US House Judiciary leader subpoenas documents from climate groups
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[June 15, 2023]
By Ross Kerber
(Reuters) - A U.S. congressional leader on Wednesday issued a subpoena
seeking information from climate activists over antitrust issues,
joining other Republicans who have criticized companies' growing concern
for environmental, social and governance (ESG) matters.
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U.S. Representative Jim Jordan (R-OH)
speaks, during a House Judiciary Committee hearing "Victims of Violent
Crime in Manhattan" that examines how Manhattan District Attorney Alvin
Bragg's policies may have led to an increase in violent crime and
created a dangerous community for residents in New York City, U.S.,
April 17, 2023. REUTERS/Shannon Stapleton/File Photo |
Jim
Jordan, chair of the House Judiciary Committee, wrote in a
letter to a lawyer for Boston-based sustainability nonprofit
Ceres that it "appears to facilitate collusion" in potential
violation of antitrust law through its work with the Climate
Action 100+. Ceres is a sponsor of the latter, an investor
coalition aiming to convince companies to address climate change
by cutting emissions or disclosing transition details.
The letter included a subpoena and states Ceres did not
adequately respond to a previous information request.
Various Republican state officials have also demanded documents
from top asset managers and cited possible violations of
antitrust laws through their work with the coalition, though
they have not brought charges. Top asset managers have defended
their involvement, saying they still prioritize their fiduciary
duty to clients.
Ceres General Counsel Mike Boudett said it intends to comply
with the subpoena, and that redactions in previous material it
turned over to Jordan's committee were to comply with European
privacy rules.
He said membership in the coalition did not pose antitrust
issues since investors chose whether to join and use the group
to engage with stock issuers.
"Nobody’s colluding with anybody. It's like you and your friend
deciding you want to get a burger so you go to a burger place,"
he said.
(Reporting by Ross Kerber in Boston; Editing by Matthew Lewis)
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