While framing criticism of ESG as holding Wall Street to account, House Republicans appear to be picking spots where they’ll minimize friction with the financial services industry.
Republicans who lead the House Financial Services Committee plan to spend the next few weeksdesigned to send a clear signal: Corporations, in particular big investment managers, should think twice about integrating climate and social goals into their business plans. Committee conservatives will target the process in which advocates pressure public companies to adopt environmental, social and governance goals using the shareholder voting process.
— even though a number of senior GOP lawmakers would rather tell government regulators, instead of executives, what to do. While framed around holding Wall Street to account, Financial Services Committee Republicans appear to be picking spots where they’ll minimize friction with the industry’s biggest players.. Their companies are poised to be huge targets for Florida Gov. Ron DeSantis and other Republican White House contenders who argue that corporations are exercising ideological agendas.
Fink, who has urged business leaders to focus on the environment, said at the New York Times DealBook Summit in November: “Stakeholder capitalism is not woke — it’s not political, it’s capitalism.” Republican critics — who on this point have backing from other sectors such as oil and gas — warn that it’s an outgrowth of left-leaning political pressure that threatens investor returns and the growth of the U.S. energy industry.
A report that Huizenga’s working group released to set the stage for this month’s committee work prioritizes concerns about so-called proxy advisory firms that provide recommendations to big investors on how they should vote on shareholder matters that dictate the direction of public companies.
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