Deutsche Bank unit ESG fine less about greenwashing, more about disclosures
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.
Related articles
-
News BriefFed-led climate scenario analysis highlights data gaps, insurance costs
The Federal Reserve Board and six large American banks released the results of a pilot climate scenario analysis that explored how resilient the banks’ business models were to climate-related financial risks.
-
News BriefFCA adopts rule package aimed at thwarting greenwashing
The Financial Conduct Authority will implement a series of rules to minimize instances of “greenwashing” in the U.K. market.
-
News BriefDeutsche Bank unit fined $25M in ESG, AML settlements
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.
More from ESG/Social Responsibility
-
News BriefDOJ says BlackRock, Vanguard, State Street pressed ESG goals to lower U.S. coal output
The Department of Justice and Federal Trade Commission have bolstered a conservative legal effort to dismantle environmental, social, and governance-based investment strategies from three large asset managers by claiming they illegally conspired to artificially raise energy prices.
-
News BriefNot satisfied with gutting federal laws, Trump turns towards states
In support of President Donald Trump’s deregulation agenda, U.S. Department of Justice sued four states in its ongoing attempt to derail state efforts to force energy companies to pay for damage they caused to the environment.
-
News BriefTrump attempts to block state climate laws with executive order
President Donald Trump has issued an executive order slamming state-led efforts to address climate change, reduce greenhouse gas emissions, and other environmental, social, and governance (ESG)-related laws.