BNY Mellon Investment Adviser, Inc. has been accused by the US Securities and Exchange Commission (SEC) of “misstatements and omissions about environmental, social, and governance (ESG) issues.” Without admitting or contesting the SEC’s findings, BNY Mellon agreed to a cease-and-desist order, a reprimand, and a $1.5 million penalty.
- According to the SEC’s decision, certain funds did not have an ESG quality review score at the time of investment
- As a result, the Commission has held investment advisers accountable for failing to appropriately represent how ESG concerns are factored into their investment process
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