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Spotlight on Enforcement Task Force Focused on Climate and ESG Issues

Climate and ESG Task Force banner

The SEC launched the Climate and ESG Task Force within the Division of Enforcement to develop initiatives to proactively identify ESG-related misconduct consistent with increased investor reliance on climate and ESG-related disclosure and investment. The Task Force is led by Sanjay Wadhwa, Deputy Director of the Division of Enforcement.

The Climate and ESG Task Force is coordinating the effective use of Division resources, including through the use of sophisticated data analysis to mine and assess information across registrants, to identify potential violations including material gaps or misstatements in issuers’ disclosure of climate risks under existing rules, and disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies.

Examples of Enforcement Actions Related to ESG Issues or Statements

For more information concerning types of ESG-related enforcement actions filed to-date, please see the below non-exhaustive list of matters:

  • Adviser charged for failing to follow its policies and procedures involving ESG investments
    Goldman Sachs Asset Management (2022)
  • International mining company charged with misleading investors
    Compass Minerals International (2022)
  • Health insurance distributor and former CEO charged with making false statements to investors
    Health Insurance Innovations (2022)
  • Investment adviser charged for misstatements and omissions concerning ESG considerations
    BNY Mellon (2022)
  • Brazilian mining company charged with misleading investors
    Vale S.A. (2022)
  • Robo-adviser charged with misleading clients
    Wahed Advisers (2022)
  • Fraud involving alternative fuel vehicles
    Nikola (2021)
  • Sham environmentally-friendly bottling company
    ECO Manufacturing (2021)
  • Auto company made misleading statements regarding emissions
    Fiat/Chrysler (2020)
  • Offering fraud re: water desalination process
    Bounty of the Ocean (2020)
  • EB-5 scheme involving environmentally friendly agriculture and cleaning products production facility
    PDC Capital (2018)
  • Sham investment in recycled building panel company
    EnviroBoard (2018)
  • EB-5 and offering scheme involving recycling process
    Green Box (2017)
  • Pump-and-dump scheme involving revolutionizing O&G production
    Chimera Energy (2014)
  • Oil company charged with fraud during Deepwater Horizon spill
    BP (2012)
  • Mutual fund manager violated socially responsible investing restrictions
    Pax World Management (2008)

  

b Submit a Tip or File a Complaint

Resources

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues
(March 4, 2021)

Chair Gary Gensler

  • Remarks at Asset Management Advisory Committee Meeting
    (July 2021)
  • Prepared Remarks Before the Principles for Responsible Investment “Climate and Global Financial Markets” Webinar
    (July 2021)

Commissioner Allison Herren Lee

  • Remarks at the PRI/LSEG Investor Action on Climate Webinar
    (Oct. 2021)
  • You Cannot Direct the Wind, but You Can Adjust Your Sails
    (June 2021)

Commissioner Hester M. Peirce

  • Remarks at Asset Management Advisory Committee Meeting
    (July 2021)
  • Chocolate Covered Cicadas
    (July 2021)

Commissioner Caroline A. Crenshaw

  • Virtual Remarks at the Center for American Progress and Sierra Club: Down the Rabbit Hole of Climate Pledges
    (Dec. 2021)
  • Remarks at the PepsiCo-PwC CPE Conference: Controlling Internal Controls
    (Nov. 2021)
View more

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Modified: Nov. 29, 2022

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