Deutsche Bank AG’s asset management unit overstated its environmental, social and governance credentials, the Wall Street Journal reported, citing a former sustainability official as well as internal emails and presentations.
An internal assessment of DWS Group’s ESG capabilities in February found that only “a small fraction” of its investment platform applied a process known as ESG integration, the newspaper reported.
In its 2020 annual report the following month, DWS said more than half its assets under management had been run through the process, according to the WSJ.
In a statement to the newspaper, DWS said it’s always been transparent and stands by the annual report, audited by KPMG. A representative confirmed the comments when contacted by Bloomberg News.
Desiree Fixler, DWS’s former group sustainability officer, was made redundant March 11, a day before the annual report was released, according to the Wall Street Journal.
She believes DWS misrepresented its ESG capabilities, the WSJ reported, citing a statement sent by her to the newspaper.
Fixler filed a complaint after she left, but an investigation by a third-party firm found no substance to her allegations, DWS told the Wall Street Journal.
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