DeSantis announces plan to protect Floridians from ESG movement | Florida

(The Center Square) – Governor Ron DeSantis announced a new plan to protect Floridians from the environmental, social and corporate governance (ESG) movement. The plan includes proposed new legislation for the 2023 legislative session as well as administrative measures.

The ESG movement “threatens the vitality of the American economy and the economic freedom of Americans by targeting disadvantaged individuals and industries to advance a woke ideological agenda,” DeSantis said.

“The use of corporate power to impose an ideological agenda on society is an alarming trend,” DeSantis said when announcing the new plan on Wednesday. “From the banks of Wall Street to massive asset managers and big tech companies, we have seen the corporate elite use their economic power to impose policies on the country that they could not achieve at the ballot box. Through the actions I announced today, we are protecting Floridians from woke capital and asserting the authority of our constitutional system over corporate ideological power.

According to Robeco Institutional Asset Management BV, “ESG funds are equity and/or bond portfolios where environmental, social and governance factors have been integrated into the investment process. …Environmental factors include a company’s or government’s contribution to climate change through greenhouse gas emissions.

Mastercard, for example, has created a personalized carbon footprint tracker in collaboration with Swedish fintech Doconomy. The Mastercard Carbon Tracking product was created as an “easy to use API [that] enables financial institutions and merchants to integrate carbon tracking into their own digital products,” he says.

The ESG, many believe, is based on the Social Credit Score first established in China, which restricts citizens’ movements and freedoms based on their scores. When announcing the system, in 2014, the Communist Party of China said it was “an important part of the socialist market economy system and the social governance system…maintaining trust is glorious and breaking trust is shameful”.

“Trust” is defined by the Chinese government.

“China’s Social Credit System is an ambitious initiative to create a database that monitors the behavior of individuals, businesses and governments across the country in real time. According to the Chinese government, the system will use big data to build a trusting society where individuals and organizations abide by the law,” reports China Briefing. Government authorities submit company data directly through standard government inspections, which are integrated into the national Internet+ monitoring system which analyzes the data to calculate scores.

“Companies are primarily assessed against standard regulatory and compliance criteria that they are already legally required to meet,” according to the report. “This includes paying taxes on time, holding required licenses, adhering to product quality standards, and meeting environmental protection requirements,” among other industry-specific requirements.

In the United States, “woke elites are using ESG investing to support far-left policies, undermine our national security and raise prices for Americans,” said State House Speaker-Elect Paul Renner. . The Florida House will fight “to stop the woke financial titans who seek to dictate policy to Floridians regardless of our choices at the ballot box.”

The 2023 legislative proposal would prohibit big banks, credit card companies and money issuers from discriminating against customers based on their religious, political or social beliefs, which have been identified as contributing to the score.

It will also prohibit State Board of Administration (SBA) fund managers from considering ESG factors when investing state money and require SBA fund managers to only consider maximizing the return on investment only on behalf of Florida retirees.

The proposed bill would also amend Florida’s Deceptive and Unfair Trade Practices Act to prohibit discriminatory practices by large financial institutions based on ESG measures. DeSantis argues the metrics are arbitrary, based on political affiliation, religious beliefs, industry engagement and ESG credentials. Entities that violate Florida’s ESG ban would be considered deceptive and engaging in unfair business practices and would be penalized, according to law.

At the state’s next board meeting, DeSantis said he’s also proposing an update to the board’s investment fund managers’ fiduciary duties to exclude ESG from management practices. state investments.

According to a fact sheet provided by the governor’s office, ESG investors “prioritize awakened business ideals and non-financial factors as part of their investment process,” who are “business cartel elites.” company that does not represent the will of the people, but rather their strategies of investing in social causes and signaling virtue while raising costs to consumers in the name of diversity and sidelining working Americans by threatening their livelihoods.

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