(Bloomberg) — Goldman Sachs Group Inc. will pay $4 million to settle US regulators’ claims that its asset-management unit didn’t properly weigh environmental, social and governance factors in some of its investment products.
The Securities and Exchange Commission said that the Goldman Sachs Asset Management unit “had several policies and procedures failures involving the ESG research its investment teams used to select and monitor securities.” The alleged misconduct occurred from April 2017 to February 2020, the SEC said in a statement on Tuesday.
Goldman Sachs Spokeswoman Mary Athridge said the bank is “pleased to have resolved this matter, which addressed historical policies and procedures related to three of the Goldman Sachs Asset Management Fundamental Equity group’s investment portfolios.” Goldman Sachs didn’t admit or deny the regulator’s findings.
–With assistance from Sridhar Natarajan.
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