Feb 26 (Reuters) - Leading U.S. asset managers have been
asked by Republican lawmakers to detail their role in a planned
overhaul of the sector's top climate coalition amid concern its
efforts amount to collusion, letters to the firms seen by
Reuters showed.
The move to seek documents from companies including Capital
Group, State Street Global Advisors and JPMorgan Asset
Management relates to a planned review within the Net Zero Asset
Managers Initiative (NZAM).
After previous pressure led BlackRock ( BLK ) to leave the
group in January, NZAM asked members to contribute through a
series of meetings that U.S. House of Representatives Judiciary
Chair Jim Jordan said in the letters could lead to
"uncompetitive conduct."
The material is the latest in a series of demands for
information and reports by Jordan and his committee suggesting
collusion among financial companies. None of the financial
institutions called out by Jordan have been charged with
breaching federal anti-trust law over their climate efforts,
although several face litigation in Texas.
The ongoing political challenge nevertheless has chilled the
appetite of U.S. corporate boards to get involved in global
efforts to fight climate change and prompted a number to leave
coalitions where they could become a target.
The trend has picked up since the election of President
Donald Trump, who has called climate change a hoax, targeted a
number of green policies enacted by his predecessor and yanked
the country out of global efforts to fight climate change.
(Editing by Leslie Adler)