Oklahoma Treasurer Todd Russ has released an updated list of financial companies banned from doing business with the state for allegedly boycotting oil and gas companies, reducing the number of blacklisted firms to six from 13.
The financial institutions that remain on the list are BlackRock, Wells Fargo, J.P. Morgan Chase, Bank of America, State Street and Climate First Bank.
"The state of Oklahoma should not be investing money with companies that boycott one of our own industries," Mr. Russ said in a news release Tuesday. "These financial companies are using ESG (environmental, social and governance) policies to promote a political, social agenda instead of allowing the free-enterprise system to work."
The original list of 13 firms was issued May 3.
The 13 firms were given 90 days to cease engaging in the alleged boycotts of energy companies to avoid divestment by state pension funds and other governmental entities.
The $10.8 billion Oklahoma Public Employees Retirement System, Oklahoma City, the pension fund with the largest exposure to blacklisted firms, is weighing its options, including taking a fiduciary exemption from the divestment mandate that is permitted under the law. The pension fund uses both BlackRock and State Street as money managers, which jointly account for about 65% of the pension fund's portfolio, or about $6.8 billion.
Under state law, Oklahoma's treasurer must update the list annually.
Well Fargo, State Street and Climate First Bank declined to comment. The other three firms — BlackRock, J.P. Morgan and Bank of America — did not respond to emails seeking comment.