ESG stands for Environmental, Social, Governance. It is a subjective criteria investors use to rate public companies, and now government organizations, on how well they implement ESG standards. In practice, ESG is a political score that, intentionally or not, can result in market participants using economic force to drive a political agenda.
Treasurer Oaks is committed to pushing back against ESG.
Letters the state treasurer has signed pertaining to ESG:
05/16/2022 - Utah Letter Signed by 23 States to Department of Labor Employee Benefits Security Administration
04/05/2022 - State Financial Officers Foundation Letter to President Biden Regarding Regarding American Energy Production
03/08/2022 - Utah Letter Signed by 24 States to MSRB Regarding Request for Information on Environmental, Social and Governance (ESG) Practices in the Municipal Securities
Market02/14/2022 - Utah Letter Signed By 23 States to Office of the Comptroller of the Currency Principles for Climate-Related Financial Risk Management
02/07/2022 - Utah Letter to FinCEN Regarding Beneficial Ownership Information Reporting Requirements
12/14/2021 - Utah Letter to the Securities and Exchange Commission Regarding Enhanced Reporting of Proxy Votes by Registered Management Investment Companies; Reporting of Executive Compensation Votes by Institutional Investment Managers
12/13/2021 - Utah Letter Signed by 23 States to Department of Labor Regarding Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights
11/22/2021 - West Virginia Letter Signed by 15 States Regarding Bank Boycotts of Traditional Energy Industries
Treasurer news pertaining to ESG:
04/21/2022 - Utah Treasurer Marlo Oaks Statement: Congressional Delegation, State Officials Send Letter Blasting S&P Global for Publishing ESG Credit Indicators
12/15/2021 - Attorney General Sean Reyes, State Treasurer Marlo Oaks and State Auditor John Dougall Lead 23 States in Letter Opposing Proposed Department of Labor Rule That Puts Retirement Savings at Risk
12/01/2021 - State Treasurer Marlo M. Oaks and State Auditor John Dougall join fellow state financial officers in push back against bank boycotts of traditional energy industries