Business
EXCLUSIVE: Investment Giants Leveraged Red State Universities’ Endowment Funds To Back Anti-Oil Agenda, Report Finds

From the Daily Caller News Foundation
By Jason Cohen
Several asset managers leveraged two major Texas university systems’ endowment funds to advance anti-fossil fuel shareholder proposals in 2022 and 2023, according to a report from the conservative watchdog group American Accountability Foundation (AAF).
BlackRock-owned Aperio Group, Cantillon, former Vice President Al Gore-chaired Generation Investment Management, GQG Partners and JP Morgan Asset Management collectively manage approximately $4 billion for The University of Texas/Texas A&M Investment Management Company (UTIMCO) as of July, which handles the university systems’ endowments. Despite the company’s policy against it and Texas’ status as the leading crude oil and natural gas-producing state, UTIMCO’s asset managers backed over 150 shareholder resolutions under the environmental, social and governance(ESG) umbrella, including proposals that could undermine the oil and gas industry, according to documents AAF obtained through a public records request and shared exclusively with the Daily Caller News Foundation.
“Once again, woke ESG ideology has infected a public institution and hijacked its money for their own purposes. This is an outrageous betrayal of the public’s trust,” AAF president Thomas Jones told the DCNF. “[Republican Texas] Gov. Greg Abbott must take immediate action to end this nonsense. He must shake up the leadership at UT/A&M that let this happen and use his influence with UTIMCO to ensure that it never happens again.”
UTIMCO told the DCNF that the ESG and diversity, equity and inclusion (DEI)-related votes violate “a long-standing policy that prohibits using the endowments’ economic power to advance social or political agendas” and that a review found they consist of 0.3% out of around 45,000 proxy votes in recent years. The endowment manager added that it has since modified its guidelines after finding the violative votes and will impose them on all of its third-party investment managers before future proxy votes, and revoking voting authority for those that cannot follow them.
🚨EXCLUSIVE🚨Swing State’s Pension Funds Used By Wall Street Titans To Push ‘Racial Equity’, Climate Agenda, Report Finds from @jasonJournoDC https://t.co/LXx3y4WZPV
— Daily Caller (@DailyCaller) January 25, 2024
The company’s asset managers voted in favor of a total of 159 shareholder proposals between them that include “racial and gender pay gap reports, efforts to defund conservative candidates and pro-business trade associations, radical climate policy, targeting of gun purchasers, and proabortion initiatives,” according to the watchdog.
UTIMCO oversees the largest public endowment fund in the U.S., managing over $76 billion as of Aug. 31.
“UTIMCO’s mission is to ‘generate superior long-term investment returns to support The University of Texas and Texas A&M University Systems,’ yet these votes endorse political agendas that run contrary to the Systems’ best interests,” American Energy Institute CEO and former Republican Texas state Rep. Jason Isaac told the DCNF. “By supporting proposals that harm American energy producers, UTIMCO’s fund managers are violating their fiduciary responsibility.”
Texas leads the nation in crude oil and natural gas production and in 2023 was responsible for 43% of crude oil output, according to the U.S. Energy Information Administration. However, AAF found many examples of UTIMCO’s asset managers voting in favor of proposals aimed at reducing greenhouse gas emissions (GHG) emissions and other actions to mitigate so-called climate change, which the watchdog alleges comes at the expense of producing value for investors.
For instance, at ExxonMobil’s May 2023 yearly shareholder meeting, Aperio Group voted in support of a proposal to recalculate its GHG emissions to account for the assets it has sold. The resolution asserted that “the economic risks associated with climate change exist in the real world rather than on company balance sheets” and argues that the investments ExxonMobil sells may lower emissions on paper but that they fail to actually help achieve the goal of keeping global temperatures from rising by 1.5 degrees Celsius — which is an objective of the 2015 Paris Climate Agreement — potentially exposing the company and its stakeholders to what it calls “climate risk.”
Some of Aperio Group’s clients have access to customize their individual proxy voting policy, according to BlackRock. BlackRock itself voted against this ExxonMobil proposal on behalf of most of its clients.
