Texas’ fight against environmental, social and corporate governance policies may soon expand to another front: insurance companies.
The state’s anti-ESG push has focused on financial firms so far, requiring state pensions to divest from asset managers that “boycott” fossil fuels and excluding banks from underwriting bond sales over their gun safety rules.
The Texas laws took effect in 2021, and the targeted companies include BlackRock, Citigroup, Credit Suisse, UBS and more. Just last week, the Texas comptroller sent letters to five state pension funds and the permanent school fund, urging their leaders to divest holdings and cut fees to the financial firms.
