SEC Plan for Funds to Track Pollution Is ‘Unworkable,’ ICI Says
The investment industry trade group is objecting to a key part of the SEC’s ESG-focused proposal.
Photographer: Joshua Roberts/Bloomberg
Less than a day after the US Securities and Exchange Commission proposed a sweeping set of new disclosure rules for money managers, one of the investment industry’s most powerful trade groups is already blasting a key aspect of the plan.
The Investment Company Institute, whose members manage more than $40 trillion globally, is coming out against the SEC’s bid to require some funds to disclose the aggregated greenhouse gas emissions of companies they’re invested in. While the ICI signaled support for other aspects of the regulator’s proposal, its swift pushback indicates that the industry may be girding for a legal fight.