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Treasurer Fitzpatrick Voices Concerns about Anti-Israel Bias at Morningstar, Inc.

Thursday, August 25, 2022
Treasurer's name


Jefferson City, MO — Missouri State Treasurer Scott Fitzpatrick today sent a letter to the CEO of Morningstar, Inc. to express concern about reports the investment ratings company, through its subsidiary Sustainalytics, is aligned with the Boycott, Divestment, Sanctions (BDS) movement.


Joined by 17 state financial officers, Treasurer Fitzpatrick says it is clear the environmental, social, and governance (ESG) products offered by Sustainalytics are infused with anti-Israel bias. Within its ratings systems the company routinely relies on anti-Israel sources and internal protocols automatically punish companies taking part in the Israeli economy.


“Missouri has clear anti-BDS laws and these allegations are troubling,” Treasurer Fitzpatrick said. “Not only is Israel an important democratic ally, but once again, we are faced with a company entrusted to provide non-partisan research and ratings betraying that trust to further a political agenda. As Treasurer, I will continue to push back against companies who use ESG ratings as a cover for forced political action. ESG and anti-Israel bias have no place in the financial sector, particularly when it comes to providing “unbiased” research.”


“The Missouri Attorney General’s Office is leading a coalition of states in investigating Morningstar and its subsidiary Sustainalytics for alleged consumer fraud and unfair trade practices over their anti-Israel bias,” Missouri Attorney General Eric Schmitt said. “We’re glad Treasurer Fitzpatrick is joining in this important fight."


“Companies, investors, and asset managers—including those contracted with our states—rely upon Morningstar and other firms for unbiased financial research. As state financial officers, we have a fiduciary duty to ensure the financial research our respective states rely upon is based on sound financial principles rather than BDS movement tactics meant to isolate Israel in the world economy and breed prejudice against the Jewish people,” the state financial officers wrote.


The letter calls on Morningstar to take corrective measures to provide unbiased financial research.


  • A copy of the letter can be found here.


Treasurer Fitzpatrick is the national vice-chair of the State Financial Officers Foundation. He was joined in the letter by Nebraska Treasurer John Murante, Arkansas Treasurer Dennis Milligan, Utah Auditor John Dougall, Louisiana Treasurer John Schroder, Arizona Treasurer Kimberly Yee, Florida CFO Jimmy Patronis, Idaho Treasurer Julie Ellsworth, Kentucky Treasurer Allison Ball, Kentucky Auditor Mike Harmon, Mississippi Treasurer David McRae, North Carolina Treasurer Dale Folwell, North Dakota Treasurer Thomas Beadle, Ohio Treasurer Robert Sprague, South Carolina Treasurer Curtis Loftis, South Dakota Treasurer Josh Haeder, West Viriginia Treasurer Riley Moore, and Wyoming Treasurer Curt Meier.




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