{"id":2077678,"date":"2023-10-24T12:00:05","date_gmt":"2023-10-24T16:00:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-state-officials-pressure-proxy-advisory-companies-in-fight-against-esg-2\/"},"modified":"2023-10-24T12:03:06","modified_gmt":"2023-10-24T16:03:06","slug":"gop-state-officials-pressure-proxy-advisory-companies-in-fight-against-esg-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-state-officials-pressure-proxy-advisory-companies-in-fight-against-esg-2\/","title":{"rendered":"GOP officials push proxy advisors in battle against ESG."},"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\">18<\/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%2Fgop-state-officials-pressure-proxy-advisory-companies-in-fight-against-esg-2%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=2077678&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--><h2>Republican \u2063State Financial Officers Demand Answers \u2062from Wall\u2062 Street Firms<\/h2>\n<p>More than a dozen Republican state \u200dfinancial officers are taking a stand against ESG and &#8220;woke&#8221; investing, demanding answers from two influential Wall Street \u200dfirms. In a bold move, they\u2064 have\u200c sent letters\u2064 to Glass Lewis \u200dand Institutional Shareholder Services (ISS), accusing \u200cthem of \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-state-officials-pressure-proxy-advisory-companies-in-fight-against-esg\/\" title=\"GOP officials push proxy advisors in battle against ESG.\">favoring <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/beto-orourkes-campaign-gets-huge-cash-infusion-from-george-soros\/\" title=\"Beto O\u2019Rourke\u2019s Campaign Gets Huge Cash Infusion From George Soros\">left-leaning initiatives<\/a><\/a> and excluding \u2064conservatives.<\/p>\n<h3>State Officials Fight for \u2063Conservative Values<\/h3>\n<p>A total of 18 Republican \u2063state treasurers and auditors, \u2064including West Virginia Treasurer Riley \u2063Moore, known for their\u2063 opposition to environmental, social, and governance investing, have signed onto the letters. These officials are concerned about the impact \u2064of \u2062ESG investing, which goes beyond\u2063 profit maximization to consider factors like\u2063 climate impact.<\/p>\n<h3>The Power\u2064 of Glass\u200c Lewis \u200band \u200cISS<\/h3>\n<p>While Glass Lewis and ISS may not be household names, \u2062they hold significant influence in the corporate world, making up an estimated 97% of the proxy advisory market. \u2062This latest round of letters follows previous attempts by state financial \u200cofficers to engage with these firms, expressing dissatisfaction with their responses and\u2063 demanding\u2064 further clarification on their approach\u200b to shareholder\u200d proposals.<\/p>\n<h3>Conservative Concerns<\/h3>\n<p>The letters highlight the \u2064state treasurers&#8217; concerns about how Glass Lewis and ISS treat shareholder proposals from conservative organizations. They argue that the firms support ESG-related proposals but neglect those from\u2062 conservative\u2062 groups, potentially violating their own guidelines.<\/p>\n<p>The officials reference Glass Lewis&#8217;s \u200bcode of ethics, which prohibits recommendations based\u2062 on personal, social, or political preferences. They \u2063also criticize ISS for failing\u200c to provide sufficient data to address allegations of\u2063 political bias against \u200dconservative proposals.<\/p>\n<h3>Pushing for Fiduciary Resolutions<\/h3>\n<p>In addition to their demands for\u200b transparency and fairness, the letters call on Glass Lewis and ISS \u2064to support fiduciary resolutions that prevent debanking based on political matters. \u2062The\u200d officials express concerns \u2063that conservative and religious groups may face targeting by\u2063 banks, urging the firms to disclose policies and risks related to debanking.<\/p>\n<h3>A\u2064 Broader Effort to Push Back \u200cAgainst ESG<\/h3>\n<p>These \u2063letters are part of a larger effort by GOP state officials to challenge \u200dESG investing. BlackRock, the world&#8217;s largest money manager, has also faced criticism for embracing ESG principles,\u2064 leading several Republican-led states to divest from the firm. In response, BlackRock has shown a\u2064 decrease in support \u2063for environmental and social shareholder proposals.<\/p>\n<p>As the \u200bpushback against\u200d ESG grows, \u200ceven BlackRock CEO Larry \u2063Fink&#8217;s annual letter this year shifted focus away from \u200bESG and climate\u2062 concerns, signaling a \u200dchanging tone in response to Republican opposition.<\/p>\n<p> <\/p>\n<h2> What specific accusations of bias and exclusion do the Republican state financial officers make against Glass Lewis and \u200dISS in their proxy \u200bvoting recommendations?