Help us improve in just 2 minutes—share your thoughts in our reader survey.
Wyoming state board pushes back 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 Wyoming State Loan and Investment Board on August 2 enacted a new investment policy prohibiting ESG considerations in state investments:
| “ |
Wyoming has adopted an official policy meant to push back against the environmental, social and governance (ESG) movement that critics say has undermined Wyoming fossil fuel industries. The State Loan and Investment Board (SLIB) voted to approve a new section of the Investment Policy Statement, which has the rule of law over state investments. Along with the board’s vote, an administrative rule out of the Secretary of State’s office went out for public comment that will require companies doing business with Wyoming to disclose if they are using ESG principles in their business decisions. … With so much of the state’s investments and tax revenues tied up in oil, gas and coal, SLIB has wanted to craft a policy that would ensure that companies working for the state or handling state investments are seeking the highest rates of returns without regard to any progressive politics. … The original policy required all individuals to act in the best financial interest to obtain the highest total return on investments for the state. Secretary of State Chuck Gray advocated for a very specific negative message in the policy that described ESG actions as, “These investment criteria have crippled, corrupted, disadvantaged, subverted, damaged or otherwise harmed children, citizens, industry and financial well-being of Wyoming and America.” Gov. Mark Gordon suggested a statement that companies contracted with the state won’t consider “fashionable political or ideological” positions. Treasurer Curt Meier wanted to remove Gray’s statement entirely, but Gray argued feedback from asset managers who are pushing back against ESG, as well as industry representatives, had encouraged a very negative statement against ESG. “ESG is a woke clown show,” Gray said. Gray also is pursuing a separate administrative rule that, if approved by Gordon, will require investment brokers, broker dealers and securities agents doing business in Wyoming to disclose to their clients if they are using ESG principles in the course of their business.[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.
| |||||||||||||||||||||||
