AUCKLAND, Today: “Be very, very careful,” writes Daniel Street in online news outlet BueinessDesk. “Greenwashing – or falsely saying your products meet environmental, social and governance (ESG) standards – is under the microscope right now.
“It’s a key enforcement focus of the Financial Markets Authority, the NZ Stock Exchange and regulators worldwide, including the tough Australian corporate watchdogs, the Securities & Investments Commission, the Australian Prudential Regulation Authority and Australian Competition and Consumer Commission.
“The US Securities & Exchange Commission fined BNY Mellon US$1.5 million and is investigating Goldman Sachs and Deutsche Bank.”
“Just in the last month, the US Securities & Exchange Commission fined BNY Mellon US$1.5 million for greenwashing and is investigating Goldman Sachs and Deutsche Bank in relation to ESG funds.
“The ASIC has also announced it has been reviewing claims made by a sample of fund managers offering sustainable investments.
“It is also a source of major climate litigation brought by shareholders and stakeholder groups seeking to ensure financial services providers live up to their public promises.”
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