The Indiana Public Retirement System’s trustees voted last week to stop using BlackRock for asset management services. The board is considering three firms as replacements: State Street, UBS, and Northern Trust.

Indiana Treasurer Daniel Elliott (R) argued in August that BlackRock’s ESG commitments made the firm ineligible for contracts under the state’s 2023 anti-ESG law. Elliott said he believed ESG compromised pension fund returns, and the alternative managers would invest the state’s pension funds more effectively.

All three potential replacements are on boycott lists in at least one other state for ESG commitments.

For more on the 2023 Indiana law, see here.

Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments for, against, and about ESG, click here. For more information on reform proposals related to ESG policy, click here.