The Public Fiduciary Network (PFN) is a center-right organization created in 2024 to educate public fiduciaries to oppose Environmental, Social, and Corporate governance (ESG) principles in public pension funds. 1 PFN seeks to advance the values of free markets, limited government, and fiduciary duty to public fiduciaries nationwide. 2
The Public Fiduciary Network is an affiliate of the State Financial Officers Foundation (SFOF), an organization comprised of state auditors, controllers, and treasurers. SFOF currently maintains a membership of 35 state financial officers, representing 28 states, making it the largest free market-focused network of fiduciaries in the U.S. 3
Activities
The Public Fiduciary Network was established in 2024 by the State Financial Officers Foundation in an effort to oppose the use of pension funds to support left-wing political causes and ideologies through ESG activism. PFN intends to raise awareness of this issue, claiming that state and local pension funds (nearly 5,000 nationwide) control trillions of dollars in assets and may be impacted by politically motivated investing strategies like ESG. 4
State Financial Officers Foundation executive director Noah Wall has stated that the Public Fiduciary Network’s goal is primarily to provide education and resources to public fiduciaries to help them gain a better understanding of how public pension funds are being politicized through ESG investing, and how to protect their fiduciary duty regarding the management of these pension funds. 5 The Public Fiduciary Network stated in a Twitter/X post that it promotes non-political investing and advocates for the interests of American taxpayers and pensioners. 6
While many of the thousands of public pension investment funds across the country are already overseen by members of the State Financial Officers Foundation, PFN intends to recruit, organize, educate, and provide resources to public fiduciaries, senior management, and board members who oversee these pension funds. 7
Leadership
Utah State Treasurer Marlo Oaks (R) is the chair of the Public Fiduciary Network and is the Utah State Treasurer. Oaks formerly worked in investment management and investment banking. 8 Oaks is outspoken against ESG investing, claiming that it distorts capitalism, misallocates money, sparks inflation, and puts retirement savings at risk. 9
Noah Wall is the executive director of the State Financial Officers Foundation and SFOF Action. Wall is a former executive vice president of FreedomWorks and a former executive director of the Liberty Now PAC. Wall is a member of the State Central Committee of the Republican Party of Virginia. 10
References
- “Economy & Society Newsletter.” Ballotpedia, May 7, 2024. Accessed May 17, 2024. http://info.ballotpedia.org/dm?id=DC845FD1ED86A7BC5AAB402D470A942F6E43630501AD63A4.
- “Home.” The Public Fiduciary Network. Accessed May 17, 2024. https://publicfiduciary.net/.
- “Home.” The Public Fiduciary Network. Accessed May 17, 2024. https://publicfiduciary.net/.
- “Home.” The Public Fiduciary Network. Accessed May 17, 2024. https://publicfiduciary.net/.
- “Economy & Society Newsletter.” Ballotpedia, May 7, 2024. Accessed May 17, 2024. http://info.ballotpedia.org/dm?id=DC845FD1ED86A7BC5AAB402D470A942F6E43630501AD63A4.
- “Presenting the Public Fiduciary Network!…” X. Public Fiduciary Network (@StateFiduciary). X post from May 6, 2024, at 6:12pm timestamp. Accessed May 18, 2024. https://x.com/StateFiduciary/status/1787606292904780149.
- “Economy & Society Newsletter.” Ballotpedia, May 7, 2024. Accessed May 17, 2024. http://info.ballotpedia.org/dm?id=DC845FD1ED86A7BC5AAB402D470A942F6E43630501AD63A4.
- “Meet Marlo Oaks.” Marlo Oaks. Accessed May 18, 2024. https://www.marlooaks.com/meet-marlo-3/.
- “Stop ESG.” Marlo Oaks. Accessed May 18, 2024. https://www.marlooaks.com/stop-esg/.
- “Noah Wall.” LinkedIn. Accessed May 18, 2024. https://www.linkedin.com/in/noah-wall-5945b791/.