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." Specifically, "the state's second-largest public pension found it would cost $10 million to move its money out of funds managed by . It is important to remember that Oklahoma is only one of several states that have enacted anti-ESG statutes (although Oklahoma's is particularly far-reaching). The practical difficulties encountered by Oklahoma public entities are likely to be echoed across the country. The lone vote against taking the exemption came from Oklahoma Treasurer Todd Russ, who subsequently wrote a letter to the board voicing his displeasure with the decision.

Source: Wall Street Journal December 27, 2023 10:36 UTC