A trade group representing some 14,000 small and large manufacturers has issued a scorching criticism of recent regulatory moves tightening environmental, social, and governance (ESG) rules while calling on Congress to fight the Securities and Exchange Commission’s (SEC) “regulatory onslaught.”
As the House Financial Services Committee prepares to conduct a series of hearings on ESG and issues relating to the proxy process, the National Association of Manufacturers (NAM) has penned a letter to the committee’s leaders urging them to take action to protect businesses from ESG activists.
The SEC is criticized for giving special privileges to ESG activists, reducing oversight of proxy firms, and proposing rigid ESG mandates that burden manufacturers without benefiting investors….