- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-10-03T16:58:00
The $19 million fine against Deutsche Bank’s asset management arm levied by the Securities and Exchange Commission (SEC) last month wasn’t to punish greenwashing, experts argue.
Instead, the order was a straightforward penalty imposed for not doing what the firm claimed related to its environmental, social, and governance (ESG) investment strategy.
On Sept. 25, the SEC announced its enforcement action against registered investment adviser DWS Investment Management Americas for the firm’s alleged marketing of itself to clients and investors as a leader in ESG without properly implementing policies and procedures that ensured such statements were not misleading.
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The Financial Conduct Authority will implement a series of rules to minimize instances of “greenwashing” in the U.K. market.
DWS Investment Management Americas agreed to pay $25 million in penalties across separate settlements with the Securities and Exchange Commission addressing alleged misstatements in environmental, social, and governance investments and anti-money laundering violations.
European regulators are taking greater steps to clamp down on companies’ misleading ESG claims, but experience shows different countries have differing priorities about tackling dishonest marketing.
Environmental, social, and governance goals have gained acceptance from senior leadership because of upward pressure from employees, investors, and customers, according to compliance leaders speaking at Compliance Week’s 2024 National Conference.
Retail giant Walmart announced the completion of an initiative to reduce emissions in its supply chain six years earlier than its intended target.
James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.
