🚨 NEW: THE SEC REVEALS HOW CLIMATE ACTIVISTS PRESSURED BLACKROCK AND STATE STREET DURING THE EXXONMOBIL BOARD REVOLT. A newly released 23-page SEC investigation details how Climate Action 100+ members organized efforts to influence ExxonMobil’s board and corporate policies. One striking finding: after Exxon excluded a climate-related shareholder proposal, a CalPERS representative said Exxon directors should have “hell to pay.” A BlackRock executive separately described a campaign against Exxon’s board as “extremely irresponsible.” The SEC found no evidence that BlackRock or State Street agreed to vote in particular ways and is bringing no enforcement action. But it warned that coordinated shareholder activism, including through outside coalitions, can trigger stricter ownership-disclosure obligations. The report arrives as Washington is reconsidering how much influence activist shareholders should have over American corporations.