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Virginia attorney general issues ESG opinion (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 |
Virginia Attorney General Jason Miyares issued an advisory opinion August 16 opposing ESG and other non-financial considerations in the management of public pension funds:
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Virginia's attorney general has advised officials from the state’s retirement system against making investment decisions that prioritize environmental issues, social issues and corporate governance, according to a nonbinding legal analysis released Friday. Jason Miyares, a Republican who serves as Virginia’s top prosecutor, said in an advisory opinion that the board of trustees for the Virginia Retirement System should instead make investments 'based on securing the best financial results for VRS beneficiaries.' The retirement system's members include state employees, public school teachers and employees of political subdivisions, such as counties, towns and cities. 'Investments must be driven by careful, calculated financial foresight, not clouded by unfounded ESG fads,' Miyares said in a statement. 'This Opinion firmly reinforces the Virginia Retirement System’s responsibility and legal obligation to make objective investment decisions free from the sway of social or political agendas. Secure futures require sound economics.'[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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