ESG Controversy Top Movers

Week ending May 21st, 2023

In this week's report:

  • Telco companies Vodafone and BT Group announced massive layoffs over the next years;
  • 3M fires executive weeks after promotion;
  • Goldman Sachs Bank Europe sanctioned by the European Central Bank for misreporting capital needs, and
  • A subsidiary of oil company BP agrees to pay $40m in pollution charges settlement.
Company
Category
Momentum
Event
BT Group PLC

layoffs

U.K. telecom company BT Group announced plans to cut up to 55,000 jobs by the end of the decade and replace some of them with AI.
3M Co.

executive-firing

3M, maker of Post-it notes, industrial coatings and ceramics, fires executive Michael Vale for "inappropriate conduct and policy violation" weeks after promotion.
Vodafone Group PLC

layoffs

Vodafone announced it's laying off 11,000 workers over the next 3 years.
Marathon Petroleum Corp.

refinery-accident

A fire broke at a Marathon Petroleum refinery near Houston, with one death confirmed by the company.
PharMerica Corp.

data-breach

Pharmacy services provider PharMerica has disclosed a massive data breach impacting over 5.8 million patients, exposing their medical data to hackers.
Cineplex Inc.

legal-issues-defendant

Canada's competition Bureau is suing the Cineplex movie chain for advertising misleading ticket prices.
Goldman Sachs Bank Europe SE (Investment Mgmt)

sanctions-target

The European Central Bank (ECB) sanctions Goldman Sachs Bank Europe with a €6.63 million penalty for misreporting capital needs.
Viatris Inc.

legal-issues-defendant

A law firm has filed a class action lawsuit against healthcare corporation Viatris Inc. on behalf of investors, claiming that the company made false statements and failed to disclose adverse facts about its business.
BP PLC

environmental-noncompliance-fine-target

A Subsidiary of oil company BP agrees to pay $40m to settle air pollution charges in US.
Stem Inc.

legal-issues-defendant

Clean energy company Stem Inc. faces a class action lawsuit for violations of the federal securities laws.

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.

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