Gov. Ron DeSantis is at it again, hurting the people of the state of Florida and abandoning all pretense of being a Republican.
His ban on investing with any entity that considers ESG (environmental, social and governance) as part of its investment decision making is — I am not sure how to say this, except it is a dumb as a bag of doorknobs!
ESG is a rating service — just like well-known Moody’s; in fact, Moody’s produces an ESG rating. It isn’t a way of life; it is information on the quality of a company's management team. Considering more than pure narrow financial criteria has been exemplary corporate philosophy since I went to business school in the late 1970s. It isn’t new at all.
A successful company finds a common ground with all its constituents, and the result is bigger than it would be by focusing on any one. DeSantis apparently doesn’t understand this, because he has never been in business and doesn’t believe in consensus.
Excluding high ESG companies means excluding Apple, Microsoft, Merck, Accenture, Sherwin-Williams, Mercedes and many other highly successful companies that have produced extraordinary financial returns for shareholders. Excluding high ESG firms from Florida investment will without a doubt reduce the return of Florida’s funds, ultimately hurting the people who depend on the state being successful, like worker pension plans and important rainy day funds like hurricane recovery funds.
DeSantis has lost his footing as a leader as he now continually rails against corporate development and forward-looking leadership. These are things he clearly doesn’t understand and should as a governor, much less in any higher office.
David Hunter, Vero Beach
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