ESG Controversy Top Movers
Week ending April 30th, 2023
In this week's report:
- British American Tobacco will pay £512m for violating sanctions by selling cigarettes to North Korea;
- General Mills issued a voluntary recall for Gold Medal flour over salmonella concerns, and Akorn is recalling drug products due to a company shutdown, and
- Several companies have announced corporate layoffs including Dropbox, Gap, IBM's Red Hat, and Clubhouse.
Another bank failure, but not another controversy.
First Republic Bank is present in this week's report for the layoffs it had announced during its earnings call, but we make no mention of its weekend sale to JP Morgan Chase. We certainly detected over 14,000 events related to First Republic Bank last week, but in itself, the run on the bank is not a controversy — only an economic event. As a result, it is not included in this week's ranking.
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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.
