RIYADH: The US Securities and Exchange Commission has slapped  BNY Mellon, the corporate investment banking company, $1.5 million fines over an environmental, social and governance case.

The New York-based company had reportedly distorted and cut information about ESG investment considerations for mutual funds that it managed, according to the Financial Times. 

From July 2018 to September 2021, BNY Mellon has been stating that all investments in the funds had gone through an ESG quality review, but the SEC stated that was not always the case.