HomeInvestmentFlorida CFO bans ESG investing from state retirement plan

Florida CFO bans ESG investing from state retirement plan

Florida Chief Monetary Officer Jimmy Patronis issued a directive Monday barring managers of funding choices within the $5.1 billion Florida Deferred Compensation Plan, Tallahassee, from ESG investing.

The directive posted on his web site stated he directed the state’s Division of Deferred Compensation to “order all collaborating asset managers to take away ESG funding funds as choices for individuals within the Deferred Compensation Plan.”

It’s the Florida official’s newest salvo in his confrontation in opposition to what he has termed “woke” investing. He’s considered one of three trustees of the $230.3 billion Florida State Board of Administration together with Florida Gov. Ron DeSantis and Legal professional Normal Allison Moody.

Mr. Patronis doesn’t have any funding authority over the State Board of Administration, which oversees the funding administration of state belongings together with the $181.5 billion Florida Retirement System.

The voluntary deferred compensation plan falls underneath the auspices of the state’s Division of Monetary Companies, which Mr. Patronis oversees.

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