Who and what is Black Rock
Red States are fighting back, the people have the power. Thank You Texas!
Texas agencies may bar BlackRock Inc and nine European firms from doing some business in the state after its Comptroller Glenn Hegar on Wednesday concluded the companies were boycotting the energy industry in violation of a new law.
In a document his office released on Wednesday, Hegar also flagged nearly 350 individual funds which he determined violated the law, though many investment companies dispute this.
Hegar was required to draw up the list by the law passed last year to protect Texas’ big oil and gas sectors. Under the law state agencies shall stop doing business with the listed companies or explain continued relationships, such as if they decide divestments would conflict with their fiduciary duties.
Funds such as the $200 billion Teacher Retirement System, Texas’ largest public pension fund, now have 30 days to report what money they have with the listed financial firms.
Wall Street has been watching for the list’s release as a bellwether for how aggressively Republican state officials like Hegar will pursue a growing campaign against corporate policies on environmental, social and governance (ESG) issues they say hurt legitimate industries.
Read More: CNN.com