Josh Lichtenstein Shares Insight Into Anti-ESG Backlash
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."