Federated Hermes cuts ties with 'anti-ESG' US nonprofit

Withdraws controversial sponsorship

Valeria Martinez
clock • 1 min read

Federated Hermes has withdrawn its controversial sponsorship of the State Financial Officers Foundation, a Republican climate sceptic nonprofit associated with the anti-ESG movement.

The move comes after the $632bn US manager was questioned by its European pension fund clients on why it had agreed to act as a gold sponsor for the SFOF, a Republican foundation that has campaigned aggressively against president Joe Biden's climate change policies. According to a recent investigation by Documented and The New York Times, SFOF has successfully lobbied for the withdrawal of millions of dollars from public funds from investment managers that it claims are too "woke".  Federated Hermes: Request and expectations for COP 26 The organisation has also called ESG policies ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on ESG

Scottish Oriental Smaller Companies trust deems ESG an 'emerging risk'
ESG

Scottish Oriental Smaller Companies trust deems ESG an 'emerging risk'

NAV up 18.6% over the year

Beth Brearley
clock 14 November 2024 • 3 min read
Diversity Project's Steve Butler: Collaborating for change from within
ESG

Diversity Project's Steve Butler: Collaborating for change from within

'No silver bullet'

Steve Butler
clock 13 November 2024 • 3 min read
COP29: Keir Starmer confirms UK will aim to cut emissions 81% by 2035
ESG

COP29: Keir Starmer confirms UK will aim to cut emissions 81% by 2035

UK's updated national climate plan

Michael Holder
clock 12 November 2024 • 8 min read
Trustpilot