Skip to content
Thomson Reuters
Corporate Governance

Nordea says its sustainable funds won’t buy more Facebook stock

Reuters Staff

21 Mar 2018

By Reuters Staff | 21 March 2018

STOCKHOLM (Reuters) – Nordea, the Nordic region’s biggest bank, will not let its sustainable funds buy more Facebook shares for the time being, its head of sustainable finance said.

Facebook has been rocked this week by a whistleblower who said Cambridge Analytica, a UK-based political firm hired by Donald Trump for the 2016 election campaign, had improperly accessed information on 50 million Facebook users.

“The shares that we own in Facebook in sustainable funds, they will remain, but the fund managers can’t buy any more,” Sasja Beslik, Head of Group Sustainable Finance at the bank told Reuters on Wednesday, after announcing the decision on Twitter late on Tuesday.

“Given the high-level revelations and the turmoil surrounding the company with a strong public backlash, coupled with the overhanging threat of increasing regulation of the platforms and the EU GDPR on the horizon, we choose to quarantine Facebook,” he added, referring to tougher EU rules known as General Data Protection Regulation.

Reporting by Johannes Hellstrom; Editing by Mark Potter
Our Standards:The Thomson Reuters Trust Principles.
HSBC to stop financing most new coal plants, oil sands, arctic drilling India, UK govts invest in $711 million Indian renewable energy fund Mining industry must improve human rights, environment protection – index Nestle pledges to make all its packaging recyclable by 2025 Facebook to revise terms of service to include more privacy language HSBC has worst gender pay gap among Britain’s largest companies EXECUTIVE PERSPECTIVE: Driving consumer awareness on the benefit of electric cars Harvard board member makes rare call for fossil fuel divestment Facebook to change privacy controls in wake of data scandal Apple, IBM chiefs call for more data oversight after Facebook breach