SFOF removes sponsor logos from website
Sponsors of the Republican treasurers’ group have been subject to investor backlash.
The State Financial Officers Foundation (SFOF), a US Republican group of treasurers and auditors, has removed sponsors’ logos from its website.
These sponsors or “donor partners” include asset manager Federated Hermes. Its logo had been one of several previously displayed on the website, but, as of 9 September, none is visible.
Instead, text on the donor partner webpage reads: “SFOF does not discuss or disclose our donors or sponsors.”
Federated Hermes, a gold sponsor, had recently faced criticism for its sponsorship of the group from a number of its Danish pension fund clients. According to Federated’s website, it is “guided by our conviction that responsible investing is the best way to create wealth over the long term”.
Criticism of this association with SFOF forced the asset manager to issue a statement on 18 August.
This in part read: “We participate with the events of a variety of organisations – we do not set the agendas for these organisations; rather, they operate according to their unique charters and the views of their members and elected leadership. Our participation does not serve as an endorsement of any organisation’s particular perspective on any issue.”
Net Zero Investor has approached SFOF for comment.
SFOF does not discuss or disclose our donors or sponsors.
Growing anti-ESG sentiment
The SFOF describes itself as the “leading national organisation of state treasurers and state auditors committed to protecting and preserving economic freedom and free markets”. It has been a vocal critic of the growing role of ESG within mainstream investment.
In June, the organisation sent a letter to the Securities and Exchange Commission (SEC) criticising proposed regulations that would mandate climate-related disclosures. The SFOF argued that this would make the SEC a “climate regulator”.
Anti-ESG sentiment has been increasing in the US, usually emanating from Republican lawmakers.
In August, Florida governor Ron DeSantis passed a resolution eliminating state pension funds from including ESG considerations in their decision-making processes.
