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Responsible Investing

ESG ratings provider faces layoffs

Morningstar says it will cut 10% to 12% of the global headcount of its Sustainalytics unit that provides research and ratings on environmental, social and governance (ESG) topics

Friday, September 15th 2023, 6:06AM 1 Comment

Chicago-based Morningstar had said in June that it would more closely align Sustainalytics with its Morningstar Indexes businesses.

“As a part of this alignment, we are in the process of making adjustments to strengthen the financial footing of the business,” it said in a statement. “We remain committed to growing our ESG capabilities and will continue to invest in this area going forward.

“Unfortunately, headcount reductions in addition to other expense reductions are part of the mix.”

The firm said the decision will ensure it can get the business on healthy financial footing to be able to move forward and grow.

“We are not able to share details on impacted employees. We took great care in making these decisions and in every case will work closely with those who are impacted, as well as those who remain, to ensure a smooth transition and support for our global teams.”

Sustainalytics lists having “1800+” team members worldwide including Australia on its website , meaning up to 216 jobs could be cut.

Tags: Morningstar

« ESG pushback nothing new to Super guardiansGlobal look at fund managers’ commitment to ESG »

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Comments from our readers

On 15 September 2023 at 4:14 pm John Milner said:
Who else sees the irony of a business that reports on sustainability, cutting jobs to stay afloat. Just saying...

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 ▼7.45 ▼7.09 ▼6.95
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.85 ▼6.49 ▼6.35
ASB Bank 8.64 ▼6.85 ▼6.49 ▼6.35
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BNZ - Classic - ▼6.85 ▼6.49 ▼6.39
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.45 ▼7.09 ▼6.99
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼6.59 - -
Co-operative Bank - Owner Occ 8.40 ▼6.79 ▼6.49 ▼6.35
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.29 ▼6.99 ▼6.85
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 ▼6.69 ▼6.35 ▼6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 ▼7.75 ▼7.39 ▼7.19
Kiwibank - Offset 8.50 - - -
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Pepper Money Easy 8.69 - - -
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SBS Bank 8.74 7.74 7.09 6.95
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SBS Bank Special - 7.14 6.49 6.35
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SBS FirstHome Combo 6.19 6.14 - -
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TSB Bank 9.44 ▼7.65 ▼7.29 ▼7.19
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Westpac 8.64 7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 6.89 6.75 6.39
Median 8.64 7.12 6.82 6.39

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