Exxon Mobil (XOM) was targeted for board refresh by a "climate cartel" after the company refused to make a series of climate pledges, according to a US House Judiciary Committee interim report on Friday.
The report spearheaded by Committee Chairman Rep. Jim Jordan, R-Ohio, said an "ongoing investigation of agreements among financial institutions to impose radical ESG-related goals on US companies has uncovered substantial evidence of collusion and anticompetitive behavior."
The report noted that it found proof a group of money managers and climate activists -- dubbed "climate cartel" in the report -- was successful in replacing three Exxon directors in 2021.
The climate cartel colluded with the "Big 3" asset managers - BlackRock (BLK), State Street's (STT) State Street Global Advisors and Vanguard Group - to secure a "critical mass" of votes to refresh Exxon's board, according to the report.
"After successfully installing three new directors on Exxon Mobil's board, the cartel plans to leverage the 'Exxon effect' to win more ESG climate pledges at other US companies," the panel said in a statement.
Exxon, BlackRock, State Street and Vanguard didn't immediately respond to requests for comment from MT Newswires.
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