Gov. McMaster Signs Bill to Ban ESG from South Carolina’s Retirement System

Gov. Henry McMaster

South Carolina Gov. Henry McMaster ceremonially signed a measure mandating the state’s retirement system to consider only “pecuniary factors” when making investment decisions.

H.3690, the ESG Pension Protection Act, effectively bans the South Carolina Retirement System Investment Commission from weighing environmental, social and governance factors and orders the system to maximize the highest rate of return for beneficiaries. The state House passed the measure by a 103-5 margin, while the state Senate passed it 45-0.

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