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Exclusive: Twenty state finance officials today sent letters to the U.S. Securities and Exchange Commission (SEC), asset managers, representative advisors and public companies warnings about the financial risk of prioritizing financial interests on political agendas like DEI.
In the letter, 24 state financial officers outline the risks that DEIs will destroy shareholder value and warn of potential consumer rebound and boycotts, warning of declining productivity and increased litigation costs when political agendas break into financial institutions.
“Asset managers and proxy advisors should not prioritize the political agenda on financial interests by supporting professional DEI shareholder proposals for directors who do not support such proposals,” the letter said.
Executives highlight the steps taken by the SEC under President Donald Trump’s administration, preventing activists from pushing political agenda in corporate executive offices. The letter advises businesses on how to push back Sec No-Action Letters and how to pursue court rulings to block activists’ proposals.
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Treasurers in the state have written letters to the U.S. Securities and Exchange Commission, asset managers, representative advisors and public companies, and are wary of the financial risks of prioritizing DEIs over financial profits. (istock)
“The SEC’s recent guidance is to direct companies to promote DEI and other ESG policies and submit a more stringent schedule 13D, but enforcement must follow. Influencing a company’s DEI policy is inconsistent with the role of passive investors and should trigger 13D filing requirements,” the letter states.
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Schedule 13D is the SEC filing requirement if someone acquires significant shares in a public company. In a letter, the executive argues that asset managers that affect the company’s DEI policy require a 13D filing schedule.
“As state finance officers, we have an obligation to protect taxpayer funds and the retirement savings of state employees. Asset managers and representative advisors should oppose proposals that force companies to maintain or revive illegal DEI practices that erode shareholder value.”
Treasurers will request asset managers and proxy advisors to help them manage their money for investors and decide how to vote at shareholder meetings, oppose “illegal DEI practices” and prioritize shareholder value and financial returns.
“Asset managers and proxy advisors who continue to prioritize political agendas such as the DEI over financial performance are ignored by the fiduciary. As state finance officers, they have an obligation to act on the best financial benefits of pension and retirement beneficiaries. In a statement in Fox News Digital, the state finance officer said they wrote to write a letter.
President Donald Trump, presented here on February 7th, has since taken office in place and has enacted drastic policies across the federal government to eradicate DEIs. (AP/Alex Brandon/AP Communication)
“President Trump has made it clear that incorporated DEI into company policies should be stopped, but activist investors, asset managers and proxy advisors continue to prioritize a political agenda over financial returns. By using their influence over corporate boards, organizations such as BlackRock, Glass Lewis and ISS are able to inject woke policies such a DEI into companies, which eroded shareholder value,” OJ Oleka, CEO of the State Financial The Officers Foundation (SFOF) told Fox News Digital.
Despite Trump rejecting corporate DEI policies, Oleka said activists continue to “prioritize” the “political agenda” over financial interests that could erode shareholder value.
Oleka and 24 state finance officials across the country advocate “a common sense policy of measuring shareholder profits as a key indicator of success.”
Blackrock logo outside my New York City office. (Reuters/Brendan McDermid/File Photo/Reuters Photo)
“Under the Trump administration, we are mistakenly trying to continue to employ a deputy Chunk Corporation, who will deal with Mr Aight’s Prime Minister, rather than maximizing profits, by taking steps to combat the radical ideology of companies, these activists will try to influence businesses and corporate committees, prioritizing left and right political agendas, focusing on fiduciary duties, and continuing to employ a deputy Chunk Corporation, who will deal with Mr Aight’s Prime Minister, rather than maximizing profits,” Oreka told Fox News Digital.
Signatories for the letter include state finance officers from Alabama, Alaska, Arizona, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Mississippi, Nebraska, North Carolina, North Dakota, Oklahoma, Pennsylvania, South Carolina, Texas, Texas, and South Carolina.
The companies, asset managers and proxy advisors who received the letter include SEC, BlackRock, Capital Group, Fidelity, Fidelity, Franklin Resources, State Street, and T. Low Price, Vanguard, Grass Lewis, ISS, Accent, Amazon, Boeing, Brownferman, Cathepillar, Deer & Cocon, Ford, Ford, Harley Davidson, Coles the Cores, Meta, Meta. Nissa, PepsiCo, Stanley Black & Decker, Target, Toyota, Tractor Supply, Walmart.
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The SEC did not immediately respond to Fox News Digital’s request for comment.
