The U.S. Securities and Exchange Commission has started to holdpublicly traded companies accountable for their ESG promises, whilestill taking comments on its plan to require climate risk disclosures.The agency took the rare step on May 23 of charging BNY MellonInvestment Adviser Inc. with making “misleading statements” toinvestors about conducting environmental, social and governancereviews for certain mutual funds labeled “sustainable.” The SECconcluded that the funds did not consistently undergo such reviewsand fined the firm $1.5 million.
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