ASIC issues infringement notice to Vanguard Investments Australia for greenwashing

COURT OR TRIBUNAL

Other

DATE FILED (OR FIRST HEARING DATE)

01/12/2022

LITIGATION TYPE

Corporate Accountability

SUBJECT MATTER

Misleading and deceptive conduct

REVIEW TYPE

Merits review

SUMMARY

(Extract from website)

ASIC has issued three infringement notices to investment manager Vanguard Investments Australia Ltd (Vanguard) in further action against alleged greenwashing. ASIC was concerned that Product Disclosure Statements for the Vanguard International Shares Select Exclusions Index Funds (the Vanguard Funds) may have been liable to mislead the public by overstating an exclusion, otherwise known as an investment screen, claimed to prevent investment in companies involved in significant tobacco sales. Payment of an infringement notice is not an admission of guilt or liability.

CASE DOCUMENTS

ASIC v Vanguard Investments Australia Ltd