North Carolina Gov. Roy Cooper and ESG investing suffered another setback this week when the Republican-controlled legislature voted to override his veto of legislation prohibiting the climate-focused financial strategy from being used with state pension funds.
The veto override was the latest rebuke of Mr. Cooper from a lawmaker who defected from the Democratic Party. Saying that the “modern-day Democratic Party has become unrecognizable to me,” Rep. Tricia Cotham switched to Republican in April, giving the GOP a veto-proof majority in the House.The legislature has since overridden Mr. Cooper’s vetoes of bills to impose a 12-week abortion ban, loosen wetland protections and prohibit asking state job applicants about political beliefs.
More than a dozen other states such as Texas, Florida, West Virginia and Louisiana, have passed laws barring— short for environmental, social and corporate governance investing — from use in managing public pension programs. The hot-button practice, which conservatives call “woke socialism,” takes into consideration non-monetary factors like climate change and social justice politics that proponents say could impact long-term investment returns.
North Carolina Retirement Systems includes more than 1 million retirees and is valued at roughly $114 billion. It is the 12th largest public pension fund in the U.S.
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