Overview

• Texas Comptroller Glenn Hegar removed BlackRock from the SB13 boycott list on June 3, 2025, citing its exit from Climate Action100+ and Net Zero Asset Managers.
• The delisting ends requirements for state pension funds and agencies to divest from BlackRock, restoring the firm’s eligibility under Texas’s anti-ESG law.
• Hegar highlighted BlackRock’s reduced support for shareholder environmental resolutions and its backing of a proposed Texas Stock Exchange as evidence of policy realignment.
• The Teacher Retirement System of Texas and the Texas Permanent School Fund had divested billions from BlackRock under Senate Bill 13 in 2023 and 2024.
• The update follows Attorney General Ken Paxton’s November 2024 lawsuit over BlackRock’s environmental record and a federal challenge to SB13 by the American Sustainable Business Council.