Deutsche Bank’s DWS Group under scrutiny for ESG claims
Authorities searched the Frankfurt offices of Deutsche Bank and its asset-management division DWS earlier this week. According to reports in the Wall Street Journal, investigators are seeking evidence of “greenwashing” in a mutual fund that claims to prioritize ESG (Environmental and Social Governance) factors in its investments.
Concerns about possible overstating of ESG commitments gained traction last fall when the Head of Sustainability acknowledged the firm’s difficulty in succeeding with its ESG strategies for investing.
The Journal reports that German authorities involved in the search of the offices are looking for evidence of investment fraud. The U.S. Securities and Exchange Commission and U.S. federal prosecutors are involved in investigations, as well, related to claims around ESG investments.
ESG ratings and factors are one of the hottest areas in investing and in Governance, Risk, and Compliance, and investment firms are offering funds claiming high ESG ratings in order to entice investors. The claims and the money they are drawing have also drawn much more scrutiny from regulatory authorities around the world. Analysts expect both the appeal and scrutiny to continue as ESG efforts and claims gain further energy.
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