The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
Australian Securities & Investments Commission Deputy Chair Sarah Court Faicd Termed Greenwashing as Simply Misleading & Deceptive Conduct with Marketing Campaigns to Promote Non-Genuine Net Zero or Carbon Neutral Investments to Investors, Cites Recent Cases on Mercer & Vanguard
11th November 2023 | Hong Kong
The Australian Securities & Investments Commission (ASIC) Deputy Chair Sarah Court Faicd has termed greenwashing as simply misleading & deceptive conduct with marketing campaigns to promote non-genuine net zero or carbon neutral investments to investors, citing recent cases on Mercer & Vanguard. ASIC Chair Sarah Court Faicd: “We understand many entities are taking genuine steps to work towards net zero or carbon neutral positions. Where public statements are made that assert aspirational environmental positions with a sound basis and supported by business plans and investments to substantiate these goals, ASIC is unlikely to have concerns. However, where these statements are made in marketing campaigns designed to encourage investment or promote products to consumers, with little of substance to back up those assertions or to substantiate how the transition will be achieved, ASIC is likely to have further questions, which may include requests for information and substantiation as to how and when public environmental positions are proposed to be achieved.” On greenwashing misconduct: “Greenwashing matters we are currently progressing all broadly allege misleading and deceptive conduct. This law is not new. What is new is the attention from regulators, including ASIC and the ACCC. When you are promoting a financial product or service it has always been important to be able to verify statements you make. 1) Our first Federal Court action alleging greenwashing conduct was launched in February this year with civil penalty proceedings against Mercer Superannuation (Australia) Ltd for allegedly making misleading statements about the sustainable nature and characteristics of some of its Sustainable Plus investment options. 2) This was followed by proceedings against Vanguard Investments Australia in July. We alleged misleading conduct in relation to claims about certain ESG exclusionary screens that were applied to investments in a Vanguard fund. 3) In August, we lodged proceedings against LGSS Pty Ltd (Active Super), alleging ESG misrepresentations were made on Active Super’s website and disclosure documents, plus its Facebook, Instagram and LinkedIn pages.” More info below
“ Australian Securities & Investments Commission Deputy Chair Sarah Court Faicd Termed Greenwashing as Simply Misleading & Deceptive Conduct with Marketing Campaigns to Promote Non-Genuine Net Zero or Carbon Neutral Investments to Investors, Cites Recent Cases on Mercer & Vanguard “
Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)
Hong Kong | Singapore
March / July / Sept / Oct / Nov
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place in Hong Kong and in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
10th April & 16th Oct Hong Kong Ritz Carlton | 24th April & 6th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2025 Family Office Summit | Register here
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
Australia Securities & Investments Commission Chair Sarah Court Faicd Termed Greenwashing as Simply Misleading & Deceptive Conduct with Marketing Campaigns to Promote Non-Genuine Net Zero or Carbon Neutral Investments to Investors
7th Nov 2023 – ASIC is deeply committed to protecting Australians from financial harm, acting on and deterring misconduct, and upholding the integrity of Australia’s financial system. To support this commitment, last year, I announced ASIC’s 2023 enforcement priorities. Following an influx of sustainability-related products into the market as entities launched ‘green’ products to satisfy consumer appetite, our enforcement priorities included a focus on greenwashing.
ASIC’s action on greenwashing
Our enforcement actions in response to concerns of greenwashing misconduct range from warning letters, infringement notices and undertakings to civil penalty proceedings in the Federal Court. We generally select enforcement matters that are likely to have a broad reach, so that they have a deterrent effect beyond the issue we are prosecuting and send a compliance message to the sector.
Greenwashing matters we are currently progressing all broadly allege misleading and deceptive conduct. This law is not new. What is new is the attention from regulators, including ASIC and the ACCC. When you are promoting a financial product or service it has always been important to be able to verify statements you make.
- Our first Federal Court action alleging greenwashing conduct was launched in February this year with civil penalty proceedings against Mercer Superannuation (Australia) Ltd for allegedly making misleading statements about the sustainable nature and characteristics of some of its Sustainable Plus investment options.
- This was followed by proceedings against Vanguard Investments Australia in July. We alleged misleading conduct in relation to claims about certain ESG exclusionary screens that were applied to investments in a Vanguard fund.
- In August, we lodged proceedings against LGSS Pty Ltd (Active Super), alleging ESG misrepresentations were made on Active Super’s website and disclosure documents, plus its Facebook, Instagram and LinkedIn pages.
Looking ahead
Future cases may move beyond misleading and deceptive conduct to licence obligations, D&O duties, and a range of other obligations. Future areas of interest are likely to include:
- Net zero statements and targets
- Use of terms such as ‘carbon neutral’, ‘clean’ or ‘green’
- The scope and application of investment exclusions and screens.
How to avoid misleading statements
We understand many entities are taking genuine steps to work towards net zero or carbon neutral positions. Where public statements are made that assert aspirational environmental positions with a sound basis and supported by business plans and investments to substantiate these goals, ASIC is unlikely to have concerns. However, where these statements are made in marketing campaigns designed to encourage investment or promote products to consumers, with little of substance to back up those assertions or to substantiate how the transition will be achieved, ASIC is likely to have further questions, which may include requests for information and substantiation as to how and when public environmental positions are proposed to be achieved.
- We aim to assist industry and have published guidance on how to avoid greenwashing (INFO 271) together with a summary of the issues we have identified in our surveillance work in this area.
- Finally, even though there is new law on the horizon in the manner of mandatory climate reporting, this will require significant additional and new compliance obligations. Until these laws take effect, our focus will remain on existing laws.
- This month, we will announce our 2024 enforcement priorities at the ASIC Annual Forum in Melbourne. Greenwashing will continue to be a priority.
This article was first published in AICD’s Company Director magazine in November 2023.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at angel@caproasia.com or mail@caproasia.com
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM
For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success
Register Below
Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.
Sign Up / Register
Please click on desktop.
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Contact Us
For Enquiries, Membershipmail@caproasia.com, angel@caproasia.com
For Listing, Subscription
mail@caproasia.com, claire@caproasia.com
For Press Release, send to:
press@caproasia.com
For Events & Webinars
events@caproasia.com
For Media Kit, Advertising, Sponsorships, Partnerships
angel@caproasia.com
For Research, Data, Surveys, Reports
research@caproasia.com
For General Enquiries
mail@caproasia.com
a financial information technology co.
since 2014
