State treasurers argue corporations should focus on shareholder value (2024)

• Key terms related to ESG
• Enacted ESG legislation
• Areas of inquiry and disagreement
• Opposition to ESG
• Federal ESG rules and regulations
• Public pension information by state
• Ballotpedia's ESG legislation tracker
• Economy and Society: Ballotpedia's weekly ESG newsletter
  • Subscribe here

See also: Opposition to environmental, social, and corporate governance (ESG) investing, Environmental, social, and corporate governance (ESG)

September 3, 2024

A group of Republican state treasurers sent a letter on Aug. 28 asking the Business Roundtable to change its 2019 statement defining the purpose of corporations. The treasurers argued the definition deprioritized shareholder interests in profit and risk management and promoted ESG investing:

“

Amid growing public discontent over income inequality and rising costs for health care and higher education, the Business Roundtable, which represents some of the world’s largest companies, said in 2019 that it would shelve the long-held view that companies should prioritize shareholders’ interests. The decision was backed at the time by 181 signatories, including JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and BlackRock Inc. CEO Larry Fink. In a letter to the Business Roundtable on Wednesday, GOP officials said the statement was “fatally flawed” and that institutions of all kinds are being pressured to depart from their proper purpose to serve a “left-wing ideology.” … The letter comes on the back of a years-long attack by Republican politicians on the environmental, social and governance investment approach. They’ve launched investigations into Wall Street’s ESG efforts, introduced anti-ESG bills — many of which have failed — and filed lawsuits. They also have pushed to thwart efforts to diversify workforces.

”

See also

• Environmental, social, and corporate governance (ESG)
• Economy and Society: Ballotpedia's ESG newsletter

External links

• Search Google News for this topic

Footnotes

Ballotpedia

About

Overview • What people are saying • Support Ballotpedia • Contact • Contribute • Job opportunities

---

Executive: Leslie Graves, Founder and CEO • Gwen Beattie, Chief Operating Officer

Communications: Alison Graves, Director of Communications • Carley Allensworth • Abigail Campbell • Frank Festa • Sarah Groat • Nathaniel Harwood • Dillon Redmond • Erica Shumaker
External Relations: Geoff Pallay, Director of External Relations • Ken Carbullido, Vice President of Election Product and Technology Strategy • Ashley Fleming • Thomas Mardik • Hannah Nelson
Operations: Meghann Olshefski, Director of Operations • Amanda Herbert • Mandy Morris • Caroline Presnell • Kelly Rindfleisch
Tech: Matt Latourelle, Director of Technology Operations • Ryan Burch • Kirsten Corrao • Beth Dellea • Travis Eden • Tate Kamish • Margaret Kearney • Eric Lotto • Joseph Sanchez • Mary Susmitha

Contributors: Scott Rasmussen

---

Editorial Content

Josh Altic, Director of Content • Daniel Anderson, Associate Director of Elections & Data • Cory Eucalitto, Associate Director of Features • Ryan Byrne, Managing Editor of Ballot Measures • Mandy McConnell, Managing Editor of News • Doug Kronaizl, Managing Editor of Local Expansion • Abbey Smith, Managing Editor of Elections • Janie Valentine, Managing Editor of Law • Joel Williams. Managing Editor of Events • Andrew Bahl • Jaclyn Beran • Marielle Bricker • Joseph Brusgard • Emma Burlingame • Kelly Coyle • Jon Dunn • Thomas Ellis • Nicole Fisher • Joseph Greaney • Thomas Grobben • Jaime Healy-Plotkin • Brianna Hosea • Molly Kehoe • Tyler King • Glorie Martinez • Norm Leahy, Senior Editor • Nathan Maxwell • Jimmy McAllister • Brandon McCauley • Ellie Mikus • Ellen Morrissey • Mackenzie Murphy • Kaley Platek • Samantha Post • Adam Powell • Annelise Reinwald • Ethan Rice • Spencer Richardson • Victoria Rose • Briana Ryan • Myj Saintyl • Maddy Salucka • Emma Soukup • Alexis Thacker • Mina Vogel • Samuel Wonacott • Trenton Woodcox