South Carolina State Treasurer Curtis Loftis has removed The Walt Disney Company (NYSE: DIS) from its approved investment list. The State Treasurer’s Office portfolio contains $105 million dollars of Disney debt instruments that will mature as scheduled and will not be replaced. The Treasurer will focus on the equity portfolio in the coming weeks.
In speaking to his staff, Treasurer Loftis, of West Columbia, expressed concerns that “Disney has abandoned its fiduciary responsibilities to its investors and customers by joining far-left activist in boycotting legal, taxpaying, employment-creating corporations to further Disney’s political agenda.”
Treasurer Loftis stated that “multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate. Since America’s founding, freedom of speech has been one of its core principals, and Disney should not engage in nefarious practices aimed at silencing those with less power and money.”
Curtis M. Loftis, Jr. is serving his fourth term as South Carolina’s State Treasurer. As the “state’s banker,” he manages approximately $70 billion per year, serves on various boards and commissions and is the administrator of numerous statewide programs.