Fiduciary Duty Must Trump Political Divestment Mandates For Pension Managers
Ash Williams · Ash Williams – Florida SBA's Reigning Chief (Capital Allocator, EP.104) · Jul 8, 2019 · at 21:51
Ash Williams reflects on pushback from Florida's governor in the 1990s demanding the Florida SBA divest from tobacco stocks.
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“Listen, we really need to separate the fiduciary duty and the political policy as it relates to health and dangerous products like cigarettes, because I can't really hold a manager accountable for beating the S&P 500 and then tell him he can't own one of the fastest growing, most lucrative sectors of the S&P 500 with no legal authority to do that.”
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