This announcement comes mere months after Missouri launched a multistate investigation into whether S&P’s use of ESG in its credit ratings violated consumer protection laws.
Attorney General Bailey, a national leader in the fight to bring the ESG movement into conformity with the rule of law, issued the following statement:
“Missouri is proud to be leading the way in the fight against illegal, woke investing with other like-minded attorneys general. I applaud S&P’s public comments indicating they are changing course and following the law by putting its shareholders before a political agenda.
As Missouri’s Attorney General, I will ensure that financial institutions are providing recommendations based upon the economic value of prospective investments – as the law demands – rather than squandering Missourians’ hard-earned retirement savings on funding a leftist ideology.”
Attorney General Bailey has been a staunch defender of Missourians’ investments since taking office. Joining 24 other states, he filed suit against the United States Department of Labor for its unlawful rule that would allow 401(k) managers to direct their clients’ money to ESG investments. General Bailey also joined a coalition of 21 state attorneys general in directing a letter to two proxy advisory companies, International Shareholder Services, Inc. and Glass, Lewis & Co. challenging their ESG investment practices. He also issued a letter to 53 asset managers ahead of the proxy season, reminding them of their extensive legal duties under federal and state law to act as a fiduciary to their clients. Attorney General Bailey will continue to hold companies to their fiduciary duty and protect the investment accounts of all Missourians.
Read S&P Global Ratings’ announcement of its termination of ESG ratings here: https://www.spglobal.com/_assets/documents/ratings/esg_credit_indicators_mr.pdf