Tag: esg
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Oklahoma pension system pushes back against treasurer’s ESG opposition
The Oklahoma Public Employees’ Retirement System (OPERS) recently voted to continue contracting with BlackRock and State Street—the managers of most of the state’s pension assets. Oklahoma Treasurer Todd Russ (R) published a letter arguing against the decision and saying it could violate state laws opposing ESG. OPERS last week responded to Russ’ letter with a…
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State attorneys general appeal challenge to labor department’s ESG rule
The state attorneys general who sued the Biden administration to overturn its rule allowing ESG considerations in Employee Retirement Income Security Act of 1974 (ERISA)-governed pension plans filed an appeal on October 26. The case was previously thrown out in a federal district court. Ballotpedia tracks support for and opposition to the environmental, social, and…
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Senators ask Treasury for additional climate finance regulation
The Treasury Department released guidelines on Sept. 19 aiming to promote net-zero finance. The next day, six left-leaning senators, including Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.), sent a letter to Treasury Secretary Janet Yellen encouraging her to enact additional financial regulations related to climate and carbon emissions. Ballotpedia tracks support for and opposition to…
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Federal court rules in favor of Biden ESG retirement rule
Judge Matthew J. Kacsmaryk of the United States District Court for the Northern District of Texas issued a ruling on Sept. 21 refusing to block the Biden Labor Department’s investment rule allowing ESG considerations in retirement plans governed by the Employee Retirement Income Security Act of 1974 (ERISA). Texas and Utah are leading 24 other…
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Vanguard joins BlackRock in reducing support for ESG shareholder proposals
Fox Business reported on August 29 that Vanguard—the second largest asset manager in the world and the largest manager of passive funds—reduced its support for pro-ESG proxy proposals during the past shareholder season. The report followed news that BlackRock, the world’s largest asset manager (measured by assets under management) also supported fewer ESG proposals. Ballotpedia…
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BlackRock announces plans to allow investors to vote their own proxies
The Big Three passive asset management firms—BlackRock, State Street, and Vanguard—have been criticized for using investors’ money in pursuit of political goals. The firms use the funds that they invest on behalf of their clients and vote the proxies that, outside of a pooled index or mutual fund, investors would typically vote themselves. ESG critics…
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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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North Carolina governor vetoes state bill opposing ESG
Gov. Roy Cooper, a Democrat and ESG supporter, on June 23 vetoed a bill banning the use of ESG in state investments. The bill previously passed the state House on May 3 and the state Senate on June 13. The bill now heads back to the legislature, which is expected to have the votes to…
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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…