A group of Republican senators has fired a warning shot at law firms that help businesses pursue environmental, social, and governance practices.
endeavors. They also raised the specter of congressional investigations and told the firms to preserve documents for that eventuality.
“Although businesses would certainly be wise to lawyer up before undertaking ESG initiatives, your firm has a duty to fully inform clients of the risks they incur by participating in climate cartels and other ill-advised ESG schemes,” they wrote.“The ESG movement attempts to weaponize corporations to reshape society in ways that Americans would never endorse at the ballot box,” they continued.
The way it was written indicates that fighting corporate ESG initiatives isn’t just a fleeting political issue but one that lawmakers will pursue even if Democrats are able to maintain control of the Senate. The lawmakers hinted that the investigations and oversight could occur as soon as next year or further down the road if they don’t regain control, perhaps after the 2024 elections.
Republican state officials have resisted ESG over the past year or so, implementing new laws and policies to cut state ties with fund managers that have made a point to invest more in green assets and less in traditional energy. Texas Gov. Greg Abbott, for instance, signed a bill that banned state investments in businesses that cut ties with the oil and gas industry.
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