Australia Court Fines Vanguard $8.6 Million for Greenwashing, Making Misleading Claims on ESG in Vanguard Ethically Conscious Global Aggregate Bond Index Fund, Claims Made in 12 Product Disclosure Statements, Media Release, Statements Published on Vanguard Website, Finance News Network Interview in Youtube, and Presentation at a Finance News Network Fund Manager Event Which was Published Online
20th October 2024 | Hong Kong
A Australia court has fined Vanguard $8.6 million (AUD 12.9 million) for greenwashing, making misleading claims on Environmental, Social & Governance (ESG) in Vanguard Ethically Conscious Global Aggregate Bond Index Fund. The claims were made in 12 product disclosure statements, media release, statements published on Vanguard’s website, finance news network interview on youtube, and presentation at a finance news network fund manager event which was published online. Australian Securities & Investments Commission (ASIC) 25/9/24: “The Federal Court today ordered Vanguard Investments Australia to pay a $12.9 million penalty for making misleading claims about environmental, social and governance (ESG) exclusionary screens. These screens were applied to investments in the Vanguard Ethically Conscious Global Aggregate Bond Index Fund. The claims were made in a range of public communications, including: 1) 12 product disclosure statements, 2) A media release, 3) Statements published on Vanguard’s website, 4) A Finance News Network interview on YouTube, and 5) A presentation at a Finance News Network Fund Manager Event which was published online. Investments held by the Fund were based on an index called the Bloomberg Barclays MSCI Global Aggregate SRI Exclusions Float Adjusted Index. Vanguard had claimed the Index excluded only companies with significant business activities in a range of industries, including those involving fossil fuels, but has admitted that certain securities in the Index and the Fund were from issuers that were not researched or screened against applicable ESG criteria.”
“ Australia Court Fines Vanguard $8.6 Million for Greenwashing, Making Misleading Claims on ESG in Vanguard Ethically Conscious Global Aggregate Bond Index Fund, Claims Made in 12 Product Disclosure Statements, Media Release, Statements Published on Vanguard Website, Finance News Network Interview in Youtube, and Presentation at a Finance News Network Fund Manager Event Which was Published Online “
Australia Court Fines Vanguard $8.6 Million for Greenwashing, Making Misleading Claims on ESG in Vanguard Ethically Conscious Global Aggregate Bond Index Fund, Claims Made in 12 Product Disclosure Statements, Media Release, Statements Published on Vanguard Website, Finance News Network Interview in Youtube, and Presentation at a Finance News Network Fund Manager Event Which was Published Online
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