In a Bloomberg Law article, Joshua Lichtenstein, a partner in the employment, executive compensation and employee benefits group and head of the firm’s ERISA fiduciary practice, discussed proposed legislation that would affect how ESG factors impact state investments.
Republicans state legislatures this year have sought to pass anti-ESG policies to prohibit business and investment decisions that they contend discriminate against certain industries, such as oil and gas. Democratic-led state approaches have been less mandate-focused, with some considering new disclosures or making it clear that pension fiduciaries can consider environmental, social and governance factors.
Joshua explained that most existing state laws already support considering all factors in state pension fund investments. That more neutral position means there’s less of a need for pro-ESG legislation.
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