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ARTICLE · 17 MAY 2023

Republican AGs Target 53 Large Asset Managers' ESG Practices

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On March 30, 2023, 21 Republican Attorneys General (AGs) wrote a letter addressed to over 50 U.S. asset managers citing "concerns about the ongoing agreements between asset managers...

United StatesEnvironment
Jason Halper
Jason Halper
Sara Bussiere
Sara Bussiere
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On March 30, 2023, 21 Republican Attorneys General (AGs) wrote a letter addressed to over 50 U.S. asset managers citing "concerns about the ongoing agreements between asset managers to use Americans' savings to push political goals during the upcoming proxy season." The AGs state their intent to "enforce [their] states' civil laws against unfair and deceptive acts and practices and state and federal civil laws prohibiting agreements to restrain competition."

The 21-page letter raises various concerns, including perceived action taken by asset managers that allegedly is inconsistent with their client's financial interests. It highlights the obligations assumed by members of the Net Zero Asset Managers Initiative (NZAM) and Climate Action 100+ in relation to issuer engagement on issues of climate change and decarbonization. We have written previously about NZAM, in particular regarding Vanguard's decision to withdraw from membership of the initiative. This decision

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