Ron DeSantis Prohibits State Fund Managers From Weighing ESG Concerns

Policy impacts managers addressing the Florida Retirement System Plan among other state assets
ORLANDO, FL - NOVEMBER 07: Republican Florida Gov. Ron DeSantis speaks at a campaign rally at the Cheyenne Saloon on November 7, 2022 in Orlando, Florida. DeSantis faces former Democratic Gov. Charlie Crist in tomorrow's general election. (Photo by Octavio Jones/Getty Images)

At a glance

  • In a Tuesday announcement, Florida Governor Ron DeSantis banned fund managers overseeing state assets from accounting for environmental, social, and corporate governance (ESG) considerations when making investment decisions.
  • Instead of prioritizing ESG concerns, the governor indicated that state managers need to focus on the financial returns of their investments.
  • “We need asset managers to be laser-focused on returns and nothing more,” Chief Financial Officer Jimmy Patronis said in a press release.

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