Feb 15 Reuters The New York State Common Retirement Fund will restrict its investments in eight integrated oil and gas companies, including the divestment of a small share of its holdings in Exxon Mobil, New York Comptroller Thomas DiNapoli, who oversees retirement assets, said on Thursday.

The move follows a review of the companies39; readiness to transition to a lowcarbon economy, DiNapoli said.

Decisions by the thirdlargest U.S. state pension fund are closely followed as other institutions weigh whether to move away from fossil fuel stocks.

The fund had holdings of nearly 26.8 million as of Dec. 31, 2023 from the companies to be divested and restricted, which include Guanghui Energy Company, Echo Energy, IOG , Oil and Natural Gas Corp, Delek Group, Dana Gas and Unit Corp.

Those holdings were in corporate bonds and actively managed public equity, DiNapoli39;s office said. The fund will continue to hold Exxon and the others that are restricted in its passive index holdings at this time, a spokesman for DiNapoli said via email.

While about 25 million worth of Exxon shares will be divested, the fund39;s other Exxon holdings total about 500 million, spokesman Matthew Sweeney said.

The passive strategy is fundamental to the Fund and has been successful. The review determined that removing it from the passive index would go against fiduciary duty at this time, Sweeney said.

Exxon did not immediately reply to a request for comment.

DiNapoli39;s fund in 2022 had said…