S&P Dow Jones Indices said it is removing India’s Adani Ports and Special Economic Zone Ltd from its sustainability index due to the firm’s business ties with Myanmar’s military which is accused of human rights abuses after a coup this year.
India’s largest private multi-port operator is building a USD 290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC). It will be removed from the index prior to the open on Thursday, April 15, it said in a statement on Tuesday.
More than 700 people have been killed since a Feb.1 military coup that ousted an elected government led by Aung San Suu Kyi.
A sustainability index is meant to simplify the complex decision-making process that will help your company to become more sustainable. They are instruments to measure the responsibility of a certain company in social and environmental areas. The more they take these aspects into account as they develop their business, the higher the score they will obtain.
S&P Dow Jones Indices is the world’s leading resource for benchmarks and investable indices. It is a joint venture between S&P Global, the CME Group, and News Corp that was announced in 2011 and later launched in 2012. It produces, maintains, licenses, and markets stock market indices as benchmarks and as the basis of investable products, such as exchange-traded funds (ETFs), mutual funds, and structured products.
Adani group is the Indian company that intends developing the Western Terminal of Colombo Harbour. Initially, it attempted to get the East Terminal but due to opposition from trade unions, political parties, civil organizations and many others the move had to be withdrawn.
