Spanish Securities Commission reviews asset managers’ website sustainability communications and finds only marginal greenwashing

The Spanish Securities Commission (CNMV) reviewed sustainability-related marketing communications on the websites of a sample of asset managers to identify potential greenwashing. The review found that sustainability information about both the firms and their managed products is generally adequate, with overall satisfactory compliance and only marginal greenwashing practices detected. The sample covered managers of open-ended collective investment vehicles (SGIIC) and closed-ended vehicles (SGEIC). Content assessed ranged from corporate sustainability initiatives (such as recycling, reduced travel and lower paper use) to descriptions of investment strategies referencing ESG factors or socially responsible investment, including commitments signalled through adherence to international standards such as the United Nations Principles for Responsible Investment, Climate Action 100+ and the Net Zero Asset Managers Initiative. A small number of cases showed imprecision, such as describing a manager’s sustainable investment approach in broad terms without limiting it to the products whose investment policies include those features; in the absence of a legal definition, the CNMV applied the European Securities and Markets Authority’s definition of greenwashing as sustainability-related statements, actions or communications that do not clearly and fairly reflect the sustainability profile of an entity or financial product and may mislead market participants.