ExxonMobil (XOM) was at the center of a US Securities and Exchange Commission investigation into whether members of the Climate Action 100+ group coordinated their votes during the US oil company's May 2021 director election.

The Wall Street regulator said Wednesday that it had investigated the matter but decided not to pursue an enforcement action against members of the group. However, it raised concerns about the conduct and warned investors about potential beneficial ownership reporting requirements linked to coordinated activity.

BlackRock (BLK), State Street (STT) and Vanguard were among the investors and asset managers examined, the SEC said.

ExxonMobil, Climate Action 100+, BlackRock, State Street and Vanguard did not immediately respond to MT Newswires' request for comment.