Investment management companies have trillions of dollars of Americans’ lifetime savings under management. These companies, which own roughly 75 percent of the shares of America’s publicly traded corporations, have a legal obligation to try to earn the highest return for their clients, who have placed their lifetime savings in these firms’ legal custody. These clients are tens of millions of retirees and other American savers.

But this study finds that dozens of major investment houses are routinely violating their legal obligation – known as “fiduciary duty.” Through a process known as proxy voting, these investment houses are supporting a leftist political agenda that’s known as ESG, which stands for “environment,” “social,” and “governance,” but which often encompasses other left-leaning priorities related to race, sex, and ethnicity. By putting their own political biases first, their clients are foregoing billions of dollars in shareholder returns.

DISCLAIMER: Pension Politics is intended for educational purposes only.  It is not intended for financial advice.  Please contact a professional financial adviser before making any decisions.