Yesterday, conservative lawyer and financial services executive Paul Atkins was selected by President-elect Donald Trump to head the U.S. Securities and Exchange Commission (SEC). A vocal anti-ESG advocate with ties to several extreme conservative organizations, Atkins’ nomination raises serious concerns about the future of responsible investing.
If confirmed, Atkins is expected to undo much of the work the agency accomplished during the Biden administration, specifically around enhancements to transparency and accountability in the financial system. Given his record as an anti-ESG advocate, this likely includes rolling back the SEC’s landmark climate risk disclosure rule.
Fact: Atkins has been a critical opponent of the SEC’s climate risk disclosure rule.
- Atkins has written extensively in opposition to the SEC’s climate risk disclosure rule, most notably penning an op-ed for The Wall Street Journal in which he urged the agency to “retract and rethink its planned disclosure rule.”
- Additionally, Atkins joined a comment letter with other former SEC commissioners opposing the rule, and spoke on a call alongside American Petroleum Institute’s Rolf Hanson and members of the State Financial Officers Foundation (SFOF) to discuss the proposed rule – both organizations are notorious for driving Big Oil’s anti-ESG agenda.
Fact: Atkins holds ties to several extreme right-wing advocacy organizations, including the Federalist Society, the American Legislative Exchange Council (ALEC), and the SFOF.
- Atkins is a member of extreme judicial advocacy organization the Federalist Society. He has spoken out in opposition to ESG at numerous Federalist Society meetings and events, most recently on a panel in July titled: “Utah v. Su: Are DOL (and SEC) regulations that encourage ESG investing lawful?” He also spoke at the SFOF 2022 National Meeting as part of a discussion on ESG and “the role of the fiduciary.”
- Atkins is an outspoken advocate for ALEC and defends anonymous “dark money” in politics.
Fact: An active opponent of shareholder activism, Atkins has publicly attacked shareholder activists.
- Atkins has railed against labor unions, environmentalists, and LGBTQ+ rights groups for attempting to challenge public companies through shareholder activism. He referred to corporations as “weenies” for “often cav[ing]” to activists’ will.
- Atkins has publicly gone up against unions, environmental organizations, and state pension funds, claiming that these groups are trying to “co-opt or disenfranchise” companies. In addition, he was once the only one of 68 business leaders who refused to endorse a report recommending ways to combat “crony capitalism” in Washington.
