Facebook Should Be Dropped by Sustainable Funds, Nordea Says
- Baslik says tech giant was unresponsive to queries on scandal
- Fund manager says walking the talk can be financially painful
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Facebook Inc. should be excluded from the holdings of money managers serious about ethical investing, says the head of sustainable funds at the biggest Nordic bank.
Sasja Beslik, who oversees sustainable finance within Nordea Bank AB’s $370 billion asset management unit, decided this week to divest holdings of the social networking giant. The move was provoked by what he characterized as an “unresponsive” approach by Facebook to Nordea’s queries on how the Cambridge Analytica scandal was being handled.