Help us improve in just 2 minutes—share your thoughts in our reader survey.
Australian federal court fines Vanguard over ESG claims (2024)
| Environmental, social, and corporate governance |
|---|
|
| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
Australia's federal court on Sept. 25 fined Vanguard Investments Australia over ESG claims related to its Ethically Conscious Global Aggregate Bond Index Fund. The lawsuit was filed by the Australian Securities and Investments Commission, which argued Vanguard made misleading claims about the fund's ESG factors:
| “ |
Australia’s federal court has fined Vanguard Investments Australia Ltd. A$12.9 million ($8.9 million) for making misleading claims about a fund, the highest penalty issued in the country so far over greenwashing. In March, the court found the investment giant made numerous false or misleading claims surrounding the environmental, social and governance factors of its nearly A$1 billion Ethically Conscious Global Aggregate Bond Index Fund. As well as the fine, Vanguard has been ordered to publish a notice about the misconduct on its website for 12 months. … The case was brought by the Australian Securities and Investments Commission as the watchdog ramps up its focus on environmental claims by companies and money managers. ASIC in August said it had made almost 50 regulatory interventions to address greenwashing in the 15 months through June.[1] |
” |
See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
| |||||||||||||||||||||||
