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Manning’s amended measure would require that “firms would still have to commit in writing to following the bill’s finances-first guidelines.” He apparently doesn’t comprehend what a fiduciary’s first duty always have been: to seek the highest return on the client’s investments.
That long-held principle makes this legislation unnecessary. Still, Republicans pushed back on a proposed amendment would have allowed people with defined-contribution plans pull their money out of INPRS if they feel they are about to lose money” in the state-run fund. Republicans argued that the bill as amended would have a “comparatively minor financial impact.”
Comparatively minor financial impact? The anti-ESG Republicans did not quantify what that would mean in terms of losing money, which ought to arouse suspicions about the potential for losses.
The Senate should put the brakes on Manning’s half-baked legislation to tell professional investment managers what they cannot invest in, and let their fidicuary duty serve as the safeguard against financial loss.
Manning and Prescott and Michelle Davis are leading examples of performative governance where it’s more about what looks good in a social media post as opposed to actually solving problems for Hoosiers.
Because actual governance is hard and requires people to be adults, and maybe even compromise. That’s not in their skill set.
Instead of advancing legislation to ensure all our state retirement funds are fully funded – spoiler alert, they’re not – the cultural warriors focus on inane legislation that will only detract from the funds ($5.5M over 10 years would probably cover 10 pension disbursements). No where in the original bill nor the amendment does the authoer address investment returns, just perceived management philosphies. Once again, the super majority wastes time and money offering solutions to imaginary problems instead of focusing on things that really need to be fixed.
Don’t worry, I’m from the General Assembly and I’m here to help you.
All public companies seek shareholder approval, each and every year, for a variety of matters, electing directors, approving executive compensation plans, approving hiring of auditors and maybe amending articles, as well as other major events such as mergers, etc. There are proxy advisory firms that recommend to shareholders whether to support or oppose management’s proposals to shareholders and since the majority of shares of almost all public companies are held by large institutions, those large institutional shareholders usually follow what the proxy advisory firms recommend. A negative recommendation can be very harmful. ESG is one issue that the proxy advisory firms look at; how is this company doing in these areas; global warming is a real issue for investors, even if a loud minority of elected officials deny its existence. No one wants to own stock in a company that could be on a downward path and out of existence in a few years. This effort by folks who ignore reality in our capitalist system is so much nonsense pursued by ignorant officials. Public companies will continue to focus on ESG and report on their efforts in their annual proxy statements. This is a huge exercise in legislative silliness. Votes will be cast by shareholders but no one will say their vote was based on ESG matters.
ESG plain and simple is woke economic brickbat extortion.
If you don’t agree with Leftist politics you pay.
To comply with those political issues or pet Leftist agendas, comes taxations to where once again you pay.
Don’t do business with woke companies.
Go woke, go broke!!!
Darrell don’t understand how any of this works, which is exactly what clowns like Manning are counting on..
If a fund is fully ESG and produces the best returns for Indiana pensioners, the state would be foolish to look past it.
If a fund is as anti-ESG as can be and produces the best returns for Indiana pensioners, the state would be foolish to look past it.
Which is why INPRS cares not one whit about ESG, as they have articulated in the past. Yet we are wasting legislative time on this nonsense because it impresses people like Darrell.
The attitude behind this bill is more accurately titled “we’d rather go broke than be accused of being woke”.
“We have to push back against those ideas, and the available funds that we have to do that are large amounts of pension funds. INPRS has about $45 billion,” Manning added.”
So he wants to use police and fire and teacher pensions to fight his battles.
Here’s an idea – separate out the legislative pension fund from INPRS. Let legislators be anti-woke with their retirement funds. No bailouts if they’re wrong, though.
Another idea – pass whatever anti-ESG changes you want. Also pass mandatory tax increases that kick in that cover the difference to keep the pension fund whole.
“House is in session, considering second reading amendments. Rep. Hatfield suggests a pilot program for the “anti-ESG” investing pension bill using the legislators retirement system.
Basically, if it’s such a good idea let’s prove it w/ our own retirement plan.
Rep. Manning, bill author, says we don’t need a pilot bc there is no problem.
Amendment fails.”
Huh.
https://twitter.com/ArikaHerron/status/1628797914930728961
Be interesting to see what’s in Manning’s portfolio. And Darrell’s…