West Virginia doubles down on anti-ESG stance with new bill targeting top financial firms

  • 📰 FoxBusiness
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 53%

Law Law Headlines News

Law Law Latest News,Law Law Headlines

West Virginia Treasurer Riley Moore details new proxy voting legislation that prohibits ESG investments and better protects taxpayer dollars from being spent on those projects.

due to their boycott of the fossil fuel industry. Now, we've had several states, eight in total have actually followed our lead here in West Virginia. We've had now roughly over $5 billion in total divested across those eight states. And I think we're likely going to see Oklahoma come on board here soon.

Larry Fink, chief executive officer of BlackRock Inc., speaks virtually during the Bloomberg Green Summit.So we are introducing a proxy voting bill in West Virginia. So this is going to mandate that our shares are voted in the best financial interest of our pension beneficiaries and any other investments that we have. There's going to be a prohibition on any proxy advisory firm voting in a way that is not in line with pecuniary factors - that's risk and return, maximization return.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 458. in LAW

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EU lawmakers to vote on tighter crypto, ESG rules for banksBanks would have to set aside a punitive amount of capital to cover holdings of cryptoassets under a draft law due to be voted on by lawmakers on Tuesday.
Source: Reuters - 🏆 2. / 97 Read more »