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IPFS News Link • Texas

Texas Issues Subpoena To BlackRock For Pushing ESG Agenda

•, by Naveen Anthrapully

The subpoena was issued by the Texas Senate Committee on State Affairs last month and asks the sergeant-at-arms for the committee or any peace officer of the state to summon BlackRock and associated entities to appear before the committee on Dec. 15. The summoned entities are expected to produce for committee inspection "books, papers, documents, or other tangible things in the said corporation's possession, custody, or control" which are related to "ESG factors" or "ESG integration practices," the subpoena stated.

"The reason the committee is requesting the production of documents is to evaluate the investment practices of a financial services firm with a presence in Texas and how those practices affect the state's public pensions," it said.

In a statement to Fox, Texas Republican state Sen. Bryan Hughes, chairman of the committee on state affairs, said that the subpoenaed documents are necessary to "uncover" the extent to which investment entities like BlackRock have been "playing politics using Texans' hard-earned money."

Back in August, the committee sent letters to BlackRock, as well as other investment firms like State Street, Vanguard, and Institutional Shareholder Services (ISS), to provide documents related to their ESG decision-making.

Hughes said that while each firm has produced documents, some have submitted "more than others." But when it comes to BlackRock, the firm has "refused" to submit documents it deems as confidential or internal.

As a result, the committee had to issue a subpoena to BlackRock. "They have a legal duty to put their investors' interests first, and we intend to make sure they do," Hughes added.

The Epoch Times has reached out to BlackRock.