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EXCLUSIVE: Nearly two dozen state financial agents call for federal financial regulators to issue clear orientations and establish new rules concerning ESG investment.
ESG means “environment, social and governance” and can conflict with investments drawn strictly from a fiduciary point of view. The officers aim to protect the passive retirement plans of Americans thanks to these measures.
State Treasurers and Auditors from Alaska to South Carolina Wrote to the Acting Heads of the Securities and Exchange Commission (Sec) and Department of Labor (Dol) after a Texas Court Ruling Against American Airlines in A Suit B3 his retirement plan.
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“We are therefore asking for dry and taking decisive measures to maintain the laws on trustee obligations and protect retirement plans against the corrosion of activists,” said state officials.
“More specifically, we call on your agencies to issue in -depth advice … launch rules … [and] Increase monitoring and application “of fiduciary rules.
A Wall Street panel in front of an American flag (Photos Reuters / Mike Segar / Reuters)
On January 15, the federal judge named Bush, Reed O’Connor, ruled in favor of the pilot, who allegedly alleged that his employer did not correctly monitor the proxy vote of the investment managers with which they were dealing, including BlackRock.
The airline ESG OBJECTIVES Also in conflict with those of certain investment companies, according to chronic allegations by ESG Dive.
State officials asked the SEC and Dol to reaffirm a decision of the Supreme Court according to which the trustee had to pay their functions only in the financial interests of participants in the pension plan and that proxy vote like reducing emissions.
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“There is an undeniable trend, among major asset managers, to prioritize political and social agendas on the financial security of workers.
These “mixed reasons” – if a retirement regime manager considers ESG above or in addition to the highest possible rate of return for the beneficiary – cannot be legally or ethical tolerated, managers wrote.
Investing in such a way “triggers an irreubtable presumption of reprehensible acts” on the part of the company of investment manager.
In the American airlines Business, the court concluded that ESG investments often underperform traditional investments of around 10%.
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He also found that Blackrock publicly swore to support more shareholder proposals on climate change, even in large energy companies that earn money from the production of fossil fuels “.
However, investments in the airline’s retirement plan with the Mega-business would have been limited to index funds which do not have political or social folding but which can, by definition, contain by chance actions of individual companies that adopt ESG principles in their business model.
An AA spokesperson confirmed to ESG plunging that the role of Blackrock was limited to passive index funds and that the decision focused on monitoring by AA of the voting by attachment to the alignment company on industry best practices.
Oj Oleka, Head of the Foundation of State Financial Officers (SFOF), which members signed the letter, said it was disturbing to see the asset managers and the administrators “pushing political and social agendas At the expense of what is best for daily Americans “.
“The recent court decision against American Airlines is a clear example of the risks of prioritizing ESG and DEI on financial returns,” Oleka told Fox News Digital.
“The trustee have a duty to focus on the financial well-being of those they serve, and when they do not do it, it is a bad service to their beneficiaries and potentially illegal.”
He expressed the hope that the federal government intervenes to strengthen that companies should prioritize the financial advantages of “distractions” that undermine financial security.
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In response to the mention as an example in the letter, a BlackRock representative told Fox News Digital that the investment giant always makes decisions with the gains of investors in mind.
“We are still acting independently and with a singular concentration on what is in the best financial interests of our customers,” said the spokesperson.
“Our only program is to maximize yields for our customers, in accordance with their choices.”
A familiar source with the problems raised by sfof said they had been mainly resolved.
The state of Tennessee recently settled an ESG against Blackrock affair, and the firm also left a Wall Street alliance focused on “Net Zero” shows.
Jeff Eller, Executive Director of the Alliance for Prosperity and A Secure Retry, told Fox News Digital, the American decision of airlines preceding the letter was “the legal equivalent of the science of junk food”.
“It is full of inaccuracies and contradictory complaints. It is only a matter of time before being probably reversed on appeal. Who will protect retirement plans for millions of Americans,” said Eller.