AAF’s “report on UTIMCO’s investment practices should alarm every Texan who values our state’s proud oil and gas industry,” Texas Railroad Commissioner Wayne Christian told the DCNF. “It’s outrageous to see Texas university investments being used to support radical ESG agendas, decarbonization, and dangerous policies like Net Zero and the Paris Accord, which threaten our energy independence and economy. We must put an end to the woke political agendas that undermine the very foundation of Texas’ success and ensure our investments align with the values of hard-working Texans.”
Moreover, at defense contractor Raytheon Technologies’ yearly shareholder meeting in May 2023, J.P. Morgan Asset Management backed a proposal urging the company to publish a report on efforts to reduce GHG emissions in alignment with the Paris Climate Agreement.
“Raytheon Technologies creates significant carbon emissions from its value chain and is exposed to numerous climate-related risks,” it states. “Failing to respond to this changing environment may make Raytheon less competitive and have a negative effect on its cost of capital and shareholders’ financial returns.”
Isaac told the DCNF that UTIMCO’s “managers are discriminating against fossil fuel” companies through ESG investing based on the definition of “boycott” in Texas’ Senate Bill 13, which Abbot signed in 2021 and the former representative said he helped create.
The bill defines boycotting energy companies as refusing to engage or ending business with a company involved in fossil fuels “without an ordinary business purpose.” It also specifies actions aimed “to penalize, inflict economic harm on, or limit commercial relations with a company because the company” does business related to fossil fuels and fails to “pledge to meet environmental standards beyond applicable federal and state law.”
Isaac added that the asset managers “should be held accountable and placed on Texas’ list of “financial companies that boycott energy companies,” which mandates Texas public investment entities subject to SB 13 “avoid contracting with, and divest from, these companies unless they can demonstrate this would conflict with their fiduciary duties.”
The S&P Global Clean Energy Index, which includes companies that engage in energy production from renewable sources, has fallen about 7% so far in 2024, while the S&P 500 Energy Index, which features many oil and gas companies, has risen close to 3% in that same time.
Louisianans’ pension funds were similarly leveraged to push climate-related proposals within publicly traded companies, the DCNF reported in April, based on another public records request by AAF.
“UTIMCO’s asset managers’ apparent promotion of leftist objectives, including ESG, is extremely troubling and contrary to Texas law banning boycotts and discrimination against fossil fuels. The legislature must exercise oversight and hold UTIMCO accountable,” Republican Texas state Rep. Brian Harrison told the DCNF. “Governmental bodies, including their proxies, should not pursue objectives that harm the Texas economy and go against our values.”
Cantillon, GQG Partners, Texas A&M and Abbot’s office did not respond to the DCNF’s requests for comment. Aperio Group, Generation Investment Management, JP Morgan Asset Management and the University of Texas declined to comment.
Business
The Real Reason Tuition Keeps Going Up at Canada’s Universities

Since 2020, steep increases to tuition fees have triggered large-scale protests by the students who pay those fees at the University of Alberta, University of Calgary, University of British Columbia and at McGill University and Concordia University in Quebec, among many other schools. (A freeze on tuition fees in Ontario since 2019 explains that province’s absence from the list.)
It’s true that tuition has been on the rise. According to Statistics Canada , between 2006-2007 and 2024-2025, the average undergraduate full-year tuition fee at a Canadian university grew from approximately $4,900 to $7,360.
But do the students really know what’s behind the increases?
University administrators looking to deflect responsibility like to blame provincial government cutbacks to post-secondary funding. Here, the evidence is unconvincing. Going back two decades, nationwide full-time equivalent (FTE) student transfer payments from provincial governments have remained essentially constant, after accounting for inflation. While government grants have remained flat, tuition fees are up.
The issue, then, is where all this extra money is going – and whether it benefits students. Last year researcher and consultant Alex Usher took a close look at the budgeting preferences of universities on a nationwide basis. He found that between 2016-2017 and 2021-2022 the spending category of “Administration” – which comprises the non-teaching, bureaucratic operations of a university – grew by 15 percent. Curiously enough “Instruction,” the component of a university that most people would consider to be its core function, was among the slowest growing categories, at a mere 3 percent. This top-heavy tendency for universities is widely known as “administrative bloat”.
