EXCLUSIVE: A coalition of 21 state attorneys general sent a stark warning to dozens of financial institutions and asset managers, warning them against pursuing woke environmental and social initiatives.
In a letter sent Thursday to 53 of the nation's largest financial institutions, which collectively manage trillions of dollars worth of assets, the attorneys general threatened to take legal action if the firms veer from the best interests of their clients while pushing social priorities. The effort, led by Montana, Utah and Louisiana, comes ahead of proxy season during which most companies hold annual shareholder meetings where they vote on key policy initiatives.
"This ESG nonsense is filtering into a lot of our states and the way they're doing it is really, really concerning and probably flagrantly illegal," Montana Attorney General Austin Knudsen told Fox News Digital in an interview. "Pushing it through these asset managers and through these proxy votes is extremely concerning."
"The message is: 'Stay in your lane and do what you're supposed to do. You have a fiduciary obligation under our various states laws to maximize investment. That's your job. That's what you're supposed to be doing. We're aware of state law and if it needs be, we will defend our state pensioners against anything outside that lane.'"
