A Conversation with Arizona State Treasurer Kimberly Yee | Countering Anti-Israel BDS Movement | Morningstar Placed on Notice — Stating it Violated Arizona's Anti-BDS Law | America's Energy Independence
September 3rd, 2022
15 mins 22 secs
About this Episode
Join America's Roundtable Radio co-hosts Natasha Srdoc and Joel Anand Samy in a recent conversation with Arizona's State Treasurer Kimberly Yee focusing on her leadership role in countering the dangerous anti-Israel BDS (Boycott, Sanctions, and Divestment) movement. The conversation highlights the rise of anti-Semitism and how principled leaders across America are calling for principled actions against the BDS movement—a hateful campaign designed to delegitimize Israel and Jewish communities in America and around the world.
Arizona State Treasurer Kimberly Yee put investment firm Morningstar on notice and stated that it violated the state’s anti-BDS law.
The Jewish Insider | Morningstar ESG rating system violates Arizona anti-BDS law, treasurer says
“As Treasurer, it is my duty to ensure that Arizona does not do business with companies that are attempting to undermine Israel’s economy and violate Arizona’s anti-BDS law,” said Arizona Treasurer Kimberly Yee. “Morningstar’s ESG rating subsidiary, Sustainalytics, appears to violate Arizona law by negatively impacting ratings of companies doing business in Israel. I continue to strongly oppose the use of woke ESG ratings in order to keep politics out of Arizonan’s livelihoods and retirement accounts.”
In Treasurer Yee’s letter to Kunal Kapoor, CEO of Morningstar Inc., she informed Kapoor that the company had 30 days within receipt of her letter sent on August 18, 2022, to provide written certification explaining how Morningstar’s usage of ESG ratings does not violate Arizona’s anti-BDS law. Further, Treasurer Yee required that Morningstar must provide a written averment that they will not engage in any future boycott activities against Israel.
“As Arizona’s Chief Banking and Investment Officer, I stand with Israel, and I will not allow taxpayer dollars to become victim to the woke political gamesmanship of ESG ratings. ESG ratings are a political scorecard, not a financial scorecard,” said Arizona Treasurer Kimberly Yee. “I will not allow companies to promote policies that are antisemitic and discriminatory efforts against Israel, which is America's longtime friend and ally, and a significant trade partner with Arizona.”
Treasurer Kimberly and Arizona's state government have stood in support of Israel's sovereignty and thwarted efforts of American companies working to boycott Israel.
Last year in September 2021, Treasurer Yee withdrew $143 million of Arizona's public funds from Unilever, the parent company of Ben and Jerry's over the ice cream firm’s decision to cease sales in Judea and Samaria also known as the West Bank, and east Jerusalem.
A published report stated — "Arizona will not do business with companies that are attempting to undermine Israel’s economy and blatantly disregarding Arizona’s law," said Treasurer Kimberly Yee.
—Arizona Treasurer Kimberly Yee and 17 Other State Financial Officers Sign a Letter Urging Morningstar Inc. to Terminate all Research and ESG Rating Products that have an Anti-Israel Bias
—Arizona Treasurer Kimberly Yee Notifies Morningstar Inc. that their ESG Rating System Violates Arizona’s Anti-BDS Law
—Jewish News Syndicate | Arizona treasurer says investment firm Morningstar violates state anti-BDS law
Kimberly Yee is the State Treasurer of Arizona. She is Arizona's chief banking and investment officer and oversees the cash management of Arizona's $53 billion state budget and payments to agencies, local governments and schools. Upon taking office in January 2019, assets under management were at $15.4 billion. Today, assets under management stand at over $30.2 billion, an increase of 96 percent in 42 months.
The Arizona Permanent Land Endowment Trust Fund has also hit historic record highs increasing by $1.9 billion in value under Treasurer Yee's administration as of June 30, 2022. Voluntary deposits into the Local Government Investment Pool have also increased by 75.4 percent under Treasurer Yee's leadership, reaching a balance of $5.54 billion in total assets as of June 30, 2022. Treasurer Yee led the effort to pass a state law requiring students to have financial education in high school before graduation, and was the first State Treasurer to have visited all 15 counties in Arizona during the first year of her administration.
Treasurer Yee is the Chairman of the Arizona Board of Investment and State Loan Commission and is a member of the State Land Selection Board. She also serves as Chairman of the Financial Literacy Task Force, Arizona's first-ever statewide body dedicated to advancing personal money management and financial awareness for students, senior citizens, military families and vulnerable populations.
Kimberly served as Senate Majority Leader and became the second woman elected to this position in Arizona’s history, following U.S. Justice Sandra Day O’Connor who served the position in 1973, forty-four years earlier.
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