Investor group Climate Action 100+ has had a rocky year, one that has included a dwindling membership count, as well as a probe by House Republicans as part of an ongoing inquiry on the use of environmental, social and governance factors in investment decisions.

The climate coalition focuses on engaging companies to improve their climate change governance, slash emissions and strengthen climate-related financial disclosures to “create long-term shareholder value,” according to its website. But it has lost several notable members in 2024 thus far. The exits come against a backdrop of heightened scrutiny surrounding ESG and climate initiatives.

In February, JPMorgan Asset Management and State Street Global Advisors announced they were departing CA100+, while BlackRock downgraded its membership to a smaller international arm. These departures also spurred exits from other high-profile financial institutions in the following months, including Invesco and the Pacific Investment Management Company.

In August, Goldman Sachs’ asset management arm and subsidiaries of Franklin Templeton and Sun Life Financial announced they too were withdrawing their membership from CA100+, joining the exodus.

The most recent departures came after House Judiciary Committee Chair Jim Jordan, R-Ohio, sent letters to over 130 U.S.-based companies, retirement systems and government pension funds that are members of CA100+ in July, probing their involvement in the group. The investor group was previously queried by the House Oversight Committee as part of its investigation into whether ESG and climate-focused coalitions could violate the Bank Holding Company Act, Home Owners Loan Act or the Change in Bank Control Act.

Take a look at ESG Dive’s recent coverage of Climate Action 100+ below for better insight into how they got here and where the investor group stands now.