Gov. Ron DeSantis has proposed new laws restricting financial institutions from using environmental, social, and governance (ESG) principles to guide investment decisions.
In a press conference held at Florida SouthWestern State College in Naples, Florida, on Feb. 13, DeSantis said he was partly acting to protect Florida public employees’ pensions, as ESG-driven investing may not be in the beneficiaries’ best financial interests. The state will require financial institutions to uphold their responsibilities, he said.
“They will have to honor the fiduciary obligation as understood from time immemorial until just about a few years ago. That’s what their job is,” DeSantis said….