SEC Cracks Down on Asset Manager Collaboration in Activist Campaigns

The SEC has issued guidance or rules preventing asset managers from coordinating on activist campaigns, following an investigation into BlackRock, Vanguard, and State Street's role in ousting ExxonMobil directors in 2021. This marks a regulatory shift that could limit collective shareholder influence, potentially reducing pressure on corporate governance. The full scope of the measures remains unclear as details are behind a paywall.