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Home – Political News – EXCLUSIVE: Texas AG Paxton Targets DEI, ESG in Shareholder Advisory Firm Lawsuit

EXCLUSIVE: Texas AG Paxton Targets DEI, ESG in Shareholder Advisory Firm Lawsuit

Texas Attorney General Ken Paxton brought a lawsuit against one of the world’s largest investment advisers, alleging it pushes an ESG agenda, an acronym for environmental, social, and governance.

The lawsuit names the San Francisco-based Glass Lewis, a firm that advises more than 1,300 investment managers, and says its clients manage $40 trillion across 100 global markets.

The lawsuit claims Glass Lewis made false representations and violated the Texas Deceptive Trade Practices Act, which went into effect last year and targets “non-financial” advice on ESG and diversity, equity, and inclusion matters. After the law passed, Glass Lewis sued Texas, claiming the law violated its First Amendment rights. Glass Lewis was joined in the lawsuit by Institutional Shareholder Services, also known as ISS.

The Paxton lawsuit argues Glass Lewis’s advertising is deceptive and fails to inform clients of its ESG priorities.

“Instead of providing objective and impartial investment advice, as advertised, Glass Lewis provides advice influenced by its own Environmental, Social, and Governance (‘ESG’) ideological considerations, apart from its clients’ best financial interests,” says the complaint filed in Texas District Court for Collin County.

The company describes itself as........

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