Home » News » Texas Comptroller lists financial companies boycotting energy firms

Texas Comptroller Glenn Hegar has released a list of financial companies boycotting energy companies, noting the companies are subject to divestment provisions via Texas Government Code Chapter 809.

Per the state, the 10 financial companies on the list are BlackRock Inc., BNP Paribas SA; Swiss-based Credit Suisse Group AG and UBS Group AG; Danske Bank A/S; London-based Jupiter Fund Management PLC; Nordea Bank ABP; Schroders PLC; and Swedish banks Svenska Handelsbanken AB and Swedbank AB.

“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,” Hegar said. “Our review focused on the boycott of energy companies, rather than a review of the entire ESG movement. This research uncovered a systemic lack of transparency that should concern every American regardless of political persuasion, especially the use of doublespeak by some financial institutions as they engage in anti-oil and gas rhetoric publicly yet present a much different story behind closed doors. This list represents our initial effort to shine a light on entities that are engaging in these practices and create some clarity for Texans whose tax dollars may be working to directly undermine our state’s economic health.”

Texas Government Code Chapter 809 defines a financial company as a publicly traded financial services, banking or investment company.

“The Texas Comptroller’s announcement, which is a step toward having Texas state agencies boycott hundreds of investment funds, will only harm the ability of Texas police, firefighters, teachers, and other state civil servants to save for a secure financial future,” the Investment Company Institute (ICI) noted via a statement. “We urge Texas policymakers to prioritize Texas families over partisanship. State pension fund managers must be able to consider a broad range of investments that most appropriately support the needs of these Texas savers, free from politics.”

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