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Last year, Lieutenant Governor Dan Patrick promised to pass a law requiring state retirement funds to stop doing business with Wall Street firms that, in his word, “boycott” the oil and gas industry. Yet nearly a year after he began his campaign, and months after he shepherded Senate Bill 13 into law, Patrick still owned shares in the firm he called “the worst offender,” BlackRock, the world’s largest money manager. Not just that: he also owned BlackRock mutual funds, along with shares in other companies that have pledged to stop using oil and natural gas. In recent years, Wall Street has started to embrace socially responsible “ESG” (environment, social, and corporate governance) investing. In general terms, this means considering factors beyond financial performance, such as commitment to sustainability and good…

The post Dan Patrick Demanded That Texas Retirement Funds Divest From BlackRock. But He Kept His Shares in the Firm. appeared first on Texas Monthly.

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