Irrawaddy-Feb 21
Three global investment advisory companies that say they help investors put their money into companies that are committed to ethical and responsible business are helping funnel investment into dozens of companies linked to Myanmar’s military, three nongovernmental advocacy organizations said. They claim that MSCI, FTSE Russell and S&P Dow Jones Indices have violated the guidelines of the Organization for Economic Cooperation and Development (OECD) for responsible business by helping direct investment into dozens of companies linked to Myanmar’s military. The three companies have created indices that claim to focus on companies with high ESG rankings (high commitments to environmental, social and governance protection), but companies with links to Myanmar’s junta are often included in ESG indexes, the three advocacy groups say. Blood Money Campaign of Myanmar, Alternative ASEAN Network on Burma and Inclusive Development International filed complaints this week against MSCI, FTSE Russell and S&P Dow Jones Indices to American, British and Dutch national contact points for responsible business conduct, according to a joint statement from the trio of NGOs. The three companies make lists – known as indexes – of companies they say have high ESG rankings, allowing the companies to be included in ESG-labeled investment funds that are marketed to investors as socially responsible investment funds. MSCI, FTSE Russell and S&P Dow Jones Indices are “gatekeepers” for trillions of dollars in ESG-labeled investment, the three advocacy NGOs said. Debbie Stothard, founder of ALTSEAN-Burma, said that companies at the top of the ESG investing industry are contributing to atrocities in Myanmar. Read more at: https://www.irrawaddy.com/news/myanmars-crisis-the-world/global-esg-investment-advisory-firms-accused-of-aiding-myanmar-junta.html
