Utah State Treasurer Marlo Oaks, an outspoken critic of progressive politics in corporate America, has criticized ESG investing, which is seen as promoting “woke” political causes, as part of “Satan’s plan”.
Speaking at the Salt Lake County Republican Party Convention, Oaks stated that ESG investing and the United Nations’ Sustainable Development Goals have positive aims but are part of “outcomes-based systems” that aim to reach a predetermined conclusion without any discussion.
Oaks likened these systems to the “war in Heaven” from the Book of Revelation, another “outcomes-based” initiative that he claimed “opens the door to authoritarianism”.
ESG investing is based on the idea that investors should use environmental, social, and governance criteria to evaluate where to put their money, prioritizing progressive values and “social responsibility” when making financial decisions.
However, critics argue that ESG seeks to achieve policy objectives by bypassing legislatures and imposing them. Oaks has been one of several experts and policymakers who have criticized ESG for attempting to push outcomes on everyone, bypassing democratic processes.
The theory underlying ESG is that corporations should serve stakeholders other than shareholders, serving other interests and society at large. However, critics argue that ESG is a way to push left-wing causes through business rather than the legislature.
Last year, Oaks coordinated an effort by political leaders across the state to send a letter to S&P Global Ratings demanding that S&P withdraw ESG indicators as a factor in its credit ratings for states and state subdivisions.
He claimed that ESG is about controlling and forcing behaviors, attempting to do through capital markets what activists and their government allies have been unable to do through democratic processes.
At the federal level, the Senate earlier this month passed a resolution killing a Biden administration rule that encourages managers to consider ESG factors when making investment decisions for the retirement funds of over 150 million Americans.
Oaks pulled about $100 million in state funds from the giant investment firm BlackRock, one of corporate America’s biggest promoters of ESG.
Oaks claimed that S&P should be concerned about whether investors will get paid back, not whether a state policy lines up with their political beliefs.
»Utah State Treasurer Marlo Oaks denounces ESG investing as “Satan’s plan”«
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