BlackRock has signaled a significant vote of confidence in Texas, backing nearly all public companies seeking to reincorporate in the state during the peak season for shareholder votes. According to its recent voting disclosures, the asset manager supported 11 out of 12 such proposals between April and June 2026, including for major corporations like ExxonMobil and Dell.
This move marks a notable retreat from the firm's previous emphasis on environmental, social, and governance (ESG) criteria. The support for Texas-based companies follows a period of friction with the state's Republican leaders over ESG policies. This warming relationship also includes BlackRock's investment in the new Texas Stock Exchange and removal from a state boycott list, indicating a broader strategic pivot.