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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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CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
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First Credit Union Special - 6.40 6.10 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
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Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
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TSB Bank 8.69 6.49 6.49 6.49
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Unity First Home Buyer special - 5.49 - -
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