Texas Comptroller Glenn Hegar sent letters to 19 major financial companies whose entire operations effectively may be boycotting the fossil fuel industry. He is seeking to clarify their fossil fuel investment policies and procedures. Hegar also requested from these companies a list of any mutual funds or exchange-traded funds (ETFs) in their portfolios that prohibit or limit investment in fossil fuels.
These inquiries were sent pursuant to provisions of Senate Bill 13, which prohibits Texas state agencies that invest funds from investing in financial companies that boycott energy companies. A company that fails to provide clarification 60 days after receiving this letter will be presumed to be boycotting energy companies.
Another round of letters soon will be mailed to more than 100 other publicly traded investment companies that appear to have one or more funds boycotting fossil fuels. These companies will be asked to list all of their mutual funds and ETFs that refuse to invest in fossil fuels. Responses collected from these entities will help finalize the Comptroller’s list of companies that boycott the fossil fuel sector.
