ESG Controversy Top Movers

Week ending May 28th, 2023

In this week's report:

  • Meta hit by EU with a record €1.2B privacy fine;
  • CEO of Hong Kong-based Cathay Pacific airline apologizes after highly mediatized discrimination case;
  • Walgreens, First Citizens Bank announce layoffs and
  • Costly product recalls impact T.W. Garner Food Company, medical manufacturer Integra Lifesciences and EV car maker VinFast.
Cathay Pacific Airways Ltd.


Hong Kong’s Cathay Pacific issues an apology for discriminating against non-English speakers, in a case that drew criticism from Chinese state media.
Walgreens Boots Alliance Inc.


Walgreens is cutting its corporate workforce by 10%, affecting 504 workers.
First-Citizens Bank & Trust Co.


First Citizens Bank, Acquirer of Silicon Valley Bank, is cutting about 500 SVB jobs, or about 3% of its workforce.
T.W. Garner Food Co.


T.W. Garner Food Company is voluntarily recalling 50,688 bottles of sauce because some may contain soy.
Integra LifeSciences Holdings Corp.


Medical device manufacturer Integra Lifesciences is recalling all products manufactured in its Boston facility between March 1, 2018, and May 22, 2023, resulting in a write-off of approximately $22 million.
Meta Platforms Inc.


EU regulators have imposed a historic penalty of €1.2 billion on Meta for breaching EU privacy laws, by transferring the personal data of Facebook users to servers located in the United States.
Citizens Financial Group Inc.


Citizens Bank will pay a $9 million civil penalty for violations of consumer protection laws in servicing credit card customers.
United Parcel Service of America Inc.


More than 340,000 unionized UPS employees say they are prepared to strike if the company does not meet their demands before their contract ends July 31.
Vingroup JSC


Vietnamese electric vehicle (EV) maker VinFast is recalling all of the first batch of vehicles it shipped to the United States in 2022, due to software issues.
LATAM Airlines Group S.A.


The U.S. Transportation Department fined LATAM Airlines to $1 million over delayed ticket refunds.

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