Hegar blasts Biden administration plan advancing retirement funds prioritizing ESG

[Geee]

The Center Square

Texas comptroller stands firm on state divesting from companies boycotting oil and gas industry

 

 

(The Center Square) – The U.S. Department of Labor is finalizing a rule allowing companies to prioritize ESG policies when choosing retirement plans. It’s the last phase of a nearly two-year effort to reverse a Trump-era rule banning the practice.

The department said it was implementing the rule to “remove barriers to plan fiduciaries’ ability to consider climate change and other environmental, social and governance factors when they select investments and exercise shareholder rights.”

Both the chief financial heads of Texas and Florida, and Gov. Ron DeSantis, have taken action against ESG, an environmental, social, governance social credit score system, from being implemented in their states.

 

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Definition and meaning ESG stands for E nvironmental S ocial and G overnance, and refers to the three key factors when measuring the sustainability and ethical impact of an investment in a business or company. Most socially responsible investors check companies out using ESG criteria to screen investments.

 

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Elon Musk: ‘Increasingly Convinced’ That ESG ‘Is the Devil Incarnate’

Elon Musk goes there:

I am increasingly convinced that corporate ESG is the Devil Incarnate.

And I thought that my view — that ESG is, for the most part, the work of corporatists, rent-seekers (the two categories are not mutually exclusive), anti-capitalists, and dupes — was harsh.

 

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DeSantis pulls $2BN from woke BlackRock in largest anti-ESG divestment by any Republican state - as Biden encourages 401ks to invest in the underperforming funds