The U.S. Securities and Exchange Commission published the warning, after its probe into BlackRock, Vanguard and State Street’s roles in the 2021 appointment of three ExxonMobil directors nominated by an activist investor. (The Logic)

Talking point: The regulator stopped short of enforcement action but raised concerns about participation in Climate Action 100+, a coalition that pushes companies to address climate risks. The SEC warned such co-ordinated efforts could trigger stricter disclosure requirements for investors. The warning could have implications for Canadian institutional investors. Several major Canadian pension managers, including Ontario Teachers’ Pensions Plan, Alberta Investment Management Corporation (AIMCo), and British Columbia Investment (BCI), are listed as signatories to Climate Action 100+. None was identified as a target of the SEC probe. The move adds to regulatory pressure on ESG investing under U.S. President Donald Trump’s administration, and could complicate how large investors collaborate to influence corporate policy.

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