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re: Blackrock faces scrutiny from 19 state AGs over ESG investments
Posted on 8/17/22 at 7:21 pm to Taxing Authority
Posted on 8/17/22 at 7:21 pm to Taxing Authority
CIN
quote:
(CNN)As soon as next week, Florida pension fund managers could be barred from considering the social impact of their financial decisions as Gov. Ron DeSantis opens a new front in his anti-"woke" crusade, this time focused on Wall Street and corporate CEOs.
In new draft rules posted Monday on the website of the agency that oversees Florida's pension fund, state investment managers can weigh only the risk or return of an investment when directing the state's $200 billion in assets. The directive is DeSantis' initial salvo against what he has called "ideological corporate power," and it follows efforts by other GOP state leaders that are targeting companies that venture into the political arena.
quote:
DeSantis has criticized financial institutions and corporate executives for considering factors like systemic racism and economic inequality when making business decisions, a practice known as environmental, social and governance, or ESG, investing. In an episode of Glenn Beck's online show posted Saturday on YouTube, DeSantis told the conservative commentator that he expected the new rules to "make a big splash" when they pass.
"We're a big pension system," DeSantis said, "and some of these businesses are going to have to choose between going down the ESG rabbit hole or being able to be invested with the state of Florida."
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