SEC Warns Asset Managers Over ExxonMobil Board Fight — SkimNews
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- SEC issued an "unusual" warning to the country's largest asset managers and a climate-focused investor group over their roles in a 2021 board-replacement campaign at ExxonMobil, announcing the conclusion of a probe in a published letter.
- ExxonMobil was the target of the 2021 activist campaign, which resulted in the replacement of its board directors by the asset managers and climate investor group now flagged by the SEC.
Why it matters: By publicly flagging major asset managers over a 2021 shareholder-activism campaign, the SEC signals heightened scrutiny of how institutional investors and climate groups coordinate on board challenges at large public companies.
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