Prominent GOP officials in Arizona are pushing back against a 'responsible investing' business ratings system that many Republicans view as 'woke capitalism.'
of ESG ratings as the sacrificing of profit-based financial decisions in favor of progressive policies.Arizona Attorney General Mark Brnovich and Treasurer Kimberly Yee have both taken recent steps to push back on the use of ESGs.Yee is threatening to bar state investments in Chicago-based financing company Morningstar Inc.
She says its subsidiary Sustainalytics' ESG rating system violates a state law that prohibits public entities from investing in companies that support the boycott, divestment and sanctions movement against Israel. Sustainalytics uses companies' involvements in controversies in the Israel-Palestinian conflict as part of companies' ESG score.prohibiting the use of ESG ratings to guide state treasury investment decisions.
Sustainalytics also rates companies based on involvement in human rights abuses, including in China, Myanmar and Russia."[Sustainalytics] is taking active steps where they're creating an environment where people could then take their information to use to support the boycott of Israel," deputy treasurer Mark Swenson tells Axios.
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