01:22 PM EST, 12/13/2024 (MT Newswires) -- Exxon Mobil ( XOM ) was targeted for board refresh by a "climate cartel" after the company refused to make a series of climate pledges, according to a US House Judiciary Committee interim report on Friday.

The report spearheaded by Committee Chairman Rep. Jim Jordan, R-Ohio, said an "ongoing investigation of agreements among financial institutions to impose radical ESG-related goals on US companies has uncovered substantial evidence of collusion and anticompetitive behavior."

The report noted that it found proof a group of money managers and climate activists -- dubbed "climate cartel" in the report -- was successful in replacing three Exxon directors in 2021.

The climate cartel colluded with the "Big 3" asset managers - BlackRock ( BLK ) , State Street's (STT) State Street Global Advisors and Vanguard Group - to secure a "critical mass" of votes to refresh Exxon's board, according to the report.

"After successfully installing three new directors on Exxon Mobil's ( XOM ) board, the cartel plans to leverage the 'Exxon effect' to win more ESG climate pledges at other US companies," the panel said in a statement.

Exxon, BlackRock ( BLK ), State Street and Vanguard didn't immediately respond to requests for comment from MT Newswires.

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