21 states challenge the woke ESG policies

 Fox Business:

A coalition of 21 state attorneys general sent a stark warning to dozens of financial institutions and asset managers, warning them against pursuing woke environmental and social initiatives.

In a letter sent Thursday to 53 of the nation's largest financial institutions, which collectively manage trillions of dollars worth of assets, the attorneys general threatened to take legal action if the firms veer from the best interests of their clients while pushing social priorities. The effort, led by Montana, Utah and Louisiana, comes ahead of proxy season during which most companies hold annual shareholder meetings where they vote on key policy initiatives.

"This ESG nonsense is filtering into a lot of our states and the way they're doing it is really, really concerning and probably flagrantly illegal," Montana Attorney General Austin Knudsen told Fox News Digital in an interview. "Pushing it through these asset managers and through these proxy votes is extremely concerning."

"The message is: 'Stay in your lane and do what you're supposed to do. You have a fiduciary obligation under our various states laws to maximize investment. That's your job. That's what you're supposed to be doing. We're aware of state law and if it needs be, we will defend our state pensioners against anything outside that lane.'"

REPUBLICAN STATES ARE PLANNING AN ALL-OUT ASSAULT ON WOKE BANKS: 'WE WON’T DO BUSINESS WITH YOU'

The letter, first obtained by Fox News Digital, stated that in recent years large asset managers, which hold majority stakes in major publicly-traded companies, have used client assets to change companies' behavior to align with so-called environmental, social and governance (ESG) standards.

Critics — including attorneys general, state treasurers, the energy industry and consumer advocacy groups — have accused ESG-focused asset managers of sidestepping their legally-mandated fiduciary duty of looking out for the wellbeing of clients whose money they manage.

25 STATES HIT BIDEN ADMIN WITH LAWSUIT OVER CLIMATE ACTION TARGETING AMERICANS' RETIREMENT SAVINGS

"You are … not only bound to follow the general laws discussed above but also have extensive responsibilities under both federal and state laws governing securities," Knudsen and the other attorneys general stated in the letter. "Broadly, those laws require you to act as a fiduciary, in the best interests of your clients and exercising due care and loyalty."
...

The ESG focus puts more importance on supporting Big Green despite less efficient energy production and lower return on investments.