The Florida Retirement System should not consider environmental, social, and corporate governance (ESG) standards when investing in companies, says Republican Governor Ron DeSantis. That message was enforced at the August 23 meeting of the Florida Cabinet, when the governor and his fellow trustees of the State Board of Administration unanimously adopted a resolution restricting the use of ESG factors in making investment decisions in the Florida Retirement System's (FRS's) defined-benefit plan, according to a press release from the governor's office.
Instead, Florida's fund managers should invest in a manner that "prioritizes the highest return," said the release.
"We're a big pension system," DeSantis told radio host Glenn Beck last week. "And some of these businesses are going to have to choose between going down the ESG rabbit hole or being able to be invested with the state of Florida."
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