Tag: ESG initiatives
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Consumer group launches campaign opposing Duke Energy’s ESG policies
The consumer watchdog organization Consumers Research launched a campaign August 24, opposing the ESG policies in use by North Carolina’s Duke Energy. 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 here. For more information on reform…
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Wyoming state board pushes back against ESG
The Wyoming State Loan and Investment Board on August 2 enacted a new investment policy prohibiting ESG considerations in state investments. 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 here. For more information on reform proposals…
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Congressmen send letters requesting ESG information from Big Three asset managers
House Judiciary Committee Chairman Jim Jordan (R-Ohio), along with Reps. Thomas Massie (R-Ky.) and Dan Bishop (R-N.C.), sent letters to the Big Three passive asset management firms—BlackRock, State Street, and Vanguard—on July 6 requesting information about their efforts to combat climate change through ESG. Jordan said such efforts could violate antitrust laws. Ballotpedia tracks support…
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House Republican introduces bill opposing ESG in retirement funds
Congressman Andy Barr (R-Ky.) introduced a bill on June 21 opposing the Biden Labor Department’s rule allowing the use of ESG in retirement plan investments. Both chambers recently passed a Congressional Review Act (CRA) resolution overturning the Labor Department rule, but President Joe Biden (D) vetoed that legislation. Congressman Barr introduced the new bill in…
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Biden administration seeks to dismiss lawsuit challenging ESG retirement plan rule
The Biden administration on June 5 moved to dismiss a lawsuit brought against it by states challenging a Department of Labor rule on the use of ESG factors in investment-related decisions for retirement funds governed by the Employee Retirement Income Security Act of 1974 (ERISA). The states filed suit earlier this year, arguing that the…
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States send letters and questionnaires inquiring about ESG at firms
Twenty-one state financial officers signed letters on May 15 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…
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House Oversight Committee holds ESG hearing
The House Oversight Committee on May 10 held a hearing on ESG, during which Republicans and Democrats took opposite perspectives on the issue. Chairman James Comer (R-Ky.) criticized ESG in his opening statement. Among other things, Chairman Comer said that he intends to hold more oversight hearings to investigate ESG policy. On the other side…
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Oklahoma treasurer announces 13 financial institutions can’t do business with the state over ESG policies
Oklahoma State Treasurer Todd Russ (R) on May 3 issued a list of 13 financial institutions that are ineligible to do business with the state under a 2022 law because, according to Russ’s office, they engage in energy boycotts that, in its opinion, hurt the state’s economy. The listed institutions cannot manage state pension funds…