The Florida Retirement System’s Pension Plan could be forbidden from investing according to the standards of the environmental, social, and corporate governance movement known widely as ‘ESG’. Republican Governor Ron DeSantis approved a set of measures on Tuesday that will guarantee public fiduciaries will not use ESG guidelines to inform investment decisions.
According to the Governor’s office, the move will ensure “invest state funds in a manner that prioritizes the highest return on investment for Florida’s taxpayers and retirees without considering the ideological agenda.”
DeSantis explained in a press release,
“Corporations across America continue to inject an ideological agenda through our economy rather than through the ballot box.”
“Today’s actions reinforce that ESG considerations will not be tolerated here in Florida, and I look forward to extending these protections during this legislative session,” he said.
Florida Chief Financial Officer Jimmy Patronis observed, “Thanks to the leadership of Governor DeSantis, the Florida Cabinet reaffirmed today that we don’t want a single penny of our dollars going to woke funds.”
Adding, “We need asset managers to be laser focused on returns and nothing more. Florida’s not going to subsidize the actions of a bunch of Leftist ideologues who hate America; we’re not going to let a bunch of rich people in Manhattan or Europe try to circumvent our democracy.”
- “Prohibiting big banks, credit card companies, and money transmitters from discriminating against consumers for their religious, political, or social beliefs.”
- “Barring financial institutions from considering so called “ESG Credit Scores” in banking and lending practices to prevent Floridians from obtaining financial services like loans, lines of credit, and bank accounts.”
- “Permanently prohibiting State Board of Administration (SBA) fund managers from considering ESG factors when investing the state’s money.”
- “Requiring SBA fund managers to only consider maximizing the return on investment on behalf of Florida’s retirees.”
DeSantis’ statement concludes by saying, “The proliferation of ESG throughout America is a direct threat to the American economy, individual economic freedom, and our way of life. Every day Floridians invest their hard-earned money with the desire to maximize profit and have a secure financial future. Unfortunately, woke corporate elites continue to institute ESG practices in an effort to promote a radical agenda at a cost to everyday consumers.”