Governor Stitt Joins 18 Governors in Joint Statement Opposing Harmful ESG Policies
Governor Stitt joined 18 governors in a joint statement opposing President Biden's threatened veto of Congress' action to disapprove harmful ESG policies.
Many companies and investment firms are using a new "ESG" investment strategy to invest in Oklahomans' retirement and pension funds. ESG analyzes organizations across three non-financial criteria: Environmental, Social, and Governance. These subjective measures are being used to drive political agendas and shirk fiduciary responsibility.
The statement reads, in part: "We as freedom loving states can work together and leverage our state pension funds to force change in how major asset managers invest the money of hardworking Americans, ensuring corporations are focused on maximizing shareholder value, rather than the proliferation of woke ideology."
Last year Governor Stitt signed House Bill 2034, the Energy Discrimination Elimination Act of 2022. The law requires the state treasurer to maintain and provide to each state governmental entity a list of financial companies that boycott energy companies. Governor Stitt believes Oklahomans deserve to know where their hard-earned dollars are being invested and how ESG criteria may run counter to their values.
"These harmful policies that are regulating the use of ESG in the financial arena are ultimately hurting Oklahoma businesses and our taxpayer," said Oklahoma Treasurer Todd Russ. "I am glad to have the support of the Governor as I direct these investments of Oklahoma taxpayer dollars toward financial institutions that support Oklahoma industries and values."
The joint statement can be read in full here.