Goldman Sachs to pay $4 million to settle an SEC investigation over ESG funds
The questionnaire generated a numerical score used to grade companies on ESG factors that was then weighted based on the company’s industry, the SEC said. Certain companies weren’t allowed to be included, such as those that earned most of their revenue from selling alcohol, tobacco, weapons and other products.
The Wall Street Journal reported in June that SEC officials were probing Goldman’s ESG business. The SEC in early 2021 formed a task force to sift through public data and tips for potential enforcement cases—making deceptive or empty claims about environmental or social values—or other misconduct related to ESG practices.
“Today’s action reinforces that investment advisers must develop and adhere to their policies and procedures over their investment processes, including ESG research, to ensure investors receive the advisory services they would expect to receive from an ESG investment,” said Andrew Dean, co-chief of the SEC’s asset-management unit within its enforcement division.
Goldman said in a statement it was pleased to resolve the investigation. Goldman said that by February 2020, its analysts had completed the ESG questionnaires provided by its policies and procedures for all the stocks in those portfolios.Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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