Red State Treasurer Reveals Why State Financial Officers Have 'obligation' To Combat Esg, Dei

EXCLUSIVE: As Republican authorities financial officers crossed nan state move to free nan authorities of diversity, equity and inclusion (DEI) and environmental, societal  and governance (ESG), Fox News Digital said to Utah’s authorities treasurer astir nan value of bringing meritocracy and fiduciary work backmost to markets and investments. 

"ESG introduces different motive aliases different information to reside societal issues done nan superior markets aliases done investment, and erstwhile you do that, you break nan fiduciary standards that each of america arsenic financial officers are committed to," Utah State Treasurer Marlo Oaks told Fox News Digital astatine nan State Financial Officers Foundation convention successful Orlando, Florida. 

"And, so, because of that dual mandate, you really person problems erstwhile you're managing money for different people. If a azygous personification wants to do it aliases a family wants to put their money that way, that's their choice. But erstwhile you are managing money for different people, we don't person that choice. We person an responsibility to do what's successful their financial champion interest."

Oaks has been astatine nan forefront of nan conflict against ESG, an investing rule critics opportunity companies and institutions utilize to enact "woke" agendas, authoring respective letters connected nan subject. 

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Fox News Digital said to Utah State Treasurer Marlo Oaks astir ESG and DEI (Fox/Getty)

"When you talk astir managing money for nan use of different people, which is what a batch of authorities treasurers do, we person a fiduciary work to enactment successful nan champion liking of nan beneficiary," Oaks explained. "So, we person nan work of loyalty and a work of care.

"And it is really focused connected nan financial outcomes for nan beneficiaries. They are depending connected this money for their retirement, and, so, it is our financial responsibility aliases fiduciary responsibility to enactment successful their champion interests."

Oaks said firefighters, teachers and constabulary officers who dangle connected authorities pensions extremity up being harmed erstwhile states aliases companies are investing based connected factors different than protecting investors. 

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President Trump has made moves to slash DEI spending successful nan national government. (iStock)

"ESG introduces different motive aliases different information to reside societal issues done nan superior markets aliases done investment, and erstwhile you do that, you break nan fiduciary standards that each of america arsenic financial officers are committed to," Oaks said. 

Oaks and nan different Republicans astatine nan SFOF convention person besides been vocal opponents of DEI measures and praised President Trump for his efforts to rotation backmost DEI successful government. 

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Oaks told Fox News Digital ESG and DEI are intimately related and that his guidance to DEI besides links backmost to nan desire to do what's champion for shareholders successful his state.

"DEI — diversity, equity, inclusion — that's really nan S portion, nan societal information of ESG, and, again, it's important because a batch of nan push by activistic folks successful nan financial markets is to push an schedule onto firm America, to person them adopt policies astatine companies that really are not successful nan champion liking of nan companies. And companies person a fiduciary responsibility to their shareholders," Oaks said. 

President Donald Trump walks from nan Oval Office to committee Marine One connected nan South Lawn of nan White House en way to Florida March 28, 2025, successful Washington.  (AP Photo/Mark Schiefelbein)

"When they present things for illustration DEI, you alteration hiring practices, not for merit-based, it moves to different discriminatory hiring practices and yet harms companies and their financial output. And, so, that yet harms nan teachers, nan firefighters, nan constabulary officers that you're trying to thief pinch their retirement."

Oaks was 1 of 2 twelve state financial officers who sent a missive successful March to nan U.S. Securities and Exchange Commission (SEC), plus managers, proxy advisors and nationalist companies, sounding nan siren connected nan financial consequence of prioritizing a governmental agenda, for illustration DEI, complete financial returns. 

Oaks told Fox News Digital that erstwhile DEI is introduced astatine nan authorities financial serviceman level, "we are perchance introducing financial harm." 

"And we've seen that pinch companies for illustration Target, for illustration Bud Light, you know, different companies that person adopted policies that are not successful nan financial champion liking of nan shareholders. They person harmed nan shareholder value, and that yet harms nan outcomes that these hardworking nationalist servants and teachers, et cetera, that person worked truthful hard, discontinue pinch nan money that they need."

Fox News Digital's Deirdre Heavey contributed to this report