Facebook knocked off Global Sustainability Leaders ETF
The Responsible Investment Committee (RIC) has determined that Facebook would be removed from the BetaShares Global Sustainability Leaders ETF following the recent use of personal data from 50 million Facebook users by Cambridge Analytica.
The RIC was responsible for determining the list of securities that pass the responsible investment screens, and Facebook had previously qualified for inclusion into the Fund’s index based on its strong global leadership on carbon emission metrics and other policies.
The recent Cambridge Analytica data breach as well as other issues the RIC has noted have made Facebook ineligible for inclusion into the ETHI index and the ETF.
“As a provider of a true-to-label ethical ETF, we have been careful to ensure there is diligent and ongoing monitoring of the constituents of the fund, to ensure the ETF continues to meet its objectives and those of its investors,” BetaShares chief executive fficer, Alex Vynokur said.
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