Nebraska State Senators Urge Divestment from Genstar Capital Over ISS ESG Policies
The letter, organized by The Corporate Citizenship Project and signed by several Nebraska State Senators, is asking the Nebraska Investment Commission to divest from Genstar Capital over the Environmental, Social, Governance ("ESG") policies promoted by Institutional Shareholder Services ("ISS") ---of which Genstar Capital is part owner---which harm Nebraska's beef industry
DES MOINES, Iowa, March 30, 2022 /PRNewswire/ -- The Corporate Citizenship Project, a think-tank dedicated towards a data-driven approach to corporate governance matters, today announced that several Nebraska State Senators signed a letter to the Nebraska State Investment Commission urging them to divest state funds from Genstar Capital, part owner of ISS, over ISS's ESG policies which harm Nebraska's beef industry. Currently, the Nebraska Investment Commission has committed a minimum of $100 million to investments with Genstar Capital.
The letter signed by Senators Julie Slama (District 1), Tom Brandt (District 32), Myron Dorn (District 30), Steve Halloran (District 33), and John Lowe (District 37), cites the fact that ESG policies promoted by ISS are damaging to Nebraska's cattle industry through limits on methane gasses. The letter goes on to stress risk of ESG policies on Nebraska's economy and America's food supply.
From the letter:
Policies such as these threaten Nebraska job and create alarming concerns for the food security of the United States. By creating clearly unnecessary burdens for Nebraska's beef industry, it could leave America vulnerable to a lack of sufficient food supplies.
Ghada Salahuddin, President & CEO of The Corporate Citizenship Project had the following comment on the letter:
"Nebraska's elected officials are right to express alarm that state funds are being funneled into investments like Genstar Capital who turn around and actively undermine Nebraska's interests through misguided ESG policies. We urge state officials across the country to examine their investments in Genstar Capital and ask themselves if these investments are actually making their constituents better off."
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SOURCE Corporate Citizenship Project