Tag: ESG initiatives

  • Biden administration seeks to dismiss lawsuit challenging ESG retirement plan rule

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    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…

  • States send letters and questionnaires inquiring about ESG at firms

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    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…

  • House Oversight Committee holds ESG hearing

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    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…

  • Oklahoma treasurer announces 13 financial institutions can’t do business with the state over ESG policies

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    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…