Ron DeSantis formed an 18-country alliance to combat awakened ESG investing – OutKick

ESG, or environmental, social and corporate governance, took a significant hit on Thursday.

In recent years, Woke corporations have predominantly focused on promoting and promoting ESG-related policies.

This trend has been fueled by investment firms such as BlackRock, which prioritize investing in “social justice” oriented companies.

In essence, instead of prioritizing investment returns, investor profits, or financial concerns, banks and capital firms instead choose a progressive political ideology.

Of course, nonsensical ESG strategies have received support from President Biden.

But the ridiculous trend may soon end, thanks to Gov. Ron DeSantis.

DeSantis announced that 18 states have signed an alliance to combat the “sinister effects” of ESG policies. Alabama, Alaska, Arkansas, Georgia, Idaho, Iowa, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South Dakota, Tennessee, Utah, West Virginia and Wyoming join the Sunshine State.

In a statement, DeSantis reiterated his efforts to ensure banks are held accountable for prioritizing politics over financial stability.

“Under my leadership, Florida has led the way in combating the detrimental effects of the ESG regime by directing our public pension fund managers to reject ESG and instead focus on obtaining the highest investment returns for Florida taxpayers and retirees “, he said. “I said at the time that we would spearhead an initiative to join other like-minded countries to send an even stronger message to the financial industry that the American people rejected ESG at the polls and ideologues cannot and should not circumvent the will of the people. Today we have fulfilled that promise.”

TAMPA, FL – NOVEMBER 8: Florida Governor Ron DeSantis delivers his victory speech on November 8, 2022 in Tampa, Florida. (Photo by Octavio Jones/Getty Images)

DeSantis is spearheading efforts to stop ESG-obsessed woke banks

He also perfectly summed up how misplaced corporate priorities have put economic stability at risk.

“We will not stand idly by as the stability of our nation’s economy is threatened by woke executives who put their political agenda ahead of their clients’ finances,” DeSantis explained.

Naturally, the recently collapsed Silicon Valley Bank has repeatedly celebrated its commitment to ESG and “social justice” policies.


According to the Daily Mail, SVB CEO Greg Becker said in 2020 that the company would direct employee donations to “pandemic response, social justice, sustainability and support for women, black and Latino emerging talent and other underrepresented groups.” .

Similarly, Signature Bank, another failed institution, announced in 2021 that their political views were an “increased focus” for the bank.

“With our increased focus on social impact, including practices related to human capital, diversity, equity and inclusion, together with strategies to support and cultivate community engagement, and our approach to sustainability efforts as individuals and as an institution, the Bank continues to strengthen his rule in these areas.’

SVB is also proud to publish on its website its work on climate change and companies focused on the environment.

“We serve those who create positive environmental change,” the website explains, while also saying the bank has worked with around 1,550 companies in the “climate technology and sustainability sector.”

Obviously just, you know, being a bank is not possible for these companies.

Obsessive political focus hurts companies

It gets even worse.

Credit Suisse, a huge Swiss bank, was recently on the brink of collapse before receiving a $54 billion bailout.

An influential executive at the bank is someone named Pips Bunce, who spends most of his time discussing political matters.

Naturally, Credit Suisse also has an entire article on their website discussing their commitment to ESG investing.

They proudly explain that since September 2019 they have become even more committed to awakened investing.

“In September 2019, we announced our plan to increasingly incorporate environmental, social and governance considerations — ESG factors — into the investment process of several of our strategies,” the site said.

Accordingly, their share price has declined by 84% since then.

Struggling with ESG

That’s why DeSantis’ message is so important. For too long, corporations have been allowed to get away with openly prioritizing progressive politics over their fiduciary duties.

Now, with 18 other states participating, Florida can lead the way in combating such nonsensical strategies.

Corporations and the Biden administration overwhelmingly believe it is more important to send a signal than to do the best job possible.

Fortunately, DeSantis and these allied states are drawing a line in the sand to end such absurdities.

The only bad news is that 31 states have yet to join.

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