Gov. DeSantis signs law aimed at blocking ‘ESG’ standards in government investments

📆 2023/05/03 5:30:00

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📆 2023/05/03 5:30:00
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Gov. Ron DeSantis signed a law Tuesday that’s designed to eliminate the consideration of environmental, social and governance (ESG) standards from government investment strategies, procurements, bond issuances and use of banks.

“ESG” describes an investment philosophy that takes into account whether companies act responsibly with regard to the environment, human rights, equality and other factors.

Among other things, the law expands a directive issued by DeSantis and members of the state Cabinet last year that required investment decisions in the Florida Retirement System Defined Benefit Plan to prioritize the highest returns without consideration of the standards known as “ESG.” Republicans across the country have criticized ESG. Senate bill sponsor Erin Grall, R-Vero Beach called ESG standards “vague” and said they can be very “agenda driven.”

Prohibits the use of ESG factors by state and local governments when issuing bonds, including a contract prohibition on rating agencies whose ESG ratings negatively impact the issuer’s bond ratings

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