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ESG critics testify in favor of Texas anti-ESG law (2024)
| 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 |
Two ESG opponents—William Hild (the executive director of Consumers’ Research) and Eric Bledsoe (a senior fellow at the Foundation for Government Accountability)—gave testimonies before the Texas Senate on Oct. 17. They argued the state’s anti-ESG laws produced positive results and said non-ESG investment funds tend to outperform investments that consider other factors:
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Eric Bledsoe, a senior fellow at the Foundation for Government Accountability, and William Hild, the executive director of Consumers’ Research, shared the findings Thursday before the Committee on State Affairs. … Bledsoe noted that investors’ fiduciary responsibility to beneficiaries often takes a back seat with ESG. He cited a 2019 study which found that out of 20,000 mutual funds representing over $8 trillion, regular funds outperformed ESG funds every time. Bledsoe commended Attorney General Ken Paxton’s 2022 letter to BlackRock executives, who at the time helped manage Texas’ pension system, for pushing ESG policies to the detriment of fiduciary returns.[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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