Vanguard censured for failing to disclose tobacco fines

(Image: Getty)

Wed, 29 Mar 2023

The Financial Markets Authority has formally warned the Australian arm of United States-based investment behemoth Vanguard for failing to disclose in New Zealand that an Australian regulator had issued it three infringement notices accusing it of greenwashing.Vanguard paid fines of A$39,960 (NZ$42,878) because, although it said three of its funds exclude investment in tobacco companies, they did not exclude companies involved in the sale of tobacco products.The Australian Securities and Investments Commission (ASIC) said enforcement action agai...

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