A group of state treasurers and financial officers from 21 U.S. states* has sent a series of letters to the CEOs of several major investment firms including BlackRock, JPMorgan Chase, Goldman Sachs, and others,** warning the firms against embedding sustainability and climate considerations – or even the EU’s CSRD regulation – in their investment strategies and engagement and proxy activities.
In the letters, the state officials expressed “deep concern about the erosion of traditional fiduciary duty in American capital markets,” and claimed that the integration by asset managers of sustainability factors in recent years reflects a pursuit of ideological objectives “under the banner of so-called ‘long-term risk mitigation.’”
The letters form the latest in a long series of anti-ESG moves by U.S.
