Twenty-one state attorneys general are putting pressure on two proxy advisory firms to stop pushing environmental, social, and governance (ESG) rules, saying the policy push goes against the firms’ contractual obligations.
Twenty-one state attorneys general are putting pressure on two proxy advisory firms to stop pushing environmental, social, and governance rules, saying the policy push goes against the firms’ contractual obligations.
“You are subject to both federal and state laws governing the advice and duties of proxy advisors. You are also subject to contractual obligations—including directly to some of our States’ investment vehicles,” the letter, led by Utah attorney general Sean Reyes, stated.committed to aligning their lending and investment portfolios with net-zero emissions by 2050.
In this case, the group of attorneys general are alleging that the advisory firms are breaking their contractual obligations by Reyes, in a statement to Breitbart News last week, said, “Because these firms have a duopoly in the proxy advisory market, they exercise enormous influence in advancing the ESG movement.”
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