Tag: ESG initiatives

  • European Commission proposes ESG reporting rollback

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    The European Commission unveiled a proposal to scale back ESG reporting requirements under the Corporate Sustainability Reporting Directive (CSRD). Germany and France urged the Commission to ease CSRD requirements, arguing that they undermine EU companies’ competitiveness, especially as the U.S. Securities and Exchange Commission (SEC) has paused its reporting rules. The proposal would exempt up…

  • Democratic state financial officers support ESG in letter to regulators

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    Seventeen Democratic state financial officers sent a letter to the acting heads of the Securities and Exchange Commission (SEC) and the Department of Labor (DOL), asking them to not restrict the use of environmental, social, and governance (ESG) factors in financial decisions. The letter responds to one sent last month by Republican state financial officers…

  • Oklahoma launches effort to oppose corporate DEI

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    Oklahoma Treasurer Todd Russ (R) announced plans to oppose corporate diversity, equity, and inclusion (DEI) programs through shareholder proposals using its $2 billion Tobacco Settlement Endowment Trust. DEI is typically associated with the social component of ESG. Treasurer Russ has argued corporations should be politically neutral and avoid using corporate money for DEI and ESG…

  • Texas sends letter opposing financial firm DEI policies

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    Ten states, led by Texas, have requested information from BlackRock, Goldman Sachs, and others regarding their diversity, equity, and inclusion (DEI) policies. The Jan. 23 letter argued business and investment decisions based on race, sex, and other diversity criteria could violate financial firms’ fiduciary duty to focus on maximizing shareholder value. Texas and other states…

  • Banks exit net-zero alliance

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    What’s the story? Three major banks announced over the last several days that they are leaving the Net-Zero Banking Alliance. Morgan Stanley, Citigroup, and Bank of America indicated they would exit the group. Why does it matter? The announcements follow similar actions from Goldman Sachs and Wells Fargo last month. They are part of a…

  • BlackRock leaves net-zero alliance, NZAM suspends operations

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    BlackRock—the world’s largest asset manager—announced Jan. 9 that it is leaving the Net-Zero Asset Managers Initiative (NZAM), a United Nations-affiliated group promoting emission reductions. NZAM announced Jan. 13 that it is suspending operations and removing the commitment statement and list of signatories from its website. The group said in a statement it will reevaluate its…

  • SEC chairman announces resignation

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    SEC Chairman Gary Gensler announced Nov. 21 that he will leave his position effective Jan. 20, 2025, at the end of Joe Biden’s (D) presidency. Trump will name his replacement. Gensler promoted policies supportive of ESG investing as chairman, including a set of rules requiring climate-related corporate disclosures. Most commentators believe Trump’s replacement will likely…

  • New York City pension system joins net zero asset group

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    What’s the story? The New York City Employees’ Retirement System (NYCERS)—under the direction of city Comptroller Brad Lander (D)—joined the Net-Zero Asset Owner Alliance (NZAOA), extending its commitment to ESG investment strategies. NZAOA’s members manage more than $9.5 trillion and commit to using their investments to reduce carbon emissions. Why does it matter? The NYCERS…

  • ESG policy debated in state treasurer races

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    Voters in 10 states will vote on their treasurer next week. Voters in 8 states will vote on their auditor. State treasurers oversee state investments, such as public pension funds, making them responsible for deciding if their respective states will incorporate ESG strategies into their portfolios. Additionally, both treasurers and auditors commonly have roles implementing…