Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Investments»Miyares advises State Retirement System to avoid ESG investing
    Investments

    Miyares advises State Retirement System to avoid ESG investing

    August 22, 20242 Mins Read


    Virginia’s Attorney General has advised officials from the state’s retirement system against making investment decisions that prioritize environmental issues, social issues and corporate governance, according to a nonbinding legal analysis released Friday.

    Jason Miyares, a Republican who serves as Virginia’s top prosecutor, said in an advisory opinion that the board of trustees for the Virginia Retirement System should instead make investments “based on securing the best financial results for VRS beneficiaries.” The retirement system’s members include state employees, public school teachers and employees of political subdivisions, such as counties, towns and cities.

    “Investments must be driven by careful, calculated financial foresight, not clouded by unfounded ESG fads,” Miyares said in a statement. “This Opinion firmly reinforces the Virginia Retirement System’s responsibility and legal obligation to make objective investment decisions free from the sway of social or political agendas. Secure futures require sound economics.”

    Miyares’ advisory opinion, written at the request of Republican Del. Nick Freitas, comes after some state pension programs have opted to prioritize environmental, social and corporate governance policies when making investments, also known as ESG investing.

    Virginia Sowers, a retirement system spokesperson, said in an email that the retirement system does not have a policy to prioritize such investments.

    “To meet its fiduciary duty, VRS carefully analyzes economic factors and assesses monetary risk to achieve the highest level of return for a given level of risk over the long term,” Sowers said. “This analysis does not include reviewing investments through a ‘social screen,’ nor does VRS deploy dedicated ESG funds in its retirement plans.”

    States such as Illinois and Maryland are required to consider sustainability and climate risks in their asset-related decisions. In Maine, the state’s pension fund is required to divest from fossil fuels by 2026, according to a policy passed in 2021.

    Other states such as Florida, Indiana and Kansas, among others, created legislation against ESG investing.

    In Virginia, legislators considered a 2022 bill requiring the retirement system to divest from fossil fuels, though it did not become law. Another 2023 bill that would restrict investments based on environmental and political factors did not pass.

    Friday’s release was Miyares’ 10th opinion memo in 2024. Opinions by the attorney general give legal advice but are not binding on the courts.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Pension investments: Six steps to follow when looking at your retirement savings

    Investments

    Selon un récent dépôt auprès de la SEC, Sei Investments Insider a vendu des actions pour une valeur de 12 006 823 dollars.

    Investments

    Un actionnaire de Skechers poursuit le fabricant de chaussures pour obtenir des détails sur le rachat de 9,4 milliards de dollars par 3G

    Investments

    Primorus Investments plc publie ses résultats pour l’exercice clos le 31 décembre 2024

    Investments

    Aberdeen Investments : Pruksa Iamthongthong nommée head of equities Asie-Pacifique

    Investments

    CPP Investments se retire d’Informatica par le biais d’une transaction avec Salesforce

    Investments
    Leave A Reply Cancel Reply

    Top Picks
    Precious Metal

    Silver Palace : un Genshin Impact à la sauce victorienne – Actu

    Property

    Inovalis Real Estate Investment Trust : bénéfice foncier ajusté de 621 000 dollars canadiens au premier trimestre

    Cryptocurrency

    the digital transformation that could reshape global monetary policy

    Editors Picks

    UBS réduit son exposition à l’eau britannique et dégrade United Utilities

    April 29, 2025

    Highland Copper Company Inc. annonce ses résultats pour le deuxième trimestre et le semestre clos le 31 décembre 2024 -Le 21 février 2025 à 00:54

    February 20, 2025

    The UK’s best (and worst) areas for property value in 2025

    April 27, 2025

    Powerlong Real Estate enregistre 564 millions de yuans de ventes contractuelles en avril

    May 8, 2025
    What's Hot

    Next Cryptocurrency to Explode, 16 May — Freysa, Marinade, Kujira, ConstitutionDAO

    May 16, 2025

    BIPROGY to enter digital salary domain | by Norbert Gehrke | Tokyo FinTech | Oct, 2024

    October 31, 2024

    Experts predict $10 price target for this viral new cryptocurrency; AVAX price and VET struggle to find bullish momentum

    July 22, 2024
    Our Picks

    ASIC set to ramp up crypto scrutiny as industry fears licensing regime — Capital Brief

    August 20, 2024

    Huddlestock FinTech enregistre une perte d’EBITDA de 6,1 millions au premier trimestre

    May 27, 2025

    Why Invest In U.S. Private Real Estate?

    July 27, 2024
    Weekly Top

    Ambiance rock garantie au Puy-Sainte-Réparade avec le groupe pop rock Silver Fox au château La Coste

    June 1, 2025

    Quand le métal devient métaphore de l’élévation : le 71e congrès des Compagnons serruriers du Devoir a réuni plus de 500 personnes à Nîmes

    June 1, 2025

    Dividend & Stock Split: TCS, Tata Motors, Coforge Among Shares To Trade Ex-Date This Week

    May 31, 2025
    Editor's Pick

    How Gold Became One of the World’s Hottest Investments in 2024

    October 26, 2024

    ‘I’m an expert and this is how to avoid Labour slashing house values’ | Politics | News

    October 24, 2024

    Tron Surpasses Cardano to Enter the Top Ten Crypto

    August 19, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.