ESG cannot square with fiduciary duty

ESG cannot square with fiduciary duty

Nineteen state attorneys general last month wrote a letter to BlackRock CEO Laurence D. Fink. They warned that BlackRock’s environmental, social and governance investment policies appear to involve “widespread violations” of the self-interest rule, a well-established legal principle. The exclusivity rule requires investment managers to act to maximize financial returns, not to advance social or … Read more

Arizona defends retirees against ESG

Arizona defends retirees against ESG

Wall Street and the financial industry’s social purpose should be to protect investors’ savings and retirement money. Asset managers claim to focus on financial returns, but they have teamed up with left-leaning state pension funds to shove “environmental, social and government” policies down the throats of American companies and workers whose pension funds are under … Read more