Texas comptroller Glenn Hegar published a list of 10 large financial companies and 348 specific funds subject to divestment from state pension funds. The list is based on firms that “boycott energy companies,” according to a statement from the comptroller’s office. Three RBC funds were included on the list. BlackRock, Credit Suisse and UBS were included among the financial firms subject to bans. (The Logic)

Talking point: This is the latest move from U.S. Republicans to crack down on companies and investors that prioritize environmental, social and governance factors. Earlier this week, Florida governor Ron DeSantis banned state pension funds from considering ESG in their investments. In a statement, Hegar said the ESG movement has produced “an opaque and perverse system in which some financial companies no longer make decisions in the best interest of their shareholders or their clients, but instead use their financial clout to push a social and political agenda shrouded in secrecy.” While ESG proponents say ignoring climate, social and governance issues is bad for business and the economy, many institutions and funds with ESG lenses—including RBC’s—also back the energy sector.