Wednesday, December 7, 2022

The Federalist: "Republicans Launch Antitrust Investigation Into Climate-Obsessed Corporate ‘Cartel’"

Back in October, I posted a blog asking "Should Antitrust Regulators Come for the ESG Cartel?" Yesterday, The Federalist reported (here) that Republicans are launching an investigation into the "Climate-Obsessed Corporate ‘Cartel.’" Some key points from the article:

  • In a June op-ed published in the Wall Street Journal and cited by lawmakers, Sean Fieler, the president of Equinox Partners, a Manhattan-based investment firm, outlined how “The ESG Movement Is a Ripe Target for Antitrust Action.”
  • Republican Arizona Attorney General Mark Brnovich launched a separate antitrust investigation into the Climate Action 100+ network in November last year.
  • House Republicans launched an investigation Tuesday probing whether major climate groups that spearhead the “environmental, social, and governance” (ESG) movement are violating antitrust laws.

The article notes that: 

In a letter sent to executives of the Steering Committee for Climate Action 100+, Republicans led by Ohio Rep. Jim Jordan are demanding a treasure trove of documents that illustrate the coalition’s network of influence.... “Woke corporations are collectively adopting and imposing progressive policy goals that American consumers do not want or do not need. An individual company’s use of corporate resources for progressive aims might violate fiduciary duties or other laws, harming its viability and alienating consumers,” Republicans warned. “But when companies agree to work together to punish disfavored views or industries, or to otherwise advance environmental, social, and governance (ESG) goals, this coordinated behavior may violate the antitrust laws and harm American consumers.”

https://lawprofessors.typepad.com/business_law/2022/12/the-federalist-republicans-launch-antitrust-investigation-into-climate-obsessed-corporate-cartel.html

Stefan J. Padfield | Permalink

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UPDATE:
Daily Caller reports that "Vanguard Leaves Climate Alliance After Republican Officials Call For Government Inquiry" ( https://dailycaller.com/2022/12/08/investment-firm-climate-alliance-republican-officials-government-inquiry/ )

Vanguard's press release: https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/update-on-nzam-engagement.html

Posted by: Stefan | Dec 8, 2022 11:21:08 AM

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