Utah's state treasurer has joined treasurers in other red states in challenging financial firms over their environmental and social agendas.Utah’s state treasurer, Marlo Oaks, has moved about $100 million in state money previously managed by theto different asset managers. BlackRock, he said, has been pushing an environmental and social agenda instead of bringing the best financial return to state taxpayers.
A BlackRock representative declined to comment on Oaks’ assertions, as per company policy. But BlackRock has faced similar complaints in other GOP-dominated states, and the company has said its efforts are driven by clients who want a long-term investment outlook. More than half of the assets BlackRock manages are held by pension funds that have long-term investment goals.
“However, the Utah State Retirement Board continually monitors the performance of our investment managers and makes changes as necessary,” Holland said. “We consider all material risk and return factors.” But ESG’s defenders say the financial firms and credit rating agencies are answering a demand from the market to shift away from those industries. Advisers at the global management consulting firm McKinsey wroteconsider ESG. “Although valid questions have been raised about ESG, the need for companies to understand and address their externalities is likely to become essential to maintaining their social license.
“ESG emerged from a demand in the market for more transparency about climate, social, and governance risks corporations face going forward. The analysis has also been applied to state bonds, but major ratings agencies have yet to penalize any state bond ratings for perceived ESG shortcomings. I have not seen any indication that ‘woke ideology’ is forcing ESG ratings on a market that does not want them.”puts it in the middle with most states.
A BETTER ENVIRONMENTAL AGENDA IS OUR FUCKING RETURN! JFC the church has enough fucking money why do we as taxpayers need to give them more. Shit isn’t spent on us.
Next on the docket, ban on business with financial entities with established ESG policies. Good for the taxpayers...not...
I know this is a teeny itty bitty detail. And I am not a lawyer. But I looked at the actual duties for this office as specified by, like, laws, and gosh darned oh my heck if I cannot anywhere find where it says making these sorts of policies is anywhere in the job description.
Way to go Marlo!
Yes, we need financial and economic growth 1st and foremost. That is far more important than our health and welfare. Nothing matters more than money. The Utah way.
$100 million is what the state lost when the retailers convention moved. they did not seem to care then Utah
Another disturbing anti-democratic pro-private interest movement strategized and funded by dark money. Governments that copycat legislation and policies without thinking first are the worst liability .
When the drinking water goes out and air quality unbreathable.. Republicans will blame democrats.. watch.
Meanwhile 3 of the 5 worst air quality cities are in Utah.. 14yo kids getting lung cancer n shet.
Don't people need water more than better financial returns? Does he think he can buy rain?
Funny, other large holders of BlackRock investments aren’t having that issue. Utah GOP never willing to do the right thing.
Here we are, literally in an existential crisis concerning shrinking water availability, the loss of the Great Salt Lake, ongoing air quality issues, etc, and this guy says being concerned about the environment is wrong and he's going 'punish' those who are. That's a Republican.
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