This week, U.S. Rep. Byron Donalds, R-Fla., showcased his proposal to “enable companies to exclude environmental, social, and political shareholder (ESG) proposals, ensuring the focus remains on corporate growth and competitiveness rather than partisan agendas.”
Donalds brought out the proposal at the end of last week and weighed in on it on Monday.
“The collusion between social and corporate activists to abuse our proxy system by flooding corporate boards with immaterial, politically motivated proposals is absurd and must end. As a fiduciary by trade and now a House Financial Services Committee member, I am committed to safeguarding shareholder pecuniary interests and protecting organizational judgment from the rogue SEC and corporate activists. Boards of Directors should have one sole mission, which is the financial stability of their respective companies, and my bill calibrates this crucial objective,” said Donalds.
The bill was sent to the U.S. House Financial Services Committee. So far, there are no House co-sponsors and no companion measure over in the U.S. Senate.
At the start of the year, Donalds garnered as many as 20 votes as Republicans attempted to pick a speaker as they took the majority. U.S. House Speaker Kevin McCarthy, R-Calif., eventually won the gavel on the 15th ballot. Donalds served two terms in the Florida House before being elected to Congress in 2020.
Back in February, Donalds was named to the U.S. House Financial Services Committee’s Republican ESG Working Group.
