{"id":1718933,"date":"2022-10-31T19:02:58","date_gmt":"2022-10-31T23:02:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1718933"},"modified":"2022-10-31T19:03:15","modified_gmt":"2022-10-31T23:03:15","slug":"kentucky-officials-make-move-to-purge-woke-investing-from-the-state","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kentucky-officials-make-move-to-purge-woke-investing-from-the-state\/","title":{"rendered":"Kentucky Officials Make Move To Purge Woke Investing From The State"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fkentucky-officials-make-move-to-purge-woke-investing-from-the-state%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1718933&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Officials in <a href=\"http:\/\/dailywire.com\/topic\/kentucky\" target=\"_blank\" rel=\"noopener\">Kentucky<\/a> asked managers of the commonwealth\u2019s pension funds to ensure that environmental, social, and governance investing, also known as <a href=\"http:\/\/dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>, has no place in the management of taxpayer dollars.<\/p>\n<p>Several conservative states have been opposing the investment methodology over concerns that the approach mingles left-wing political causes with the maximization of profits. Kentucky Attorney General Daniel Cameron and Kentucky State Treasurer Allison Ball told the managers of the commonwealth\u2019s public pension authority and teachers\u2019 retirement system, which handle a combined $66 billion, that ESG investment practices \u201cviolate statutory and contractual fiduciary duties,\u201d according to a <a href=\"https:\/\/treasury.ky.gov\/news\/Documents\/Treas%20Ball%20and%20AG%20Cameron%20Letter%20to%20KY%20Public%20Ret.pdf\" target=\"_blank\" rel=\"noopener\">letter<\/a> provided to The Daily Wire.<\/p>\n<p>\u201cWe write today to request that you, as the executive directors of the Commonwealth\u2019s major public pension systems, advise our offices about your systems\u2019 efforts to ensure that ESG considerations are not being implemented in your systems\u2019 investment decisions, consistent with Kentucky law,\u201d the letter said. \u201cYour response is essential to guaranteeing that politics has no place in Kentucky\u2019s public pensions.\u201d<\/p>\n<p>The officials cited an opinion from Cameron asserting that \u201cinvestment managers entrusted to make financial investments for Kentucky\u2019s public pension systems must be single-minded in their motivation,\u201d meaning that activism \u201chas no place\u201d in commonwealth investment decisions. \u201cWhether these ancillary purposes are societally beneficial is beside the point when speaking of the duty of fiduciaries,\u201d he argued.<\/p>\n<p>\u201cKentuckians worked hard for decades to earn their pensions and rely on them for livelihood in retirement. It is important their investments are maximized, not politicized,\u201d Ball said in a statement provided to The Daily Wire. \u201cAs the watchdog of taxpayer dollars, I remain committed to ensuring funds are invested and spent consistent with the law.\u201d<\/p>\n<p>Multiple conservative states have already <a href=\"https:\/\/www.dailywire.com\/news\/missouri-is-the-latest-state-to-divest-from-blackrock-pulls-500-million-in-pension-funds\" target=\"_blank\" rel=\"noopener\">divested<\/a> from entities supporting ESG, arguing that the movement inevitably entangles social agendas with fiduciary duties. Missouri, South Carolina, and Louisiana have pulled over $1 billion from asset management company BlackRock, which has taken \u201cvoting action on climate issues\u201d against dozens of portfolio companies. BlackRock CEO Larry Fink has stated on multiple occasions that \u201cclimate risk is investment risk,\u201d necessitating the support of a <a href=\"https:\/\/www.dailywire.com\/news\/climate-risk-is-investment-risk-bill-clinton-and-blackrock-ceo-larry-fink-make-bold-claims-about-woke-investing\" target=\"_blank\" rel=\"noopener\">rapid global transition<\/a> toward renewable energy.<\/p>\n<p>\u201cThe joint action of Treasurer Ball and Attorney General Cameron sends a clear message to Kentucky\u2019s pension fund investment managers: their obligations are to work for the pensioners, not the Democratic Party, international climate groups, or megalomaniacs like Larry Fink,\u201d Consumers\u2019 Research Executive Director Will Hild said in a statement provided to The Daily Wire. \u201cWe applaud both officials in standing up for the citizens of Kentucky, who are being crushed due to reckless, illegal actions by companies like BlackRock, Vanguard, and State Street that put progressive politics above their legal and moral duties.\u201d<\/p>\n<p>Nineteen state attorneys general <a href=\"https:\/\/www.dailywire.com\/news\/conservative-attorneys-general-investigate-six-major-banks-for-wokeness\" target=\"_blank\" rel=\"noopener\">launched an investigation<\/a> this month into six major banks, including JPMorgan Chase and Goldman Sachs, to evaluate their degree of involvement with ESG and their commitments to pursue the reduction of carbon emissions. An <a href=\"https:\/\/www.dailywire.com\/news\/behind-the-scenes-most-executives-actually-hate-woke-investing-survey\" target=\"_blank\" rel=\"noopener\">exclusive poll<\/a> from The Daily Wire showed that American investors would prefer that companies commit solely to the pursuit of profits, with 58% of respondents agreeing that companies leveraging their power for political or social ends is a \u201cbad thing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Officials in Kentucky asked managers of the commonwealth\u2019s pension funds to ensure that environmental, social, and governance investing, also known as ESG, has no place in the management of taxpayer dollars. Several conservative states have been opposing the investment methodology over concerns that the approach mingles left-wing political causes with the maximization of profits. Kentucky &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1718936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1718933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1718933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1718933"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1718933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1718936"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1718933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1718933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1718933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}