S&P 500's ESG index boots Tesla
CNN
The S&P 500 index devoted to highlighting companies excelling at ESG, which stands for environmental, social and governance issues, has removed Tesla from the index, it explained in a blog post published on Tuesday. The move comes in the wake of allegations of racial discrimination and poor working conditions at Tesla's main American factory, as well as safety investigations into its technology.
Margaret Dorn, head of ESG Indices, North America at S&P Dow Jones Indices, which produces the list, said in a blog post that Tesla was held back by its lack of a low carbon strategy and codes of business conduct.
Dorn said that claims of racial discrimination and poor working conditions at Tesla's Fremont manufacturing plant are controversial risks for Tesla. The automaker was also damaged by its handling of the National Highway Traffic Safety Administration investigation into fatal crashes involving its Autopilot driver-assist technology, she said.
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