Republican Senators Warn Law Firms About Advising Clients on Participating in “ESG Schemes” and “Climate Cartels”
A group of Republican Senators has sent letters to over 50 of the largest law firms in the U.S., warning them about the advice they provide to clients regarding ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. initiatives, and advising them to preserve documents related to clients’ ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. practices in preparation for planned activities in Congress to investigate ESG-related antitrust violations.
In the letters, sent by Republican Senators Tom Cotton (Arkansas), Marsha Blackburn (Tennessee), Chuck Grassley (Iowa), Mike Lee (Utah), and Marco Rubio (Florida), the politicians claim that the “ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. movement attempts to weaponize corporations to reshape society in ways that Americans would never endorse at the ballot box.”
The letters mark the latest move in an ongoing anti-ESG push by Republican politicians in the U.S. In August, 19 Attorneys General signed a letter accusing investment manager BlackRock of acting with “mixed motives” in its pursuit of an anti-fossil fuel and pro-net zero agenda for following a “socialSocial criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. purpose” not aligned with a focus on financial returns. Florida recently passed a resolution to no longer allow ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. considerations to be used by fund managers for its $228 billion of pension funds, and Texas publishing a list of fund slated for potential divestment from its pension funds, due to their strong ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. credentials and support for net zero investing and advocacy.
The letters point out the “particular concern” that there is a “collusive effort to restrict the supply of coal, oil, and gas,” resulting in higher energy costs and “empowering America’s adversaries,” and warns the firms of plans for Congress to “increasingly use its oversight powers to scrutinize the institutionalized antitrust violations being committed in the name of ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments..”
The Senators wrote:
“Although businesses would certainly be wise to lawyer up before undertaking ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. initiatives, your firm has a duty to fully inform clients of the risks they incur by participating in climate cartels and other ill-advised ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. schemes.”
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