SEC warns asset managers against coordinated activist campaigns after Exxon probe

The SEC has cautioned asset managers that collaborating on activist campaigns could trigger stricter regulatory scrutiny, following an investigation into the ousting of ExxonMobil board members. The warning signals a potential tightening of rules around collective engagement, which could deter coordinated shareholder activism. The impact is uncertain as the SEC has not yet proposed specific rules, but the shift in regulatory posture may alter how large funds approach governance battles.