Democrats Say Retirement Plans at Risk From GOP’s Anti-ESG Push (1)

Democratic state officials from New York to California sent letters to asset managers overseeing trillions of dollars in retirement funds, urging them to consider the long-term effects of factors such as climate change when making investment decisions.

The request from more than a dozen state treasurers and comptrollers calls for investment firms to reject pressure from the Trump administration and GOP lawmakers, and instead commit to thorough evaluations of risks tied to global warming, supply chains and corporate governance.

The Republicans are misrepresenting “the true meaning of fiduciary duty” by requiring asset managers to take “a passive approach to oversight while ignoring the nature of long-term value creation ...