State Street Gets Heat from State Treasurers Over Environmental, Social-Justice Activism

A group of 17 state financial officers has taken on financial giant State Street Global Advisors, charging that, despite dropping out of Climate Action 100+ in February, the firm continues to leverage the shares it manages to pressure companies to go along with a progressive climate and racial agenda.  In a March 14 letter, state financial managers charged that “State Street is using the power of all assets under management … to promote ESG issues across portfolio companies.” State official further alleged that “State Street pressures companies to adopt diversity, equity and inclusion (DEI) policies.” ESG, which stands for environmental, social, and governance, refers to a movement originated by the United Nations in 2005 by which asset managers pledge to vote the corporate shares that they manage to compel companies to enact the United Nation’s “Sustainable Development Goals.”...