MSCI ESG Research said on Friday it recently changed some of its environmental, social and governance assessments of Adani Group entities, after the Indian conglomerate was caught up in a short-selling storm in recent weeks.
This week, MSCI ESG Research flagged all its covered Adani Group entities for the metric of accounting investigations, while some were flagged for the securities valuations metric, it said.
MSCI's ESG Controversies scoring and flagging system alerts investors to potential reputational risks, according to a factsheet produced by the agency. "Across various Adani Group entities, MSCI ESG Research has identified issues relating to governance, board independence, related party transactions, and controlling shareholders," the company said.
Since the short-seller report release, MSCI ESG Research has added "Bribery and Fraud" and "Governance Structures" controversy cases to all Adani Group companies in its coverage, it said.Company representatives have met fixed-income investors over the past two weeks in an international roadshow. Sustainability ratings company Sustainalytics downgraded corporate governance-related scores for some Adani Group companiesMSCI ESG Research said on Friday it was closely monitoring developments in the Adani case, "including any associated potential launch of regulator-driven investigations or any ongoing developments related to governance structures, audit and accounting practices.
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