Ron DeSantis, along with trustees of the State Board of Administration, passed a resolution directing state pension fund managers to focus solely on maximizing returns in their investments and to not consider environmental, social and governance criteria. (The Logic)

Talking point: DeSantis, a Republican mooted as a potential 2024 presidential candidate, called ESG investing “a perversion of financial investment priorities” in a statement on the resolution. Republican officials have been increasingly critical of ESG. Earlier this month, a group of attorneys general from mainly red states wrote a letter to BlackRock accusing the world’s largest asset manager of misusing investors’ money on ESG assets. Florida’s resolution requires that investments “be based only on pecuniary factors,” a stipulation Desantis said prioritizes “the financial security of the people of Florida over whimsical notions of a utopian tomorrow.” However, a growing list of institutional investors believe ESG is consistent with their fiduciary duty, and that ignoring it would compromise their mandate to maximize returns.