Investment Policy Statement: Arizona Restricts Consideration of ESG Factors for Investments
Summary
The Arizona State Treasurer's Office released an Investment Policy Statement in November 2022 stating that "only pecuniary factors can be considered in investing." According to the document, non-pecuniary factors that may not be considered include: (i) International, domestic, or industry agreements relating to environmental or social goals; (ii) corporate governance structures based on social characteristics; and (iii) social or environmental goals. The policy statement also stated that fiduciaries for Treasury funds may not vote shares based on these non-pecuniary factors.
Impacted Sectors
Additional Information
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