Kentucky AG legal opinion: ESG investing is a breach of an asset manager’s fiduciary duty
Bottomline commonsense: “While asset owners may pursue a social purpose or “sacrifice some performance on their investments to achieve an ESG goal,”25 investment managers entrusted to make financial investments for Kentucky’s public pension systems must be single-minded in their motivation and actions and their decisions must be “[s]olely in the interest of the members and beneficiaries [and for] the exclusive purpose of providing benefits[26] to members and beneficiaries.”
