Ohio Pension Fund Leverages Nearly $100 Billion to Push Leftist Priorities
The Ohio Public Employees Retirement System (OPERS), one of the largest public state pension funds in the US, has been accepting shareholder resolution advice from a San Francisco-based proxy advisory firm, Glass Lewis. The firm has been advising OPERS to support progressive policies, such as equity audits and carbon emissions reports, which critics say contradict the conservative state’s values. Glass Lewis advises investment entities on how they should employ their stakes in public companies to support or oppose various shareholder resolutions.
OPERS has accepted Glass Lewis’s recommendations to support progressive policies, such as equity audits and carbon emissions reports. The fund has also voted in favor of proposals at Berkshire Hathaway, Disney, Exxon Mobil, and Home Depot, among others. Some votes from the fund supported the “defund the police” movement and condemned contributions to police foundations, while others opposed political donations to entities which denounce abortion.
Glass Lewis’s senior managers are overwhelmingly progressive. Glass Lewis President Carrie Busch has made donations to the Human Rights Campaign, the nation’s largest LGBTQ political lobbying organization. Glass Lewis Chief Operating Officer John Wieck has donated to a number of Democratic candidates. Glass Lewis Chief Legal Officer lauded a move from Canadian Prime Minister Justin Trudeau to ban the importation of handguns.
Republican state lawmakers, treasurers, and attorneys general across the US have severed ties with asset management companies which endorse the environmental, social, and corporate governance movement, also known as ESG. Former Ohio Republican State Treasurer Ken Blackwell said, “I’m troubled by the woke left’s hijacking and capture of the American corporate sector and OPERS proxy votes for resolutions attacking pro-life lawmakers, promoting abortions, and calling for defunding the police.”
Ohio Republican House Majority Leader William Seitz has a proposed bill underway that will deal with “financial institutions and other businesses that conduct economic boycotts or discriminate against certain companies or customers based on certain factors.” The bill appears to currently be in draft form.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."