Australian Ethical Fund Removes Facebook After Privacy Scandal
It was revealed last Friday that BetaShares Global Sustainability Leaders Exchange Traded Fund (ETHI) has removed Facebook from its roster, according to its Responsible Investment Committee.
In its official statement, the Australia-based fund manager said that Facebook had been involved in a number of controversies and reputational issues, focusing particularly on the recent privacy issue involving British firm Cambridge Analytica which misused the personal data of around 50 million Facebook users without their consent.
ETHI, which manages around $170 in funds, said that Facebook comprised 3.9% of its portfolio. The social network had already lost $50 billion of its value since the incident.