Tag: esg
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House Judiciary Committee report alleges organizations colluded to force ESG policies
The House Judiciary Committee released an interim report on June 11 alleging that several organizations, investors, and asset managers colluded to force American corporations to adopt ESG policies. The report specifically referred to Ceres, Climate Action 100+, the Net Zero Asset Managers Initiative, the California Public Employees’ Retirement System (CalPERS), and the Big Three asset…
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Oklahoma judge pauses enforcement of anti-ESG law, state officials and groups respond
An Oklahoma judge on May 7 paused enforcement of a 2022 state law prohibiting the state from contracting with businesses the treasurer identifies as boycotting oil and gas companies. Following the enforcement pause, Attorney General Gentner Drummond (R) fired the legal team responsible for defending the law and blamed the team’s ineffectiveness on Treasurer Todd…
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Oklahoma adds Barclays as restricted business
Oklahoma Treasurer Todd Russ (R) announced on May 3 that Barclays boycotted fossil fuel companies under the state’s legal definition and was therefore restricted in its ability to do business with the state. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments for,…
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U.S. ESG funds see record outflows
In the first quarter of 2024, U.S. investors removed nearly $9 billion of net capital from funds promoting ESG investing strategies. The move marked the largest ESG outflow recorded. 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,…
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Texas fund adopts shareholder voting approach opposing ESG
The Texas Permanent School Fund announced last week that it will use a new proxy voting option from Institutional Shareholder Services (ISS) referred to as the ESG skeptic option, which was developed by Bowyer Research. The move came after the fund generated headlines last month when it removed $8.5 billion from BlackRock’s asset management over…
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West Virginia adds four banks to restricted institution list over ESG policies
West Virginia Treasurer Riley Moore (R) announced April 8 that four large banks and financial services firms—Citigroup, TD Bank, HSBC, and The Northern Trust Company—were ineligible to do business with the state under a 2022 state law prohibiting contracts with businesses that boycott fossil fuel companies. The announcement came after Moore sent a letter to…
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Mississippi issues cease and desist order to BlackRock, warns of potential fines
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…
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Texas education fund pulls $8.5 billion from BlackRock
The Texas Permanent School Fund (TPSF) on March 19, 2024, pulled roughly $8.5 billion from BlackRock’s asset management. Texas State Board of Education Chairman Aaron Kinsey (R) argued that since BlackRock supported environmental, social, and corporate governance (ESG) investing through its boycott of the fossil fuel industry, state law prohibited BlackRock from managing public funds.…
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Appeals court pauses implementation of SEC climate rule
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…
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West Virginia treasurer sends letter to financial institutions over ESG practices
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,…