Oklahoma Encounters Practical Difficulties In Implementing Anti-ESG Policies

Last year, the State of Oklahoma enacted a law that "requires the state to stop doing business with financial companies that 'boycott' the oil-and-gas industry." However, as reported by the Wall Street Journal, "officials and pension employees are running into hurdles while trying to comply."

Specifically, "the state's second-largest public pension found it would cost $10 million to move its money out of funds managed by . . . two of the blacklisted companies," and so decided not to do so by taking advantage of one of the exemptions to the law. Similarly, "the Officer of the State Treasurer said it would be impractical to end its banking relationships" with two blacklisted banks, and likewise invoked an exemption.