ESG Controversy Top Movers

Week ending March 5th, 2023

In this week’s report: two major facility accidents cause victims and potential supply disruptions; telco giant to pay hefty fine over corruption allegations; leading video conferencing platform abruptly fires President and more layoffs.

It's often difficult to follow all the news to build a complete picture about a company, particularly when events are less reported. Yet published research has identified how selecting stocks and bonds with low controversy profile captures more alpha and lowers risk.

Leveraging local and global newswire coverage, the RavenPack controversy framework allows investors to identify companies involved in controversial events. Each week we publish a selection of controversy identified on a different universe.

Company
Category
Momentum
Event
PT Pertamina Co.

facility-accident

Fire broke at Kakarta's Plumpang fuel storage station, operated by state-run oil & gas company Pertamina, killing at least 19 people. The station supplies 25% of Indonesia’s fuel needs.
Axel Springer SE

layoffs

The German media giant Axel Springer is cutting an undisclosed number of jobs, as it transitions to a digital-only business model and shifts focus towards the US.
MorphoSys AG

layoffs

German biotech firm Morphosys reduces its workforce by 17% and stops early drug research after its 2023 revenue prospects worsened.
Telefonaktiebolaget LM Ericsson AB

sanctions-target

Ericsson to plead guilty on corruption allegations and pay a fine over $206M, announced the US Department of Justice.
Palantir Technologies Inc.

layoffs

Software company Palantir, known for its work with government defense agencies, to cut 2% of its workforce.
General Motors Co.

layoffs

Automaker General Motors announced performance-related job cuts, saying the measure will affect "a relatively small number of workers".
Apotex Corp.

product-recall

Apotex Corp. issues voluntary nationwide recall of Glaucoma medication, Brimonidine Tartrate Ophthalmic Solution, after sterility concerns.
ThoughtWorks Inc.

layoffs

The software consultancy firm Thoughtworks laid off about 4% of its global workforce - approximately 500 employees.
Cheng Uei Precision Industry Co. Ltd.

facility-accident

Foxlink, one of Apple's cable suppliers, has halted production after a massive fire broke out at one of its facilities.
Zoom Video Communications Inc.

executive-firing

Video conferencing platform Zoom has fired president Greg Tomb without any cause, weeks after laying off 15% of the total workforce.

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