Florida Chief Financial Officer Jimmy Patronis on Monday blocked asset managers from investing $5.1 billion of state pension pool from being invested in financial products associated with ESG standards in the latest push against the policy movement.
Florida Chief Financial Officer Jimmy Patronis on Monday blocked asset managers from investing $5.1 billion of state pension pool from being invested in financial products associated with Environmental, Societal and Governance standards in the latest push against the policy movement.a directive that bars the Florida Deferred Compensation plan, which offers supplemental pension coverage for more than 93,000 state employees, from investing in financial products with ESG standards.
“Florida has taken a hard stand that ESG is undemocratic, it constrains companies’ ability to pursue the best returns possible, and many of its values run counter to the values of everyday Floridians,” Patronisin a statement. “We’ve been boiled like a frog for too long, and it’s time to hop out of the pot.”
“ESG has gone unchecked throughout the financial services sector for too many years, fiduciaries who believe ESG is bad for returns need to take steps in redirecting dollars away from these funds and into ones that are more focused on the bottom line,” Patronis continued. Today I directed that asset managers involved with the Deferred Compensation program may not direct participants’ cash into funds associated with ESG. We’ve been boiled like a frog for too long, and it’s time to hop out of the pot. STATEMENT HERE:
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