The board that manages Virginia’s state employee pension system cannot consider a company’s stance on social issues like gay marriage or climate change when deciding where to invest taxpayer dollars, Attorney General Jason Miyares said Friday.
“It is my opinion that Virginia law imposes fiduciary duties on the [Virginia Retirement System] Board of Trustees that preclude it from basing investment decisions on environmental, social and/or corporate governance policies rather than financial considerations,” Miyares wrote Friday in a letter to House Del. Nicholas Freitas (R-Culpeper) obtained first by The Daily Wire.
Liberal activists score companies based on their environmental, social, and governance (ESG) policies and encourage investors to choose targets based on those scores, rather than prospects of profitability. Critics say ESG scoring is nothing but virtue signaling, an…
