Greenwashing Inquiry Against Ex-DWS CEO Asoka Wöhrmann Dropped
Inquiry Regarding Accusations of "Greenwashing" against a Previous DWS Leadership Figure Curbbed
In a recent turn of events, German prosecutors have concluded their investigation into former Deutsche Bank asset manager DWS CEO, Asoka Wöhrmann, regarding "greenwashing" allegations. This decision follows a probe that commenced after a whistleblower complaint by ex-sustainability chief Desiree Fixler in 2021 [2][3].
According to a spokesperson for the public prosecutor's office, the investigation was terminated as Wöhrmann "has no criminal record," was immediately dismissed from DWS following the greenwashing claims, and is currently inactive within the capital market [3].
Wöhrmann had sought the company's ESG strategy (Environment, Social, and Governance) aggressively, but faced resistance within the organization, making the lack of implementation hard to pin solely on him [3]. However, the public prosecutor's office recently imposed a €25 million fine on DWS for misrepresenting itself as a leader in sustainable financial products for years [3].
DWS advertised financial products with ecological and social traits intensely from mid-2020 until January 2023, describing itself as a frontrunner in the market for sustainable financial products [3]. The proclaimed dedication to sustainability did not align with reality, the prosecutor's office in Frankfurt clarified.
The citizen movement "Finanzwende" has expressed disappointment with the discontinuation of the investigation, arguing that those responsible for making empty green promises should bear personal repercussions [3]. The absence of accountability, they contend, may hinder progress towards creating a more responsible financial sector culture.
Sources: ntv.de, AFP [1]
Digging Deeper:
- Victimless Crime?: The decision effectively absolves Wöhrmann of any personal culpability for the greenwashing allegations, enabling him to proceed in his career unimpeded [3].
- Industry Resistance and Complexity: Wöhrmann's passionate pursuit of DWS's ESG strategy and internal opposition to its implementation are points of contention, challenging the attribution of the lapses solely to him [3].
- Financial Consequences: DWS has already faced hefty financial penalties, including a €25 million fine in Germany and a $19 million payment to the US SEC, which was then the record ESG-related fine for an investment adviser [3].
The community is debateing the outcome of the greenwashing inquiry against Asoka Wöhrmann, former CEO of DWS, asserting that his lack of personal accountability may set a general-news trend for industry figures making false employment promises related to finance and business, particularly within the context of 'crime-and-justice' and employment policies. Despite financial consequences imposed on DWS for such deception, the continuation of such practices in the business world can hinder the creation of a more responsible ESG-committed community policy, as observed by groups like "Finanzwende".
