Twenty-four state attorneys general sent a letter to 25 asset managers warning that their support of environmental, social, and governance (ESG) policies could violate their fiduciary duties.
The 14-page letter, spearheaded by Montana Attorney General Austin Knudsen (R.), addresses asset managers who voted in favor of recommendations on ESG shareholder proposals from Institutional Shareholder Services, a company that provides clients with guidance on the ESG agenda.
“Your company is among the twenty-five large asset managers or their affiliates … who voted 75% or more of the time with Institutional Shareholder Services (“ISS”) recommendations ‘for’ environmental proposals flagged by the activist group Ceres,” the letter, a copy of which was obtained by The Daily Wire, reveals.
“The Asset Managers’ support for these shareholder proposals was over twice as high as the…
