ESG ratings provider faces layoffs
Morningstar says it will cut 10% to 12% of the global headcount of its Sustainalytics unit that provides research and ratings on environmental, social and governance (ESG) topics
Friday, September 15th 2023, 6:06AM 
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Chicago-based Morningstar had said in June that it would more closely align Sustainalytics with its Morningstar Indexes businesses.
“As a part of this alignment, we are in the process of making adjustments to strengthen the financial footing of the business,” it said in a statement. “We remain committed to growing our ESG capabilities and will continue to invest in this area going forward.
“Unfortunately, headcount reductions in addition to other expense reductions are part of the mix.”
The firm said the decision will ensure it can get the business on healthy financial footing to be able to move forward and grow.
“We are not able to share details on impacted employees. We took great care in making these decisions and in every case will work closely with those who are impacted, as well as those who remain, to ensure a smooth transition and support for our global teams.”
Sustainalytics lists having “1800+” team members worldwide including Australia on its website , meaning up to 216 jobs could be cut.
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