Texas has made headlines by divesting a substantial $8.5 billion from BlackRock, signaling a decisive break from the controversial ESG (Environmental, Social, and Governance) movement.
The decision represents a significant departure from the ESG trend that has gained traction in recent years. With BlackRock being one of the major companies at the forefront of this movement, Texas has boldly severed financial ties with the trillion-dollar asset manager.
Chairman Aaron Kinsey, a member of the Texas State Board of Education, emphasized that the divestment aligns with Texas law and protects the state’s financial interests, particularly the Texas Permanent School Fund (PSF). The PSF, established in 1845, manages approximately $1 billion in annual oil and gas royalties. By terminating BlackRock’s contract, Texas has shielded its vital energy sector from global corporations and freed up money that can be returned back to taxpayers.
“BlackRock’s dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil and gas economy and the very companies that generate revenues for our PSF,” Kinsey wrote. “BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duties to Texans.” -- excerpt, rest at link above --
"I wish it need not have happened in my time," said Frodo.
"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us."
Now we need to sue companies which enforce racist DEI and ESG on the public, which is unconstitutional
We know, and what is better, we feel inwardly, that religion is the basis of civil society, and the source of all good and of all comfort. We know, and it is our pride to know, that man is by his constitution a religious animal; that atheism is against, not only our reason, but our instincts; and that it cannot prevail long. ~ Edmund Burke
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Fri Mar 29, 2024 10:47 am
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