BOSTON — S&P Dow Jones Indices has removed electric carmaker Tesla from its widely-followed S&P 500 ESG Index, citing issues including racial discrimination claims and crashes linked to its autopilot vehicles.Other contributing factors to the changes, effective May 2, included Tesla's lack of published details related to its low carbon strategy or business conduct codes, said Margaret Dorn, the organisation's head of ESG indices for North America, in an interview.
Even though Tesla's products help cut planet-warming emissions, Ms Dorn said, its other issues and lack of disclosures relative to industry peers should raise concerns for investors looking to judge the company across ESG criteria. Asked about the tweet, a representative for the index provider said Mr Musk may have been referring to a list on a company blog post of the largest 10 constituents by market cap of the S&P 500 ESG Index after the removal of Tesla and others. The list is "not a ranking of best companies by ESG score," the representative said.
For instance a fund based on the S&P 500 ESG Index, the SPDR S&P 500 ESG ETF, received the low rating "D" by climate activist research group As You Sow, which noted despite its title and sustainability mandate, fossil fuel stocks make up 6.5 per cent of fund assets.
Source: Car News Wire (carnewswire.net)
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