SEC Warns Asset Managers Over Activist Reporting Obligations
The US Securities and Exchange Commission warned asset managers and activist investors about reporting obligations following a probe into a climate-focused campaign against ExxonMobil.
The United States Securities and Exchange Commission issued a formal warning to asset managers and activist investors regarding their reporting obligations. The guidance follows an investigation into a 2021 shareholder campaign that successfully replaced directors on the board of Exxon Mobil Corp. based on the company's climate record.
While the agency decided not to pursue formal enforcement actions against members of the Climate Action 100+ group, it stated it maintains "serious concerns" about the conduct of the group and other participants involved in the push. The SEC's action serves as a regulatory signal to investors regarding the transparency and reporting requirements associated with activist campaigns.
