I suppose so, but it is difficult to read the details and continue to think of this as a problem of 'micromanagement'. This is just their press release, the full complaint is even more specific:huckelberry wrote: ↑Tue Jun 03, 2025 8:15 pmOf course it is possible to be a believing Mormon and think that the Lord does not micromanage but leaves lots of space for free decisions and the learning experiences that result. I believe Joseph taught that, at least it makes far more sense than micromanaging even if it allows errors and some poor decisions.
I bolded a couple of sentences that clearly indicate this was not a micromanagement issue. The LDS Church leaders knew what was happening, and the SEC knows they knew what was happening. And they did it for in excess of TWO decades.Washington D.C., Feb. 21, 2023 —
The Securities and Exchange Commission today announced charges against Ensign Peak Advisers Inc., a non-profit entity operated by The Church of Jesus Christ of Latter-day Saints to manage the Church’s investments, for failing to file forms that would have disclosed the Church’s equity investments, and for instead filing forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions. The SEC also announced charges against the Church for causing these violations. To settle the charges, Ensign Peak agreed to pay a $4 million penalty and the Church agreed to pay a $1 million penalty.
The SEC’s order finds that, from 1997 through 2019, Ensign Peak failed to file Forms 13F, the forms on which investment managers are required to disclose the value of certain securities they manage. According to the order, the Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences. To obscure the amount of the Church’s portfolio, and with the Church’s knowledge and approval, Ensign Peak created thirteen shell LLCs, ostensibly with locations throughout the U.S., and filed Forms 13F in the names of these LLCs rather than in Ensign Peak’s name. The order finds that Ensign Peak maintained investment discretion over all relevant securities, that it controlled the shell companies, and that it directed nominee “business managers,” most of whom were employed by the Church, to sign the Commission filings. The shell LLCs’ Forms 13F misstated, among other things, that the LLCs had sole investment and voting discretion over the securities. In reality, the SEC’s order finds, Ensign Peak retained control over all investment and voting decisions.
“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “The requirement to file timely and accurate information on Forms 13F applies to all institutional investment managers, including non-profit and charitable organizations.”
Ensign Peak agreed to settle the SEC’s allegation that it violated Section 13(f) of the Securities Exchange Act of 1934 and Rule 13f-1 thereunder by failing to file Forms 13F and for misstating information in these forms. The Church agreed to settle the SEC’s allegation that it caused Ensign Peak’s violations through its knowledge and approval of Ensign Peak’s use of the shell LLCs.
Paul Feindt conducted the SEC’s investigation under the supervision of Tracy Combs and Tanya Beard of the Salt Lake Regional Office and Laura Metcalfe of the Denver Regional Office.
https://www.sec.gov/newsroom/press-releases/2023-35
Also, I have a hard time calling what happened 'poor decision-making' and 'errors'. If I recall correctly, the full complaint spells out that the First Presidency knew what was happening, and they knew what they were doing was in violation of SEC regulations.
If your point was that's how some members justify violations of this magnitude to themselves, then yes, I agree.
