ASIC issues infringement notice to Northern Trust Asset Management for greenwashing
COURT OR TRIBUNAL
Other
DATE FILED (OR FIRST HEARING DATE)
19/12/2023
LITIGATION TYPE
Corporate Accountability
SUBJECT MATTER
Misleading and deceptive conduct
REVIEW TYPE
N/A
SUMMARY
ASIC issued two infringement notices against Northern Trust Asset Management Australia Pty Ltd (Northern Trust) for greenwashing. ASIC was concerned that information in the Product Disclosure Statements for the NT World Green Transition Index Fund were misleading because a carbon emissions exclusion screen was not properly applied. The PDSs claimed to exclude companies that derive 5% or more of their total annual revenues (either reported or estimated) from thermal coal-based power generation’ and have a score of 3 or 4 in the low carbon transition management score quartile. Northern Trust paid $29,820 to comply with the infrigement notices.
CASE DOCUMENTS
ASIC issues infringement notice to Northern Trust Asset Management for greenwashing
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