It’s not good for business for lobbyists to cross the legislators they’re meant to sway in a public setting. And yet on March 14, a stream of insurance lobbyists stepped up to the podium at a hearing of the insurance committee of the Texas House of Representatives to oppose the state’s latest foray into legislation meant to cut the legs out from under Environmental, Social, and Governance (ESG) efforts. “If there are climate-changing weather patterns, insurance companies need the flexibility to factor that in,” said Paul Martin, a vice president at the Reinsurance Association of America. The tone was conciliatory, but it was clear that the lobbyists firmly opposed a policy that would ban insurers from using ESG considerations in the state.
The Business Community Is Terrified Of The Esg Backlash. It’s Just Starting To Fight Back
Justin Worland, Time: Politics
Wed, 04/05/2023 - 6:34am
Topics: it&rsquo representatives environmental social governance esg if paul martin reinsurance lee ann alexander property casualty insurance u.s from gop mindy luber united nations goldman sachs morgan stanley ldquo;companies forum sustainable responsible investment science anne simpson franklin templeton in texas jon schnautz mutual insurance companies state north dakota montana kentucky russia the john morton pollination republican congress joe biden s march texas texas house esg esg association america u.s ceres un national business risks financial investors case lobbyists continue push report legislation firms corporate considerations sustainability firm president change committee remain issues risk climate focused hearing economic legislators insurers meant transition economics weather compelling ldquo;can good executives company factors allocating leaders economy speaking arguing banking tells restrict affect speak banks stand matters line bottom group
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