Purpose Investments did not incorporate ESG factors as much as claimed, OSC alleges in hearing
The Ontario Securities Commission has alleged that Purpose Investments and its founder, Som Seif, made misleading statements regarding their incorporation of ESG factors in investment decisions. The hearings, which began recently, are expected to last several months and could result in significant penalties for the company and Seif. The OSC claims that Purpose's actual integration of ESG factors was far less than publicly stated, raising concerns about potential greenwashing practices.
- ▪The OSC alleges that Purpose Investments did not incorporate ESG factors as claimed between 2019 and 2023.
- ▪Som Seif has publicly dismissed the allegations as politically motivated and maintains his innocence.
- ▪The OSC's case includes claims that Purpose misrepresented the percentage of its assets under management that were aligned with ESG principles.
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Open this photo in gallery:The Ontario Securities Commission alleged last September that Purpose Investments and its founder Som Seif made false or misleading statements about ESG investing between 2019 and 2023.Melissa Tait/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountFor years, Purpose Investments Inc. did not incorporate environmental, social and governance factors into its investment decisions anywhere near the extent that the company and its founder, Som Seif, had repeatedly and publicly claimed, the Ontario Securities Commission alleged Tuesday during the first day of hearings in the high-profile greenwashing case.The proceeding before the Capital Markets Tribunal, an independent division of the OSC, is expected to span several…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
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