next regressive state laws planned by RW groups: outlawing pension investments focused on inequities

[Demovictory9]

https://www.msn.com/en-us/money/savingandinvesting/powerful-conservative-outfit-targets-pension-funds-in-behind-the-scenes-effort-to-protect-the-fossil-fuel-industry/ar-AAWHRsR

Powerful conservative outfit targets pension funds in behind-the-scenes effort to protect the fossil fuel industry

The right wing’s legislative hit squad is targeting a wide variety of corporations that focus on environmental, social and governance issues as well as profits.

The conservative back scene influencer group American Legislative Exchange Council (ALEC) is known for successfully pushing model state legislation written by its corporate and political sponsors, many of which are in the fossil fuel energy business./

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Its latest attempt has donned the guise of “protecting” public pension funds from “liberal” social activists. But in reality, the move is an attempt to protect large oil and gas interests while trying to undercut attempts to address types of social inequity through investors exercising the power of the purse.

The target of ALEC is a term called ESG, an acronym that stands for environmental, social, and governance. The concept is broadly employed in business because there are aspects of what companies do beyond money that have an impact on communities, employees, business partners, and investors.

One example of ESG in action could be a company reducing its carbon footprint to help address climate change, under the capitalistic recognition that massive disruptions to climate could affect a company’s operations and ability to reach customers and sell. Another, speaking out about anti-gay legislation in a state as a company might see all people, whatever the gender identity, as part of their market. Governance is typically about how a company is run and whether it protects the interests of its shareholders.

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ALEC’s goal through its “State Government Employee Retirement Protection Act” underscores its claims. A state pension plan must consider investments, ALEC says, “based solely on pecuniary factors that have a material effect on the return and risk of an investment” and not “unrelated objectives” or to “promote goals unrelated to those pecuniary interests of the plan’s participants and beneficiaries.”

[LonePirate]

1. Seems like a clear cut 1A violation but it's not like the courts in this country care about the law.

[sinkingfeeling]

2. Should be xalked, "Tightening Fascism's Hold Act".