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This is stupid. Just evaluate investment firms on their returns and not whatever other policies they may have. The trustees have a fiduciary duty to do just that.
They did prior to this law. Now they can only remain in them if they can’t find a non-ESG firm that offers equivalent returns.
But, as noted, all three of the companies that Indiana is considering are banned elsewhere for ESG. Northern Trust in West Virginia, UBS in Texas and State Street in Oklahoma.
So all we’re doing is switching from the largest fund provider guilty of prioritizing ESG to one of three smaller funds also found guilty of prioritizing ESG. This is performative nonsense with the retirement savings of Indiana’s public employees on behalf of the coal companies who write campaign contribution checks. Those behind it should be ashamed.
Joe, there’s more than three investment firms in the US. And in any event, they should go with the ones that have the most solid reputations that have been in business for a long time and that have the best returns on average over the last 5 to 10 years. Excluding E.S.G. oriented companies is stupid.
We are in agreement. Indiana has yet to find a non-ESG firm. Getting out of BlackRock still doesn’t make sense to me… this is all performative nonsense for the WIBC crowd.
If investing in coal was a quick way to big profits, someone would have started such a fund and made large money off it. If Indiana can get the best returns for it’s pension funds with a firm heavy in solar and wind energy, it would be foolish to not consider it as part of it’s portfolio.
If they’re bad investments, they won’t get the returns and Indiana will drop them. Caring about anything but returns is foolish.
I don’t know who is worse anymore. Can we just have a party that stands for common sense instead of fighting to see who can get more triggered?
Many companies have social programs… some of them are considered ESG, some are not. They’ve been around a long time.
This should be decided on merits.
Randy S. – You’re absolutely right it’s stupid but look who’s running the asylum. Throw in the soon to be disbarred wing nut Rokita, and the fix is in. Sad & pathetic.
Brian, as to Rokita’s disbarment, from your lips to God’s ear! Mr. Google tells me he would be forced to resign and Gov Braun then appoints someone until the next general election.
This is ridiculous. The state has a *fiduciary duty* to consider investment returns, not to engage in political grandstanding.
Instead of worrying about ESG, DEI, “woke,” or whatever trigger word-of-the-day hypes up the right-wing crowd, the state should only be considering investment returns and management fees when selecting an asset manager for its public retirement system.
Are there *any* reasonable adults left in Indiana government? Who is letting these bratty children run the show?
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This is the result of everyone running to be the biggest MAGAt: Braun, Rokita, Morales, and the supermajority in the legislature.
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