“It’s the firefighters and the municipal workers who are really going to see the financial impact on their pension funds, as a result of constraints on financial institutions and options.'
, according to data from both the National Association of State Retirement Administrators and the Federal Reserve. Industry watchers say limited public information, among other factors, makes it difficult to estimate how much of those funds are invested in ESG-related products.resolutions in favor of the practice about 90% of the time in 2021Whether ESG investments advance the goals under which they’re marketed has been debated for years.
According to Lisa Sachs, director of the Columbia University Center on Sustainable Investment, ESG investing doesn’t automatically guarantee sustainability — and its critics tend to misrepresent the practice for political reasons. to the list of entities already barred from considering social, political or ideological factors when making fiduciary decisions.of public companies and funds that have engaged in alleged boycotts of energy companies. It requires all state entities to divest from the listed financial institutions or funds, which include certain banks that underwrite municipal bonds.
Rick Levy, president of the Texas AFL-CIO labor union, said legislators are playing politics with working people’s money. “It’s extremely upsetting that state leaders are taking aim at investment companies trying to maximize returns for their shareholders — by turning it into a political event that negatively impacts our pensions.”
Weeks earlier, the Indiana Legislative Services Agency, a nonpartisan government office, had published an analysis concluding ththe billover the next decade, a finding that fueled opposition to the legislation.
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