Backlash against a multistate campaign to part with investment funds that have environmental, social and governance strategies is sending shockwaves across state houses and the investment fund industry.
Josh Lichtenstein, partner and head of the firm’s ERISA and fiduciary benefits practice, told S&P Global that internal resistance against the anti-ESG backlash in Republican-led states continues to grow.
"There's been this tension the entire time, where you have a backlash from the people who are actually responsible for these investments," Josh said. "Retirement boards, in their view, have been properly discharging a fiduciary duty in selecting their [fund] manager, and now they're told that relationship is not appropriate anymore. It doesn't go over so well."
Attorneys
Stay Up To Date with Ropes & Gray
Ropes & Gray attorneys provide timely analysis on legal developments, court decisions and changes in legislation and regulations.
Stay in the loop with all things Ropes & Gray, and find out more about our people, culture, initiatives and everything that’s happening.
We regularly notify our clients and contacts of significant legal developments, news, webinars and teleconferences that affect their industries.