Administrative bloat has been a problem at Canadian universities for decades and the topic of much debate on campus. In 2001, for example, the average top-tier university in Canada spent $44 million (in 2019 dollars) on central administration. By 2019 this had more than doubled to $93 million, supporting Usher’s shorter-term observations. Usher calculated that the size of the non-academic cohort at universities has increased by between 85 percent and 170 percent over the past 20 years.
While some level of administration is obviously necessary to operate any post-secondary institution, the current scale and role of campus bureaucracies is fundamentally different from the experience of past decades. The ranks of university administration used to be filled largely with tenured professors who would return to teaching after a few terms of service. Today, the administrative ranks are largely comprised of a professional cadre of bureaucrats. (They are higher paid too; teaching faculty are currently paid about 10 percent less than non-academic personnel.)
This ever-larger administrative state is increasingly displacing the university’s core academic function. As law professor Todd Zywicki notes, “Even as the army of bureaucrats has grown like kudzu over traditional ivy walls, full-time faculty are increasingly being displaced by adjunct professors and other part-time professors who are taking on a greater share of teaching responsibilities than in the past.” While Zywicki is writing about the American experience, his observations hold equally well for Canada.
So while tuition fees keep going up, this doesn’t necessarily benefit the students paying those higher fees. American research shows spending on administration and student fees are not correlated with higher graduation rates. Canada’s huge multi-decade run-up in administrative expenditures is at best doing nothing and at worst harming our universities’ performance and reputations. Of Canada’s 15 leading research universities, 13 have fallen in the global Quality School rankings since 2010. It seems a troubling trend.
And no discussion of administrative bloat today can ignore the elephant in the corner: diversity, equity and inclusion (DEI). Writing in the National Post, Peter MacKinnon, past president of the University of Saskatchewan, draws a straight line from administrative bloat to the current infestation of DEI policies on Canadian campuses.
The same thing is going on at universities across Canada that have permanent DEI offices and bureaucracies, including at UBC, the University of Calgary, University of Waterloo, Western University, Dalhousie University and Thompson Rivers University. As a C2C Journal article explains, DEI offices and programs offer no meaningful benefit to student success or the broader university community. Rather, they damage a school’s reputation by shifting focus away from credible scientific pursuits to identity politics and victimology.
With universities apparently unable to restrain the growth of their administrative Leviathan, there may be little alternative but to impose discipline from the outside. This should begin with greater transparency.
Former university administrator William Doswell Smith highlights a “Golden Rule” for universities and other non-profit institutions: that fixed costs (such as central administration) must never be allowed to rise faster than variable costs (those related to the student population). As an example of what can happen when Smith’s Golden Rule is ignored, consider the fate of Laurentian University in Sudbury, Ontario.
In early 2021 Laurentian announced it was seeking bankruptcy protection under the Companies’ Creditors Arrangement Act, under which a court-appointed manager directs the operations of the delinquent organization. Laurentian then eliminated 76 academic programs, terminated 195 staff and faculty, and ended its relationships with three nearby schools.
Ontario’s Auditor-General Bonnie Lysak found that the primary cause of the school’s financial crisis were ill-considered capital investments. The administrators’ big dreams essentially bankrupted the university.
The lesson is clear: if universities refuse to correct the out-of-control growth of their administrations, then fiscal discipline will eventually be forced upon them. A reckoning is coming for these bloated, profligate schools. The solution to higher tuition is not increasing funding. It’s fewer administrators.
The original, full-length version of this article was recently published in C2C Journal.
Jonathan Barazzutti is an economics student at the University of Calgary. He was the winner of the 2nd Annual Patricia Trottier and Gwyn Morgan Student Essay Contest co-sponsored by C2C Journal.
Business
The Truth Is Buried Under Sechelt’s Unproven Graves

From the Frontier Centre for Public Policy
Millions spent, no exhumations. What are we actually mourning?
