Republicans mount ESG reaction to state financial offices

“ESG funds only invest in companies based on their environmental and corporate policies, making return on investment a secondary concern,” said Kansas State Republican Rep. Steven C. Johnson, who beat Democratic Chair Lynn Rogers in the race for state treasurer this month. his campaign website. In his new role, Johnson will manage state investments and pensions, including the $20 billion Kansas Public Employees Retirement System.

Other elected officials have already expressed their opposition to ESG in other ways. Re-elected Utah Republican State Treasurer Marlo Oaks joined the state’s congressional delegation this year in criticizing S&P Global Inc.’s credit rating division for plans to complete its analysis of States by a score on certain ESG indicators.

The State Financial Officers Foundation, a public policy nonprofit that promotes free markets and what it calls fiscally responsible public policy, has been one of the most active groups advocating anti- -ESG. The group has 28 state financial officers among its members, including Oaks and Missouri State Treasurer Scott Fitzpatrick.

The group this week launched an anti-ESG campaign called “Our Money, Our Values” to try to convince the public that considering climate change or social justice in investment decisions is politically motivated and will harm companies. long-term American investments. .

“ESG is a highly subjective political score that permeates all walks of life, forcing progressive policies on ordinary Americans, driving higher prices at the pump and at the store,” said the organization’s CEO, Derek Kreifels, in a statement.

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