Saturday, July 30, 2022

WFSU on Gov. DeSantis taking aim at 'woke' ideology in Florida's investments

I’m currently working on a piece on anti-ESG legislation for our upcoming BLPB Symposium. According to The Heartland Institute (here), as of April 5, 2022, twenty-eight states have initiated some form of “anti-ESG action.” So, recent news of Florida Governor Ron DeSantis pushing for further action in this area caught my eye. Here is an excerpt from relevant coverage by WFSU (go read the full piece here):

DeSantis plans to have the State Board of Administration, which oversees investments, direct pension-fund managers against “using political factors when investing the state's money.” So-called ESG policies have drawn criticism from Republicans across the country…. Renner, who will become House speaker after the November elections, called the corporate practices a national-security issue and a pocketbook issue. "What we have is these large corporations and banks that are pursuing a woke agenda that is artificially driving up our costs in energy,” Renner said. “There's a reason why we haven't built new refineries. There's a reason why we're not drilling for oil even though we have more reserves in this country than any other place in the world, it’s because the banks and this woke agenda is choking off their ability to get financing to do that.” DeSantis said ESG is a being used by “upper echelons of our society” to impose a “woke ideology on the economy.” “We don't want to see the economy further politicized, and we want to push back against the politicization that's already happened,” DeSantis said. “Our investment of funds should be for the best interest of our beneficiaries here in the state of Florida, it should not be a vehicle to impose an ideological agenda.”

https://lawprofessors.typepad.com/business_law/2022/07/wfsu-on-gov-desantis-taking-aim-at-woke-ideology-in-floridas-investments.html

Stefan J. Padfield | Permalink

Comments

Will be interested in reading a draft. At the ALSB conference this past weekend there were many professors working on ESG projects, but I didn't see any papers on the anti-ESG legislation.

Posted by: Haskell | Aug 1, 2022 9:11:48 AM

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