Tag: esg

  • Mississippi issues cease and desist order to BlackRock, warns of potential fines

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    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…

  • Texas education fund pulls $8.5 billion from BlackRock

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    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.…

  • Appeals court pauses implementation of SEC climate rule

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    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…

  • West Virginia treasurer sends letter to financial institutions over ESG practices

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    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,…

  • BlackRock CEO seeks firm’s removal from Texas prohibited asset manager list

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    BlackRock CEO Larry Fink petitioned Texas elected officials to remove the firm from the state’s prohibited asset manager list at an energy investment summit on February 6. BlackRock has not been eligible to manage public assets in Texas since August 24, 2022, when Texas Comptroller Glenn Hegar (R) released a list of companies and funds…

  • Missouri Democrats continue pushback against rule opposing ESG

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    Missouri Secretary of State Jay Ashcroft (R) published a rule last July restricting the use of ESG in public investment strategies. The Securities Industry and Financial Markets Association (SIFMA) filed a lawsuit in August claiming that the regulation conflicted with federal law. Judge Stephen R. Bough of the U.S. District Court for the Western District…

  • State agriculture commissioners join ESG pushback

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    Agriculture commissioners from 12 states sent a letter on January 29 to the heads of six banks, arguing that ESG efforts to promote net-zero carbon policies would hurt farmers and inflate consumer food prices. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments…

  • State attorneys general continue pushback against federal ESG labor rule

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    Attorneys general from 26 states are opposing the implementation of the U.S. Department of Labor’s rule permitting ESG considerations in Employee Retirement Income Security Act (ERISA)-governed pension plans in court. The states filed an appeal late last week seeking to reverse the dismissal of their case. Ballotpedia tracks support for and opposition to the environmental,…

  • New York Supreme Court could hear case opposing ESG investment by NYC pension plans

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    Four New York City employees, with the help of nonprofit legal organization Americans for Fair Treatment, filed a lawsuit in May opposing New York City pension plans’ environmental investment considerations. The court, according to E&E News, could be the first to hear a legal claim against investment managers who consider ESG. Ballotpedia tracks support for…