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Alabama regional banks push back against bill opposing ESG (2023)
| Environmental, social, and corporate governance |
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
A bill in the Alabama Senate aimed at opposing ESG in state investments has stalled. According to 1819 News, several regional banks that support ESG are lobbying legislators to oppose the bill:
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Just as State Sen. Dan Roberts' (R-Mountain Brook) anti-ESG (environmental, social and governance) bill was gaining momentum in the Alabama Legislature, its hearing before the Senate Fiscal Responsibility and Economic Development Committee, chaired by State Sen. Garlan Gudger (R-Cullman), was delayed until at least next week. Sources familiar with the issue told 1819 News on Wednesday that Birmingham-based Regions Financial and the company's lobbyist, senior vice president and head of state government affairs and economic development Jason Isbell, were behind the pushback against the bill that would prohibit government entities from contracting with companies that use ESG criteria to discriminate in business practices and leverage economic power for political and ideological objectives…. Over the past few years, Regions has defended the ESG agenda used by large asset management companies like BlackRock Inc. and other banks to push social and ideological agendas. According to its website, Regions believes ESG contributes to its success…. In Regions' 2022 Proxy Statement and Notice, Chair of the bank's Board of Directors Charles D. McCrary touted its ESG report and adherence to standards set by the controversial World Economic Forum…. According to the Claremont Institute, Regions has promised $14,600,000 to BLM and related causes…. Regions is not the only entity within Alabama's business elite pushing back against the anti-ESG legislation. According to an email from the Business Council of Alabama's manager of Governmental Affairs William Newman to the council's Tax and Fiscal Policy Committee, the BCA also opposed the Senate bill.[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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