the firm from the state’s prohibited asset manager list at an energy investment summit on February 6. BlackRock has not been eligible to manage public assets in Texas since August 24, 2022, when Texas Comptroller Glenn Hegar (R) released a list of companies and funds…