"House Panel Investigates Alleged ESG Collusion: Vanguard and Arjuna Subpoenaed"

The House Judiciary Committee has issued subpoenas to The Vanguard Group and Arjuna Capital as part of its investigation into whether investment firms' environmental, social, and governance (ESG) policies violate antitrust laws. The committee is seeking documents and communications related to the firms' advancement of ESG policies, alleging that they may have entered into collusive agreements to reduce emissions and decarbonize their assets in ways that violate U.S. antitrust law. The subpoenas are part of a broader investigation into whether coalitions like Climate Action 100+ deprive investors of opportunities in the oil and gas sector. Several other organizations, including BlackRock and State Street, have also received requests for ESG-related documents from the committee.