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.
