By Chris Prentice and Ross Kerber
NEW YORK/BOSTON, Oct 7 (Reuters) – The US Securities and Exchange Commission disclosed in a report on Wednesday that it had investigated the actions of a climate group in connection with a May 2021 ExxonMobil shareholder meeting and has chosen not to pursue charges against it.
But the SEC warned that it had concerns about actions by the group, known as Climate Action 100+, and said that ahead of the 2027 proxy season, large shareholders need to understand their regulatory obligations.
Climate Action 100+ and ExxonMobil did not respond immediately to a request for comment.
Exxon’s shareholder meeting in 2021 became a flashpoint in a broader debate about how much investors — and Corporate America — should take account of nontraditional factors, such as climate change issues, in their decision-making.
At the meeting, major investment firms including BlackRock, Vanguard and State Street backed some dissident directors from a slate put forward by activist hedge fund Engine No. 1, which argued the Texas company needed to focus on the energy transition.
Since then, various Republican politicians, often from energy-producing states, have harshly criticized asset managers over their environmental and social stances, saying their attention could violate antitrust laws.
(Reporting by Chris Prentice and Ross Kerber; Editing by Mark Porter and Andrea Ricci )
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