<\/h2>\n<p><span>  Orate governance world. Both \u200b\u200dfirms provide recommendations\u2062 on proxy voting, which is the\u200c process of \u200cvoting on behalf of shareholders in corporate\u200c meetings. Their recommendations\u2063 are often followed\u2063 by institutional investors and can have a\u2063 major \u2063impact on corporate decision-making. This is why the letters \u200bfrom the Republican state financial officers carry weight.<\/p>\n<h3>Accusations of\u2063 Bias and Exclusion<\/h3>\n<p>The letters accuse Glass Lewis and ISS of bias in their proxy voting recommendations. The state officials argue that the \u200cfirms favor progressive causes and exclude conservative views. They point to instances where the \u200cfirms have supported shareholder proposals related to climate change, social \u200bjustice, and diversity, despite opposition from conservative voices.<\/p>\n<p>The state \u2062treasurers and auditors express \u2064concern that these \u200cfirms&#8217; recommendations may lead to the exclusion of conservative perspectives and hinder the free exchange of ideas in corporate decision-making. They argue that ESG and woke\u2063 investing should \u200cnot\u200d be prioritized over profits and shareholder value.<\/p>\n<h3>A Call for Transparency and Fairness<\/h3>\n<p>The letters also call for greater transparency and accountability from Glass \u2063Lewis and ISS. The state officials demand that the \u200cfirms disclose the methodology and criteria they use to make proxy voting recommendations. They seek to understand how the \u200cfirms\u2062 assess ESG factors\u2064 and whether they take into account differing political viewpoints.<\/p>\n<p>The Republican state financial officers believe that\u2063 corporate governance decisions should be transparent and \u200dfair, allowing for open dialogue\u2062 and consideration of diverse perspectives. They argue that\u2062 if Glass Lewis \u200dand ISS are\u200b truly objective and impartial, they should welcome scrutiny and provide clarification on\u2064 their proxy voting recommendations.<\/p>\n<h3>Continuing the Battle for Conservative Values<\/h3>\n<p>This move \u200bby the Republican state treasurers \u200band \u200bauditors is part of a broader fight against what \u2062they see as the\u2062 growing influence of left-leaning initiatives in the corporate world. They are determined to uphold\u200c conservative \u2064values and ensure \u200cthat <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-state-officials-pressure-proxy-advisory-companies-in-fight-against-esg-2\/\" title=\"GOP officials push proxy advisors in battle against ESG.\">corporate governance decisions prioritize shareholder<\/a> value.<\/p>\n<p>Whether their letters will lead to any concrete changes in Glass Lewis and ISS&#8217;s practices remains to be seen. However, the state officials&#8217; demand for transparency and fairness \u2062brings attention to the issue and highlights \u2063the importance of ideological balance in corporate decision-making.<\/p>\n<h3>Conclusion<\/h3>\n<p>The letters\u2062 from the Republican state financial officers\u200b to Glass Lewis and \u2062ISS represent a bold move in the ongoing battle over\u2064 ESG and &#8220;woke&#8221; investing. These officials are standing up \u2062for conservative values and demanding answers from \u200dfirms that hold significant influence in corporate\u200c governance. Their call for transparency and fairness highlights the importance of diverse \u200cperspectives in corporate decision-making and raises questions about potential bias in proxy voting recommendations. The outcome of this confrontation will shape the future of ESG investing and the influence of Wall Street \u200dfirms on corporate governance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than 12 GOP state financial officers seek answers from Wall Street influencers in the ongoing ESG and &#8220;woke&#8221; investing dispute. Letters were sent to Glass Lewis and Institutional Shareholder Services, lesser-known but influential proxy advisory firms, by officials on Tuesday. These firms play a significant role in the financial sector.<\/p>\n","protected":false},"author":1,"featured_media":2077681,"comment_status":"open","ping_status":"closed","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":[538],"tags":[],"class_list":["post-2077678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/2077678","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=2077678"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2077678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2077681"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2077678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2077678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2077678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}