Florida continues its pushback against ESG (2023)
| Environmental, social, and corporate governance |
|---|
|
| • 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 |
The Florida State Legislature on March 24 took the first step toward passing a law banning the use of ESG in all state and local investments. The Florida House passed the bill 80-31. It will now move on to the state Senate for consideration.
| “ |
In a priority of Speaker Paul Renner, R-Palm Coast, the Florida House on Friday passed a measure that would prevent consideration of “environmental, social and governance” standards in investing government money. The Republican-controlled House voted 80-31 to approve the bill (HB 3) targeting what is known as “ESG.” Rep. Kimberly Daniels, D-Jacksonville, crossed party lines to join Republicans in supporting the bill. Gov. Ron DeSantis and members of the state Cabinet last year directed investment decisions in the Florida Retirement System Defined Benefit Plan to prioritize the highest returns without consideration of environmental, social and governance standards. The bill, which will go to the Senate, would expand that to all funds invested by state and local governments. The bill would require that state and local-government investment decisions be made “solely on pecuniary factors” and would prevent “sacrificing investment return or undertaking additional investment risk to promote any non-pecuniary factor.” It would prevent government fund managers from considering issues such as climate change and social diversity when deciding how to invest money.[1] |
” |
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.
| |||||||||||||||||||||||
