Does ESG investing have a problem with fiduciary duty?

Q&A: Fiduciaries must be able to show returns are driving investment thinking, says fund law professor

On August 4 this year, the Republican attorneys general (AGs) representing 19 US states penned a public letter to BlackRock, accusing the asset manager of using the “hard-earned money” of their states’ citizens in pursuit of altruistic environmental goals. The AGs said BlackRock was investing pension funds’ assets so as to press companies to phase out fossil fuels, and by doing so was sacrificing investor returns. A group of Democratic AGs published their own letter in November, saying

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