Florida Gov. Ron DeSantis’ administration on Aug. 23 approved a resolution to bar the state’s $186bn pension fund from considering environmental, social or governance factors when making investment decisions.
The state’s defined benefit pension plan has lost $20 billion since the beginning of the year, said Lamar Taylor, the fund’s interim chief investment officer and executive director, who introduced the rule at the meeting. The drop mirrors the declines across the nation’s approximately 200 state and local pension funds, following stock market losses and inflationary pressures, the Boston College Center for Retirement Research reported this month.
DeSantis’ resolution on ESG follows moves to influence corporate and school district policies on LGBTQ+ rights and other social issues. This summer, the Walt Disney Co. lost its special tax district at its theme park in Orlando after the company’s CEO spoke out against a Florida law banning schools from discussing gender and sexual orientation with young students.
Read more: S&P Global
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