Oklahoma pension system pushes back against treasurer’s ESG opposition (2023)
| Environmental, social, and corporate governance |
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The Oklahoma Public Employees’ Retirement System (OPERS) recently voted to continue contracting with BlackRock and State Street—the managers of most of the state’s pension assets. Oklahoma Treasurer Todd Russ (R) published a letter arguing against the decision and saying it could violate state laws opposing ESG. OPERS last week responded to Russ’ letter with a letter of its own:
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In the l6-page letter sent to Russ and other members of the Oklahoma State Pension Commission on Nov. 15, the OPERs board argued that its decision in August to exercise a fiduciary exemption from having to terminate contracts with BlackRock and State Street was "legally consistent and in compliance with the Energy Discrimination Elimination Act," a law implemented in 2022 to punish firms for factoring environmental, social and governance issues into their investment decision-making. The board voted 9 to 1 in favor of the exemption, with Russ — who serves on the board — casting the only vote against the exemption. … The letter comes after the Oklahoma Public Employees Association, a group created in 1975 to protect the interests of state employees, published a blistering op-ed piece in Oklahoma newspaper Pawhusksa Journal-Capital, criticizing Russ for choosing to "undermine the will and fiduciary duty of Oklahoma's pensions."[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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