From Aug. 15 to 17, 2025, the Canadian flag flew at half-mast above the British Columbia legislature. The stated reason: to honour the shíshálh Nation and mourn the alleged discovery of 81 unmarked graves of Indigenous children near the former St. Augustine’s Residential School in Sechelt.
But unlike genuine mourning, this display of grief lacked a body, a name or a single verifiable piece of evidence. As MLA Tara Armstrong rightly observed in her open letter to the Speaker, this symbolic act was “shameful”—a gesture unmoored from fact, driven by rumour, emotion and political inertia.
The flag was lowered in response to claims from University of Saskatchewan archaeologist Dr. Terry Clark. According to announcements from both 2023 and 2025, Dr. Clark “discovered” 81 unmarked graves using ground-penetrating radar—a tool that detects changes in soil, not bones. Its signals require interpretation—and in this case, the necessary context never arrived.
Even more concerning, there has been no release of names or records. Chief Lenora Joe of the shíshálh Nation said the names of the children are “well known” to Elders. Yet none have been made public: not a single missing child reported, no date of disappearance, no death certificate, not even a family willing to speak openly.
Instead, we’re being asked to accept deeply held recollections as conclusive proof—without corroborating evidence.
The original 40 anomalies—first announced in April 2023—appear to be located beneath the paved parking lot of the band’s administrative and cultural hub, the House of Hewhiwus complex. This land has been excavated before. At no point were any human remains discovered. As former Chief Warren Paull confirmed, “remains were never found” and the stories circulating then “don’t include burial at all.” The pattern of red dots in the band’s video—a tidy grid beneath the asphalt—looked less like sacred ground and more like a plumbing schematic.
The grief narrative, meanwhile, was presented with great care. Professionally produced videos showed solemn Elders, blurred radar images and mournful speeches—all designed to evoke emotion while discouraging inquiry. In one video, Chief Joe warned that asking questions would “cause trauma.”
But reconciliation doesn’t mean blind acceptance. Silencing questions isn’t healing—it risks turning reconciliation into a one-way narrative.
In a 2025 follow-up, Dr. Clark reported another 41 anomalies—this time likely in the community’s own cemetery on Sinku Drive. Brief footage confirms that GPR was conducted among existing gravesites, where decayed wooden markers would naturally result in “unmarked” burials. As Tara Armstrong noted, finding undocumented graves in or near a cemetery is about as surprising as spotting seagulls at a landfill.
Even so, political leaders continued to validate the narrative.
The B.C. government endorsed the claims with another round of symbolic mourning. In doing so, it lent the power of the state to what increasingly resembles collective fiction. Since 2021, similar claims across Canada have triggered government apologies, funding announcements and media headlines—often without physical evidence.
Residential schools were bureaucratic institutions. They kept meticulous enrolment and death logs. The Truth and Reconciliation Commission, with eight years of access to these archives, conducted more than 6,500 interviews and reviewed thousands of documents. It found no cases of children who disappeared without a trace. Despite this, $2.6 million in federal funds was spent in 2025 alone on the Sechelt investigation.
This isn’t reconciliation: it’s mythmaking dressed up as healing. Worse still, it undermines real tragedies by replacing verifiable history with folklore dressed up in government robes.
Governments should not promote unverified stories with ceremonial gestures. Flags lowered at half-mast should honour actual deaths, not narrative convenience. Public policy, especially around historical reckoning, must be rooted in fact, not feelings.
If reconciliation is to mean anything, it must be anchored in shared truth. And the truth is, we cannot mourn 81 phantom children because they almost certainly never existed.
Canadians must start insisting on evidence. The standard of proof should be no different here than in any serious allegation. The principle that underpins our justice system—innocent until proven guilty—must also guide our view of history.
State-sponsored guilt rituals disconnected from verifiable fact are not justice.
They are theatre.
And not even good theatre.
Marco Navarro-Genie is vice-president of research at the Frontier Centre for Public Policy and co-author, with Barry Cooper, of Canada’s COVID: The Story of a Pandemic Moral Panic (2023). With files from Nina Green.
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