- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
According to the SEC’s order, released Monday, over two years, WisdomTree operated three exchange-traded ESG funds that invested in companies engaged in “coal mining and the transportation of coal, natural gas extraction and distribution, and the retail sale of tobacco products” despite promoting an investment strategy that avoided such investments.
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Invesco Advisors agreed to pay $17.5 million to the Securities and Exchange Commission to settle allegations that the company misled investors about the extent of its assets that included environmental, social, and governance factors.
Most businesses think more about their products than what they come wrapped in, but a recent U.K. penalty against Czech brewery Budweiser Budvar indicates packaging is an increasingly important element in sustainability regulations.
Multiple emerging environmental, social, and governance and disclosure standards pose legal and operational risks to many companies, but also opportunities to improve reporting and get ahead of requirements, a new report found.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
