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Florida Governor Ron DeSantis has called for an investigation into beer giant Anheuser-Busch InBev (BUD). And the recent Bud Light marketing campaign that caused the company’s stock to plummet.  

The state's pension fund owns some of these shares, prompting concerns about potential breaches of legal duties owed to shareholders. 

Anheuser-Busch Controversial Marketing Campaign

Anheuser-Busch faced scrutiny from conservative Republicans after it partnered with transgender social media influencer Dylan Mulvaney in April.

 The company launched an advertising campaign featuring a beer can with Mulvaney's image and the NCAA's March Madness basketball championship.

The partnership ignited instant controversy, and the company later distanced itself from the influencer.

Governor DeSantis asks for review 

Governor DeSantis expressed concerns about Anheuser-Busch's actions. He is questioning whether the company pursued a political agenda at the expense of its shareholders. 

He specifically highlighted the potential violation of fiduciary duties and threatened a lawsuit by the state pension fund if the company's decisions were politically motivated.

DeSantis also pointed out that the state's investments in Anheuser-Busch's stock amount to approximately $50 million, a fraction of Florida's overall pension fund holdings valued at $180 billion.

Nonetheless, he believes that Anheuser-Busch's association with what he describes as "radical social ideologies" negatively affected the company's stock price, potentially impacting Florida's financial position.

Challenges to "Woke Investing" and ESG Principles

Governor DeSantis, along with other 2024 candidates like Vivek Ramaswamy, is taking a strong stance against "woke investing" and environment, social, and corporate governance (ESG) principles. 

These candidates view this approach as a way to challenge front-runner Donald Trump, who currently holds a significant lead over DeSantis in recent polling.

To address ESG concerns in his state's investing decisions, DeSantis signed an anti-ESG bill into law in May, aiming to eliminate any focus on issues like climate change. While he touts this move as "kneecapping" ESG, studies indicate that anti-ESG laws in Republican-run states may come with hidden costs.

Governor DeSantis's efforts to distance Florida's pension fund from ESG principles could have implications for taxpayers. Cutting ties with investment managers that emphasize ESG factors may lead to missed opportunities and potential future financial losses for the state pension fund.

As the debate around "woke investing" and ESG principles intensifies, there may be consequences for Florida's pension fund.

Meanwhile, recent polling has Trump with a 30-point lead over DeSantis, in the 2024 Republican Presidential race.