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Texas fund adopts shareholder voting approach opposing ESG (2024)
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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 |
The Texas Permanent School Fund announced last week that it will use a new proxy voting option from Institutional Shareholder Services (ISS) referred to as the ESG skeptic option, which was developed by Bowyer Research. The move came after the fund generated headlines last month when it removed $8.5 billion from BlackRock’s asset management over the firm’s ESG policies:
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Texas PSF has adopted proxy voting guidelines created by proxy consulting firm Bowyer Research. These have been made available to access through ISS since March 4, but are not a product of ISS itself. In a news release, Bowyer said its guidelines are "designed for investors who wish to counter the promotion of ESG ideology by political activists through the use of the proxy voting system and to reassert the traditional understanding of shareholder primacy as their fiduciary duty." The new Texas PSF proxy voting matrix will take effect immediately and will be used to cast votes on behalf of Texas PSF during the first half of this year. According to Texas PSF, ISS will produce a report for the Texas PSF to allow for an annual review to ensure that proxy votes comply with the matrix.[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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