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By Casey Quinlan || Arizona Mirror
Republicans in state capitals across the country are targeting an investing concept known as environmental, social and corporate governance criteria, or ESG for short.
Describing these investment criteria as “woke” and “misguided activism,” GOP officials argue that by taking these factors into account when making investment choices, financial institutions are putting ideology ahead of making money. Experts on this investment criteria say that it’s the other way around, and that Republicans are losing money for their constituents by unnecessarily narrowing the options of the financial institutions the state does business with.
Nineteen Republican state attorneys general, led by Arizona AG Mark Brnovich, wrote a letter in August to BlackRock the world’s largest asset manager, which manages $10 trillion, according to Insider. The letter accuses BlackRock of making decisions based on its alleged political agenda rather than the welfare of state pensions.
