Beadle: State Street must renew commitment to fiduciary duty

Treasurer Thomas Beadle has joined with conservative state financial officers around the country in renewing a call for State Street to renew their commitment to their fiduciary duty rather than chase misguided E.S.G. initiatives.

“While we are very encouraged by State Street’s decision to depart from the Climate Action 100+ Alliance, we still have concerns about their commitment to various Net Zero alliances that seek to put the political interests of global bodies ahead of the interests of the shareholders and investors that matter most.” Treasurer Beadle stated. “Some investors may want their firm to focus on climate change initiatives regardless of investment outcomes, but when these firms are holding public funds, including pension and retirement accounts for North Dakota citizens, we need assurances that our managers are not chasing these interests at the risk of returns for our people. Fiduciary obligations must remain paramount.”

Read the letter to State Street here:

https://sfof.com/wp-content/uploads/2024/03/SFOF_SS_Letter.pdf