House Judiciary Committee Subpoenas Vanguard, Arjuna in ESG Collusion Probe

Investigation led by Rep. Jim Jordan seeks documents related to potential antitrust violations in promoting environmental, social, and governance policies.

• Rep. Jim Jordan, chairman of the House Judiciary Committee, has issued subpoenas to Vanguard Group Inc. and Arjuna Capital as part of an investigation into alleged collusion over the adoption of environmental, social, and governance (ESG) goals.
• The subpoenas demand documents and communications related to potential violations of antitrust laws through a collusion agreement to promote ESG policies in the broader economy.
• The investigation began in December 2022, when Republicans demanded that organizations part of the ESG initiative Climate Action 100+ provide documents related to possible collusion between firms in violation of antitrust laws.
• Vanguard has produced 3,619 documents and Arjuna Capital has produced 1,934 documents in response to the committee's requests, but these have been deemed inadequate.
• Vanguard and Arjuna were part of Climate Action 100+ and the Net Zero Asset Managers Initiative, coalitions of global investors focused on environmentally friendly businesses.

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