Texas Pulls $8.5B From BlackRock Over Energy Divestment Dispute

• BlackRock pushes back after Texas withdraws $8.5B investment from asset manager over ESG policies • Texas cites 2021 state law seeking to prevent public funds investing with firms boycotting oil/gas sector • BlackRock says it complies with law, delivers strong performance for Texas, and divestment not in best interest • BlackRock disputes it boycotts energy companies, says decision was political and lacked transparency • BlackRock asks Texas to reevaluate decision to end 18-year relationship and prioritize schools/families