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Texas Divesting From Companies Promoting ESG

BlackRock

At a glance

  • Texas Comptroller Glenn Hegar directed state agencies to divest from any investment funds and financial companies that are boycotting Texas energy companies and promoting ESG.
  • Hegar: “The environmental, social and corporate governance (ESG) movement has produced an opaque and perverse system in which some financial companies no longer make decisions in the best interest of their shareholders or their clients, but instead use their financial clout to push a social and political agenda shrouded in secrecy.”
  • Some of the financial firms swept up in Hegar’s review include Blackrock, BNP Paribas SA and Credit Suisse Group AG.

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