Shares of the German investment manager DWS took a beating Wednesday after the Wall Street Journal reported that the Securities and Exchange Commission and...
Shares of the German investment manager DWS took a beating Thursday after the Wall Street Journal reported that the Securities and Exchange Commission and criminal prosecutors were investigating the firm for misleading clients about the nature of its sustainable investment offerings.
Earlier this month, the Journal published an interview with Desiree Fixler, DWS’s former sustainability chief, who said that she believed the company was not being forthright about its commitment to environmental, social and governance, or ESG, goals. At the same time, it has telegraphed its intention to hold investment managers responsible for clearly disclosing the principles they use to develop sustainable investment funds.
Johannes Borgen, a closely followed financial-services-sector investor on Twitter, argued that the size of the market is a reflection of the shallowness of ESG funds’ actual commitment to sustainability. “Different ESG assessments are not surprising given that a technology, for example, can have both positive and negative climate effects and something that may be good for the climate may be bad from a social perspective, or even according to some other measure of environmental harm.”
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