On March 7, 2023, the Riverton City Council unanimously approved a resolution objecting to the use of environmental, social and governance (ESG) policies in credit rating agencies, investment firms and other financial institutions.
“ESG policies are a deliberate politicization of financial institutions,” said Riverton Mayor Trent Staggs. “An individual or organization’s political views should not be a consideration when determining credit scores or whether to lend money.”
The resolution, No. 23-19, makes the city’s position on ESG clear and directs the city’s financial advisors to work with investment firms that are committed to focusing solely on financial interests. An additional next step will include a thorough review of the city’s purchasing and procurement policies and how companies who subscribe to ESG policies should be ranked as the city determines what companies to do business with.
“I call upon local governments to join us in pushing back against ESG policies that are transforming our nation’s financial system from one based on sound, unbiased monetary factors to one that rewards or punishes based on political views,” said Staggs.
This formal objection by Riverton City comes as financial institutions and major corporations across the country have begun implementing ESG policies. Some states, including Utah, have begun to push back on the rampant adoption of ESG policies.
“Major financial institutions and corporations, with the blessing of our federal government, are injecting their dangerous ideology into all facets of American society,” said Staggs. “ESG policies are designed to force specific behavior and outcomes and truly violate the founding principles of our country.”