There is a concerted effort by different companies to advance certain goals, as warned by several Republican members of the House Judiciary Committee.
Ranking members Jim Jordan, R-Ohio, and Reps. Dan Bishop, R-N. C. Matt Gaetz, R-Fla. Scott Fitzgerald, R-Wis. Tom McClintock, R-Calif. and Cliff Bentz, R-Ore. expressed their concerns in a letter to two members of the steering committee for Climate Action 100, a group that works to get corporations to take action against climate change.
The letter said that the Woke corporations are collectively adopting and imposing progressive policy goals that American consumers don't want or do not need. An individual company's use of corporate resources for progressive aims might be in violation of fiduciary duties or other laws, harming its viability and alienating consumers. When companies agree to work together to punish disfavored views or industries, or to advance environmental, social, and governance ESG goals, this coordinated behavior may violate antitrust laws and harm American consumers. The letter likened Climate Action 100 to a cartel that gets businesses to change policies and practices to meet its goals.
The letter was sent to Mindy Lubber, CEO of Ceres, who works to get corporate leaders to take action related to the environment, Simiso Nzima, and the Managing Investment Director for Global Equity at the California Public Employees Retirement System.
Fox Business reached out to Ceres, CalPERS and Climate Action 100 for comment, but none immediately responded.
House members noted that this may be contrary to the public's wishes and interests as domestic corporate interests increasingly march in unison in advancing progressive policy goals.
The Republicans said that ESG is merely political politics masquerading as responsible corporate governance and stifling investments in oil and gas, while other goals could include gun control, abortion access, and fake news dissemination. The collusion of corporate America in pursuit of ESG goals may violate federal or state antitrust laws, the lawmakers said. Cooperation between competitors is frowned upon regardless of the purpose.
When businesses like Climate Action 100 or Ceres invite or facilitate collusion to achieve progressive policy goals, that activity can aid anticompetitive and unlawful agreements and behavior, they added.
The Republicans are asking for documents and communications related to subjects including markets and industries where Ceres and Climate Action 100 try to achieve ESG goals, and efforts to obtain or solicit commitments from investors, members, or other companies. The letter follows the announcement from Reps. Bill Huizenga, R-Mich. and Andy Barr, R-Ky. of a new bill opposing the Securities and Exchange Commission's proposed new rule requiring public companies to provide extensive information on how their operations affect the climate.