State Board of Administration

Managers of the state's retirement system pension fund are getting ready to drop investments in China-owned companies under legislation passed by the Florida Legislature.

Florida leaders moved forward Tuesday with preventing state pension-fund investment decisions that promote “social, political or ideological interests.”

Gov. Ron DeSantis and the Florida Cabinet next week will consider a proposed resolution that would prevent state pension-investors from considering “the furtherance of social, political or ideological interests.”

Continuing to target what he calls “woke” corporations, Gov. Ron DeSantis wants to prohibit state investments that use “environmental, social and governance” ratings, which can include taking into account impacts of climate change.

Gov. Ron DeSantis and state Chief Financial Officer Jimmy Patronis praised the decision. But it doesn’t mean Florida will immediately return to investing or contracting with the parent company and its subsidiaries.

The Florida Retirement System (FRS) until recently was led by a man who helped make the system a model for states around the country. Ash Williams managed a range of state investments, including the Hurricane Catastrophe Fund and money for local governments