A top issue for Oklahoma’s new State Treasurer Todd Russ is making sure some financial institutions don’t target the oil and gas industry with ESG—Environmental, Social and Governance evaluations.
“The dangers of ESG to our state’s financial well-being is a top issue for me,” Russ said after being sworn into office last week.
He will pick up where former Treasurer Randy McDaniel left off in putting the state’s new Energy Discrimination Elimination Act of 2022 into effect in November and December.
“I am concerned that companies that utilize these non-financial factors to make key financial decisions are missing the mark. We will not do business with those who are punishing Oklahomans based on these unattainable environmental or social values.”
The new Act was created when some financial institutions started discriminating against oil and gas companies over ESG issues.
“I plan to reevaluate the dollars invested on behalf of our state and ensure Oklahomans’ taxes are invested in companies that prioritize our values and ethical standard,” said Russ who had been a banker, farmer and rancher prior to winning election in November 2022.
“I am deeply committed to evaluating the systems used to manage our money as a state,” Russ said. “The taxpayers deserve to know that their money is being invested in areas that comply with our laws and align with our standards and values.”