Facebook Turns Toxic for Some ESG Funds (Bloomberg)

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Just how toxic is the data-privacy scandal for Facebook Inc.?

So toxic that some investment funds now are lumping in the social network with big polluters and other corporations they consider ethically challenged.

As Facebook has struggled to contain the damage from Cambridge Analytica’s use of personal data from 50 million users, some environmental, social and governance (ESG) funds have started to rethink their interest in the company. In a nutshell, they’re viewing the breach as the digital equivalent of a toxic waste spill — one that has prompted calls for greater government oversight of social-media companies.

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Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has been awarded ‘A+’ and ‘A’ ratings by the United Nations Principles for Responsible Investment (PRI), the world’s leading proponent of responsible investing, as part of the organisation’s 2020 Assessment Reports for signatories.

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