The Florida Retirement System should not consider environmental, social and governance standards when investing in companies, says Republican Gov. Ron DeSantis. And that message was enforced at the Aug. 23 meeting of the Florida Cabinet, when the governor and his fellow trustees of the State Board of Administration unanimously adopted a resolution restricting the use of ESG factors in making investment decisions in the FRS defined benefit plan, according to release from the governor's office.
Instead, Florida's fund managers should invest in a manner that "prioritizes the highest return," said the release.
"We're a big pension system," DeSantis told radio host Glenn Beck last week. "And some of these businesses are going to have to choose between going down the ESG rabbit hole or being able to be invested with the state of Florida."
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.