Fox News Digital spoke to Utah State Treasurer Marlo Oaks about ESG and DEI (Fox/Getty)
"When you talk about managing money for the benefit of other people, which is what a lot of state treasurers do, we have a 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 is really focused on the financial outcomes for the beneficiaries. They are depending on this money for their retirement, and, so, it is our financial obligation or fiduciary obligation to act in their best interests."
Oaks said firefighters, teachers and police officers who depend on state pensions end up being harmed when states or companies are investing based on factors other than protecting investors.
DEI IS DEAD. HERE'S WHAT SHOULD COME NEXT
President Donald Trump walks from the Oval Office to board Marine One on the South Lawn of the White House en route to Florida March 28, 2025, in Washington. (AP Photo/Mark Schiefelbein)
"When they introduce 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 harms the teachers, the firefighters, the police officers that you're trying to help with their retirement."
Oaks was one of two dozen state financial officers who sent a letter in March to the U.S. Securities and Exchange Commission (SEC), asset managers, proxy advisors and public companies, sounding the alarm on the financial risk of prioritizing a political agenda, like DEI, over financial returns.
Oaks told Fox News Digital that when DEI is introduced at the state financial officer level, "we are potentially introducing financial harm."
"And we've seen that with companies like Target, like Bud Light, you know, other companies that have adopted policies that are not in the financial best interest of the shareholders. They have harmed the shareholder value, and that ultimately harms the outcomes that these hardworking public servants and teachers, et cetera, that have worked so hard, retire with the money that they need."
Fox News Digital's Deirdre Heavey contributed to this report
Andrew Mark Miller is a reporter at Fox News. Find him on Twitter @andymarkmiller and email tips to AndrewMark.Miller@Fox.com.
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https://www.foxnews.com/politics/red-state-treasurer-reveals-why-state-financial-officers-have-obligation-to-combat-esg-dei-duty-of-care