ESG

ESG battles heating up over state pension plan

By RICK BRUNDRETT Update: 1/17/24 - The S.C. Senate unanimously passed House bill 3690, which was cited in this story. The bill, which is expected to be signed into law by Gov. Henry McMaster, would require that state pension investments be made based on "pecuniary," or financial, factors, which, as...

Rick Brundrett

Written by
April 13, 2023

  • ESG battles heating up over state pension plan

    By RICK BRUNDRETT Update: 1/17/24 - The S.C. Senate unanimously passed House bill 3690, which was cited in this story. The bill, which is expected to be signed into law by Gov. Henry McMaster, would require that state pension investments be made based on "pecuniary," or financial, factors, which, as...
    Rick Brundrett

    Written by
    April 13, 2023

  • Senator plans bill to ban ESG factors in private loans, state pension

    Update 2/22/23: Sen. Josh Kimbrell, R-Spartanburg, introduced a bill (S. 559) today that would ban banks and credit unions from using “social,” or ESG-based, credit scores in deciding whether to make loans to individuals or businesses. The bill, which is co-sponsored by seven other Republicans, was referred to the Senate Banking and...
    Rick Brundrett

    Written by
    February 09, 2023

  • Lawmaker wants ESG factors banned in state pension investments

    By RICK BRUNDRETT State retirement funds could not be invested based on controversial environmental, social or governance (ESG) factors, under a House bill filed for the new legislative session that starts next week. The Nerve in May revealed that two major investment firms that manage a substantial share of South Carolina’s pension...
    Rick Brundrett

    Written by
    January 05, 2023

  • SC joins national battles over ESG power plays

    By RICK BRUNDRETT South Carolina is among a group of states investigating a major investment management and ratings company for potential violations connected to liberal environmental, social and governance (ESG) activities, The Nerve has confirmed. Last week, Missouri Attorney General Eric Schmitt announced that 18 other state attorneys general had...
    Rick Brundrett

    Written by
    August 26, 2022

  • Feds pushing liberal investment schemes in local government, business sectors

    By RICK BRUNDRETT The Biden administration and Democratic-controlled U.S. House collectively have been focusing on local municipalities, publicly traded companies and private retirement plans to promote the environmental, social and governance movement that is popular among liberal groups, records show. Republican state and federal officials in South Carolina are opposing...
    Rick Brundrett

    Written by
    May 26, 2022

  • Critics fear ESG factors could diminish state pension investments

    By RICK BRUNDRETT Two major investment management firms that handle a large chunk of South Carolina’s pension plan for state retirees are big proponents of the controversial environmental, social and governance (ESG) movement, The Nerve found in a review of pension and other records. Of the approximately $39 billion market...
    Rick Brundrett

    Written by
    May 19, 2022

  • Serious business: How ESG mandates can hurt small SC firms

    By RICK BRUNDRETT In a letter last year to Cromer Food Services, one of the Anderson-based company’s hundreds of customers – a foreign-headquartered corporation – said it was drafting a “Business Partner Code of Conduct that expresses all our essential requirements for sustainable cooperation.” The letter asked the company to...
    Rick Brundrett

    Written by
    May 12, 2022

  • Officials warn ESG movement heading to SC amid ‘woke’ power play

    By RICK BRUNDRETT Imagine a small business applying for a bank loan and being rejected despite having an excellent credit rating and strong revenues. The reason? Its “ESG” score was too low. If you’ve never heard of ESG, you’re probably not alone. But the corporate and financial worlds are well-acquainted...
    Rick Brundrett

    Written by
    May 12, 2022