Exclusive: As Republican state financial officials throughout the country move to deliver the government of diversity, equity and inclusion (DEI) and the environment, social and governance (ESG), Fox News Digital spoke with state markets and investments of the UTAH Treasury Treasury.
“ESG introduces another motive or other motivation to address social problems through capital markets or through investment, and when you do, you violate the fiduciary standards with which all financial officers commit ourselves,” said Marlo Oaks, treasurer of the state of Utah, Marlo Oaks, at the conference of the foundation of state financial officers in Orlando.
“And, So, Because of That Dual Mandate, You Really have problems when you’re managing money for other people. If a single person wags to do it or a family hens to invest their money that way, that’s their choice, we are datting maneoy for oehy, we have dataging Ohtehyy for Othe, We have datagaging maney for othhery for Othery for Othery for Othery for Othery for Othehowy for Othery for Othewy on the other, having.
Oaks has been in the resource of the fight against ESG, an investment principle, critics say that companies and institutions use to promulgate “aroused” agendas, Author of several letters On the subject.
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Fox News Digital spoke with the treasurer of the Utah Marlo Oaks state about Esg and Dei (Fox/Getty)
“When you talk about managing money for the benefit of other people, which is what many state treasurers do, we have the fiduciary duty to act in the best interest of the beneficiary,” Oaks explained. “So, we have the duty of loyalty and a duty of care.
“And it really focuses on the financial results for the beneficiaries. They are depending on this money for their retirement and, therefore, it is our financial bonus or fiduciary bonus to act in their best interest.”
Oaks said that firefighters, teachers and police officers depend on state pensions end up being harmed when states or companies are investing according to factors other than investor protection.
Dei is dead. This is what should come after
President Trump has made movements to cut Dei’s expense in the federal government. (Istock)
“ESG introduces another motive or other motivation to address social problems through capital markets or through investment, and when it does, it violates fiduciary standards that all of us as financial officials are committed.
Oaks and the other Republicans at the SFOF conference also also vocal opponents of Dei’s measures and praised President Trump for his efforts to delay Dei in the Government.
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Oaks told Fox News Digital Esg and Dei are closely related and that this opposition to Dei also returned to the desire to do the best for shareholders in their state.
“Dei – Diversity, equity, inclusion: that is really the part, the social part of ESG and, again, it is important because much of the impulse of the activist people in the financial markets is to promote an agenda to corporate America, to have on the subject of the subject or companies. And companies have a fiduciary obligation with their shareholders, “Oaks said.
President Donald Trump walks from the Oval office to the Marina de la Marina Board in the south of the White House grass and the route to Florida on March 28, 2025 in Washington. (AP Photo/Mark Schiefelbein)
“When they introduces Things Like Dei, You Change Hiring Practices, Not For Merit-Based, It Moves To Other Discriminatory Hiring Practices and Ultimately Harms Companies and their Financial Output. And, So, That Ultimately Thattyers, The Tea Tacheers, The Teacheners, The Teacheners, The Tea Tacheers, The Tea Tacheers, The Teachen, The Teachers, The Teachers, The Teachers, The Teachers, The Teachers, Help With ESIR Retirement.
Oaks was one of the two boxes State financial officials Who sent a letter in March to the US stock and values commission. UU. (SEC), Assets administrators, power advisors and public companies, which sounds the alarm on the financial risk of prioritizing a political agenda, such as DEI, on financial yields.
Oaks told Fox News Digital that when Dei is presented at the level of state financial official, “we are potentially introducing financial damage.”
“And we have seen that with companies such as Target, such as Bud Light, you know, other companies that have adopted policies that are not better financial interest of shareholders. They have harmed the value of shareholders and that finally damage the results that these public servants and workers, etc., which have worked so hard, retired with the money they need.”
Deirdre Heavey of Fox News Digital contributed to this report