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ARTICLE · 20 NOVEMBER 2024

SEC ESG Enforcement Is Still Alive

Crowell & Moring LLP
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On November 8, 2024 the SEC announced a settled enforcement action against Invesco Advisers, Inc. for making misleading statements about its integration of environmental, social, and governance (ESG) factors into the firm's investment decisions.

United StatesCorporate/Commercial Law
Elizabeth B. Dawson
Elizabeth B. Dawson
Juge Gregg
Juge Gregg
Jeff Severson
Jeff Severson
Ryne Duffy
Ryne Duffy

Investment Practices Scrutinized Notwithstanding ESG Task Force Dissolution

On November 8, 2024 the SEC announced a settled enforcement action against Invesco Advisers, Inc. for making misleading statements about its integration of environmental, social, and governance (ESG) factors into the firm's investment decisions. Invesco agreed to pay a $17.5 million civil penalty to settle the matter. This enforcement action makes it clear that, even though the SEC dissolved its ESG Task Force, the Commission continues to monitor firms' statements and representations for misleading statements about ESG.

According to the SEC's Order, beginning in 2019, Invesco determined that its clients considered ESG "integration"—the incorporation of ESG considerations into investment decisionmaking—to be very important, and that the firm could lose a substantial amount of assets under management (AUM) if it did not incorporate ESG into its investment practices. Accordingly, Invesco

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