Societe Generale

In November 2023, Texas placed Société Générale on its List of Financial Companies that Boycott Energy Companies list, which is based on ESG data, public commitments, and public pledges. These companies meet the Global Industrial Classification System (GICS) and Bloomberg Industrial Classification System (BICS) standard for being publicly traded financial companies in the financial sub-industries relevant to state oversight, scored higher than their peer group on the MSCI ESG Ratings Service Data, made public pledges to Climate Action 100 +, and made public pledges to either the Net Zero Banking Alliance or the Net Zero Asset Managers Initiative. However, in February 2026, a federal judge in Austin issued a ruling prohibiting enforcement of SB 13, the law that allowed the Texas Comptroller to create and maintain its Financial Companies that Boycott Energy Companies list. The court held that the law infringed upon First and Fourteenth Amendment protections. The plaintiffs argued that SB 13 unlawfully penalized financial firms for engaging in protected speech and investment decisions related to ESG policies, effectively compelling viewpoint-based certifications to do business with the state. The State of Texas, however, contended that SB 13 represented a lawful exercise of its authority to direct state investments and contracting decisions and to protect the state’s energy industry from what it characterized as discriminatory financial practices. In February 2026, the Texas Comptroller’s Office and the Texas Attorney General’s Office appealed the ruling to the Fifth Circuit Court of Appeals. The case remains pending (1)(2)(3)(4)(5). Societe Generale’s received a score of 100 on the 2026 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (6)(7)(8). Societe Generale’s received a score of 100 on the 2025 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (9)(10). The company is cutting funding to oil, gas, and coal, and it is a part of the Net Zero Banking Alliance, among other climate initiatives (11). According to its website, “Societe Generale Cross Asset Research, the research department within the corporate and investment banking division, is evolving its offer to systematically integrate an analysis of Environmental, Social and Governance (ESG) dimensions into its equity publications, in addition to the fundamental financial analysis” (12).

Societe Generale’s HRC 2026 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (1)(2)(3). Societe Generale’s HRC 2025 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (4)(5). However, the company does not appear to discriminate against charitable organizations based on views or beliefs (6).

Societe Generale’s HRC 2026 CEI rating indicates the company forces employees to attend at least one, controversial training on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (1)(2)(3). Societe Generale’s HRC 2025 CEI rating indicates the company forces employees to attend multiple, controversial trainings on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (4)(5). However, Societe Generale protects its employees against viewpoint discrimination (6).

Societe Generale’s HRC 2026 CEI rating indicates the company potentially agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (1)(2)(3). Societe Generale’s HRC 2025 CEI rating indicates the company agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (4)(5). The company writes that corporate social responsibility is at the “heart” of its strategy, bragging about being the first bank to comprehensively include ESG into its business operations, and the bank has encouraged other financial institutions to further emphasize ESG practices (6)(7)(8). Societe Generale has implemented unconscious bias training into its HR strategy (9). Societe Generale also signed a charter published by L’Autre Cercle, a French LGBTQ advocacy group (10). The company is a member of the Net Zero Banking Alliance, which formerly required a commitment to net zero carbon emissions by 2050. However, in April 2025, the NZBA dropped that commitment as a requirement for membership but still expects members to align their climate targets with limiting global warming to below 2 degrees Celsius by 2100 (11)(12)(13)(14). Societe Generale was part of the Net Zero Asset Managers initiative prior to NZAM’s suspension in 2025. Its membership indicated a commitment to carbon neutrality with its investments by 2050 (15)(16)(17). Société Générale Investment Solutions (Europe and France) are signatories of the 2026 relaunch of the Net Zero Asset Managers Initiative, which provides resources to asset managers to aid in setting climate goals. Based on the companies’ NZAM profile pages, they are currently updating their commitments (18)(19)(20).

Societe Generale’s HRC 2026 CEI rating indicates the company covers transgender related costs for its employees and their children, including paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits, lab monitoring, and mental health benefits. The company also covers at least five of the following services: reconstructive hair removal, cosmetic hair removal, tracheal shave or reduction, facial surgeries, voice modification surgery, voice modification therapy, lipoplasty or filling for body masculinization or feminization, and travel and lodging expenses. Additionally, the company has potentially pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (1)(2)(3)(4). Societe Generale’s HRC 2025 CEI rating indicates the company covers transgender related costs for its employees and their children, including paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits and lab monitoring, travel and lodging. Additionally, the company has pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (5)(6).

Societe Generale’s HRC 2025 CEI rating indicates the company publicly advocated for controversial sex and gender ideology through local, state or federal legislation or initiatives. By allowing a political stakeholder group to dictate operations, the company risks dividing employees, alienating customers and harming shareholders (1)(2). Societe Generale does not operate a PAC or report on its lobbying at this time (3)(4)(5)