The Texas Comptroller of Public Accounts, Glenn Hegar, announced the inclusion of five firms to the list of companies boycotting the oil and gas industry. The Comptroller’s office conducted a review of investment funds, identifying approximately 350 funds subject to divestment under the same provisions as the companies, according to a press release by the Texas Comptroller of Public Accounts.
Companies listed as boycotting the oil and gas industry are obliged to adhere to divestment provisions outlined in Texas Government Code Chapter 809. This code defines financial companies as publicly traded entities in financial services, banking, or investment. One company, Credit Suisse, was removed due to its merger into UBS Group AG, making it non-publicly available said Texas Comptroller of Public Accounts.
“I am extremely proud that Texas was the first state to show leadership by shining a bright light and bringing transparency to this absolutely critical issue,” said Hegar. “Texas has been a leader in calling out investment firms that have been playing politics with the retirement money of hard-working Americans. Our goal has always been to bring some honesty to what has really been a one-sided and intellectually dishonest discussion.”
The Comptroller's office initially released the list in Aug. 2022 and updated FAQs regarding the listing process and research conducted by the office said Texas Comptroller of Public Accounts.
“My goal has been to create a more open, honest and transparent conversation,” said Hegar. “I wanted to end the doublespeak by so many companies and show the critical impact that fossil fuels have on our daily lives. Fostering transparent conversation in Texas and throughout our nation ultimately creates a change in behavior by financial institutions.”