{"id":1808870,"date":"2023-01-17T17:49:38","date_gmt":"2023-01-17T22:49:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1808870"},"modified":"2023-01-17T17:50:01","modified_gmt":"2023-01-17T22:50:01","slug":"republican-state-attorneys-general-blast-two-companies-for-their-esg-practices","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republican-state-attorneys-general-blast-two-companies-for-their-esg-practices\/","title":{"rendered":"Republican State Attorneys General Blast Two Companies For Their ESG Practices"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Frepublican-state-attorneys-general-blast-two-companies-for-their-esg-practices%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=1808870&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-->\n<p>A combination of <a href=\"http:\/\/dailywire.com\/topic\/republicans\" target=\"_blank\" rel=\"noopener\">Republican<\/a> International Shareholder Services was accused by the state attorney general of violating federal and state laws through their commitments in the area of corporate governance, also known under the name &#8220;Eco-Social Governance Movement&#8221;, by Glass Lewis. <a href=\"http:\/\/dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>.<\/p>\n<p>These two companies make up a \u201cduopoly\u201d Each shareholder is committed to encouraging net zero implementation by providing proxy voting recommendations. <a href=\"http:\/\/dailywire.com\/topic\/climate-change\" target=\"_blank\" rel=\"noopener\">carbon emissions<\/a> Goals, according to a letter signed by 21 attorneys-general and provided to The Daily Wire The document also noted that proxy advisor recommendations had been made. \u201cmust be free from false or misleading material information\u201d Federal law was amended to include many additional states \u201chave prohibitions on unfair or deceptive trade practices.\u201d<\/p>\n<p>\u201cYour duties include acting with reasonable diligence and without conflicts of interest. These agreements also typically require that you consider only one goal: the economic value of the investments,\u201d The officials wrote. \u201cThe publicly available statements and actions of ISS and Glass Lewis in the performance of their duties as proxy advisors raise serious questions about whether both have violated their statutory and contractual duties.\u201d<\/p>\n<p>ISS announced that it will \u201cgenerally vote against\u201d Directors on boards who fail to reduce greenhouse gas emissions are called out by Glass Lewis, who bases proxy voting recommendations on the company&#8217;s pursuit of this goal. \u201cnet zero emissions goals,\u201d According to the letter. Both parties have made public their desire to push \u201cracial, ethnic, or sex-based diversity under arbitrary quotas.\u201d<\/p>\n<p>\u201cBecause these firms have a duopoly in the proxy advisory market, they exercise enormous influence in advancing the ESG movement,\u201d In a statement to The Daily Wire, Attorney General Sean Reyes stated that. \u201cA proxy advisor must prioritize the economic value of their clients\u2019 investments. Unfortunately, it appears these two companies are prioritizing political activism.\u201d<\/p>\n<p>Campaign from the Attorney General follows Republican state treasurers <a href=\"https:\/\/www.dailywire.com\/news\/states-have-pulled-nearly-12-billion-from-blackrock-this-year\" target=\"_blank\" rel=\"noopener\">divesting<\/a> BlackRock, an asset manager and a prominent proponent for the ESG movement, has received $12 billion in capital over the past 12 months. According to the ESG investment philosophy, companies have more responsibility than maximising profits for shareholders. They must also make an impact on climate, diversity, or other social issues.<\/p>\n<p>Glass Lewis and ISS were contacted by the letter asking for information about how executive compensation was handled. \u201cdetermine \u2018appropriate\u2019 emissions reduction targets for each company and the financial basis for your determination\u201d  \u201cany analysis you conducted to determine that insurance companies\u2019 discrimination based on race and sex would not violate the law.\u201d<\/p>\n<p>Republican officials have contended that ESG presents a threat to their states\u2019 ability to fundraise on the bond market as entities seeking access to capital markets see downgrades linked to cultural matters unrelated to financial health. Beyond discouraging investments into the oil and gas sectors, ESG activists pushed stockholders for companies such as Walmart and Lowe\u2019s to consider abortion-related proposals ahead of the Supreme Court\u2019s decision to overturn Roe v. Wade.<\/p>\n<p>Lawyers also claim that prominent asset management firms have contributed to record energy prices by causing undue hesitation in fossil fuel investments.<\/p>\n<p>A motion <a href=\"https:\/\/www.dailywire.com\/news\/state-attorneys-general-move-to-block-vanguards-climate-crusade-from-impacting-public-power-grids\" target=\"_blank\" rel=\"noopener\">filed<\/a> by several attorneys general with the Federal Energy Regulatory Commission sought to prevent Vanguard from buying shares in publicly traded utilities out of a concern that the company\u2019s climate efforts would raise prices and decrease grid reliability. The firm <a href=\"https:\/\/www.dailywire.com\/news\/vanguard-drops-out-of-climate-initiative-as-reaction-against-woke-investing-continues\" target=\"_blank\" rel=\"noopener\">responded<\/a> By acquiescing to the Net Zero Asset Managers initiative. <a href=\"https:\/\/www.netzeroassetmanagers.org\/commitment\/\" target=\"_blank\" rel=\"noopener\">vow<\/a> To move portfolio companies closer towards eliminating net carbon emissions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A coalition of Republican state attorneys general accused International Shareholder Services and Glass Lewis of violating state and federal law through their commitments to the environmental, social, and corporate governance movement, also known as ESG. The two companies, which constitute a \u201cduopoly\u201d in providing proxy voting recommendations to institutional shareholders, are each committed to encouraging &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1808873,"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":[4849,4093,6997,6202,7003,4064,3911,6195],"class_list":["post-1808870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-attorneys","tag-blast","tag-companies","tag-daily","tag-esg","tag-practices","tag-republican","tag-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\/1808870","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\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1808870"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1808870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1808873"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1808870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1808870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1808870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}