Click here to view original web page at justthenews.com
Gov. Ron DeSantis and the trustees of the State Board of Administration, CFO Jimmy Patronis and Attorney General Ashley Moody passed a resolution last week updating the state’s investment and proxy voting policies for its retirement system and pension plan.
The resolution prohibits state fund managers from investing in funds that comply with the ideological agenda of environmental, social and corporate governance (ESG).
The resolution also calls for an internal review of the state’s governance policies over the voting practices of the Florida Retirement System Defined Benefit Pension Plan.
The vote comes after DeSantis announced in July a new plan to protect Floridians from banks and corporations pushing the ESG movement, including new legislation for the 2023 legislative session.
One piece of legislation would amend Florida’s Deceptive and Unfair Trade Practices statute to prohibit discriminatory practices by large financial institutions based on ESG social credit score metrics.
While the Biden administration “has made clear its intention to encourage investment using ESG factors,” the resolution states, Florida “takes its fiduciary responsibilities seriously when investing state trust fund monies, particularly retirement fund money for our law enforcement, teachers, and public servants.” As a result of this commitment, the resolution states, Florida will only be allowed to “invest in funds in a manner that prioritizes the highest return on investment for beneficiaries, without consideration for nonpecuniary beliefs or political factors.”
The resolution defines pecuniary factors to exclude the consideration of the furtherance of social, political or ideological interests. It also directs the board to “not subordinate the interests of the participants and beneficiary to other objectives and may not sacrifice investment return or take on additional investment risk to promote any non-pecuniary factors” when making investments or proxy votes.
The resolution also instructs the SBA to “conduct a comprehensive review and prepare a report of the governance policies over […]
We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our Substack page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker