Senate President Pro Tempore Bart Hester appointed retired financial consultant Mike Frost of Bentonville to a new five-member state committee tasked with identifying financial service providers who discriminate based on environmental, social justice or governance-related factors. The job is done, Hester said this week.
R-Cave Springs’ Hester said he appointed Frost to the ESG Oversight Committee because “Mike Frost is a man of high character with a deep understanding of finance and investing.
“I know Mike will do his best to understand the complexities of ESG and do the right thing by all stakeholders,” Hester said in a written statement.
The ESG Oversight Committee was created as part of Act 411 which became effective on 1 August. Along with the Senate President Pro Tempore, governors, the House Speaker and the Attorney General are each responsible for appointing one member to the panel.
Earlier this month, Republican Attorney General Tim Griffin announced the appointment of former State Senate Chief Legal Counsel Steve Cook to serve on the committee, and House Speaker Matthew Shepherd, R-L Dordeau, announced the appointment of John Sinclair. of. The owner of El Dorado, Lycus Ltd. LLC, to the Committee. Lycus Limited LLC is a business that manufactures ultralight light absorbers for use in plastics, coatings and other products, according to the company’s website.
The State Treasurer is also a member of the ESG Oversight Committee.
On August 3, Republican Governor Sarah Huckabee Sanders appointed then-State Dept. Finance and Administration Secretary Larry Walther will serve as state treasurer until 2025. The appointment follows the July 26 death of then-Republican State Treasurer Mark Lowry, who was elected to the position in November. Voters will choose a state treasurer in the 2024 election to serve the final two years of Lowery’s four-year term.
Sanders has not announced his appointment to the ESG Oversight Committee.
Within 90 days of appointments to the Committee under Act 411, the ESG Oversight Committee is required to prepare and provide a list of financial service providers to each public entity that deals with energy, fossil fuel, firearms or ammunition companies. discriminate against or otherwise refuse to deal. Based on environment, social justice and other governance related factors. On submission of that list, the committee will automatically dissolve.
If the Governor finds that a financial service provider has begun or ceased to discriminate against energy, fossil fuels, the Governor may, by notifying the Senate President Pro Tempore, the Speaker of the House, the Attorney General, and the State Treasurer, at any time Re-establish the committee. , firearms or ammunition companies or otherwise refuse to deal under Act 411 on grounds of environmental, social justice and other governance-related factors.
Under Act 411, the State Treasurer must maintain a list determined by the ESG Oversight Committee on the State Treasurer’s website.
The state treasurer is also required by law to divest all direct or indirect holdings the state has with a financial service provider included in a list published on the state treasurer’s website, and requires state and local governments to divest themselves directly or indirectly. May need it. Financial service providers with holdings are listed on the State Treasurer’s website.
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