Florida State Board of Administration, Tallahassee, passed a resolution Tuesday that all decisions related to the investment management of the Florida Retirement System will not include ESG considerations.

The trustees of the board, which oversees a total of $240.1 billion, including the $189.7 billion Florida Retirement System, are Florida Gov. Ron DeSantis, Florida Chief Financial Officer Jimmy Patronis and Attorney General Ashley Moody.

A news release from Mr. DeSantis’ office said the trustees passed the resolution to update the fiduciary duties of the board’s investment managers and consultants, and it “clearly defines the factors fiduciaries are to consider in investment decisions and states that ESG considerations will not be included in the state of Florida’s pension investment management practices.”

“With the resolution we passed today, the tax dollars and proxy votes of the people of Florida will no longer be commandeered by Wall Street financial firms and used to implement policies through the board room that Floridians reject at the ballot box,” Mr. DeSantis said in the news release. “We are reasserting the authority of republican governance over corporate dominance and we are prioritizing the financial security of the people of Florida over whimsical notions of a utopian tomorrow.”

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