Edmond Changkyun Park

Sep 26, 2024 | ashurst.com | Edmond Changkyun Park |James Clarke

In ASIC v Vanguard Investments Australia Ltd (No 2) 2024 FCA 1086, the Federal Court ordered Vanguard Investments Australia to pay a $12.9 million civil penalty for making misleading claims about ESG exclusionary screens. The Court highlighted the importance of cooperating with the regulator by applying a 25% discount, meaning the imposed civil penalty was almost half of what ASIC initially sought ($21.6 million).

Apr 2, 2024 | lexology.com | James Clarke |Edmond Changkyun Park

What you need to knowASIC's test case against Vanguard Investments confirms the law on misleading or deceptive conduct applies to greenwashing where an investment fund makes false or misleading representations to investors that the fund offered an ethically conscious investment opportunity and, before being included in the fund, securities were researched and screened against applicable ESG criteria.

Apr 2, 2024 | ashurst.com | James Clarke |Edmond Changkyun Park

ASIC's test case against Vanguard Investments confirms the law on misleading or deceptive conduct applies to greenwashing where an investment fund makes false or misleading representations to investors that the fund offered an ethically conscious investment opportunity and, before being included in the fund, securities were researched and screened against applicable ESG criteria.