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“Virginia Attorney General Jason Miyares speaks out against ESG investments in state retirement fund” – The Virginian-Pilot


reported that Virginia Attorney General Jason Miyares is denouncing the use of Environmental, Social, and Governance (ESG) investments in the state’s retirement funds. In a letter to the state’s retirement system, Miyares expressed his concerns about the inclusion of ESG investments, which consider factors such as climate change, social issues, and corporate governance in investment decisions.

Miyares argued that ESG investing may not align with the fiduciary duty of the retirement system to maximize returns for its beneficiaries. He stated that prioritizing social or political goals over financial returns could potentially harm retirees and beneficiaries in the long run. Miyares also raised questions about the transparency and accountability of ESG investments, highlighting potential conflicts of interest and lack of oversight.

The Attorney General’s stance has sparked a debate among Virginia lawmakers and officials. Some have supported Miyares’ position, agreeing that the primary focus of the retirement fund should be on financial performance. Others, however, have defended ESG investing as a way to consider broader societal impacts and promote responsible corporate behavior.

The decision to include or exclude ESG investments in the state’s retirement fund will have significant implications for retirees and beneficiaries. Proponents of ESG investing believe that it can generate long-term financial returns by mitigating risks related to environmental and social issues. Critics, on the other hand, argue that such investments may sacrifice financial gains for the sake of social or political objectives.

As the debate continues, Virginia officials will need to weigh the potential benefits and drawbacks of ESG investing to make informed decisions about the state’s retirement fund. Ultimately, the goal is to find a balance that prioritizes the financial well-being of retirees while also considering the broader impact of investment decisions on society and the environment.

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