State Street Gets Heat from State Treasurers Over Environmental, Social-Justice Activism

“This is a global push from entities that are trying to politicize these funds ...,” Derek Kreifels, CEO of SFOF stated.

Smartphone with logo of US financial services company State Street Corp. on screen in front of website. Focus on center-right of phone display, in Stuttgart, Germany, on May 22, 2021. Unmodified photo

A group of 17 state financial officers has taken on financial giant State Street Global Advisors, charging that, despite dropping out of Climate Action 100+ in February, the firm continues to leverage the shares it manages to pressure companies to go along with a progressive climate and racial agenda. 

In a March 14 letter, state financial managers charged that “State Street is using the power of all assets under management … to promote ESG issues across portfolio companies.” State official further alleged that “State Street pressures companies to adopt diversity, equity and inclusion (DEI) policies.”