Dec 23 (Reuters) - The Republican-led U.S. House of
Representatives Judiciary Committee is seeking information from
some 60 U.S. asset managers about their involvement with an
investor climate group, adding pressure against environmental
efforts by large investors.
Letters sent on Friday to members of the Net Zero Asset
Managers initiative, or NZAM, were signed by committee Chairman
Jim Jordan and Representative Thomas Massie. They made claims in
line with a committee report released on Dec. 13 that
Republicans say showed fund firms colluded to cut emissions. The
committee's Democrats have dismissed such claims, and big fund
firms have denied similar charges.
Representatives for companies that received the letter
including BlackRock ( BLK ), State Street and JPMorgan
Asset Management did not immediately comment when
contacted late on Friday.
Republicans previously have taken credit for prompting those
three fund managers to step back from another investor group,
the Climate Action 100+.
NZAM says it is an international group with more than 325
signatories managing $57.5 trillion, according to its website.
Members pledge to support the goal of net zero greenhouse gas
emissions by 2050, using influence such as how they vote their
proxies at corporate meetings.
The letters from Jordan and Massie state that companies'
efforts with NZAM and the affiliated Glasgow Financial Alliance
for Net Zero "may violate U.S. antitrust law," citing the
earlier report. They ask for information such as how companies'
participation in NZAM changed their stewardship strategies.
Mindy Lubber, CEO of Boston-based environmental advocacy
group Ceres, an organizing partner of NZAM, said in an interview
that the letters were "consistent with other efforts to suggest
that investors ought not to consider climate risk, when of
course they should be aware of climate risk as part of their
fiduciary duty."