ESG credentials are becoming increasingly scrutinised by investors.
The post What’s moving the CBA (ASX:CBA) share price this week appeared first on The Motley Fool Australia. –
The Commonwealth Bank of Australia (ASX: CBA) share price is up 0.6% in late afternoon trading.
That’s largely in line with the 0.7% gain on the S&P/ASX 200 Index (ASX: XJO).
The CBA share price has bounced between red and green this week, gaining on Monday and Wednesday, and falling yesterday and on Tuesday.
All up, shares in CommBank are down 1% for the week.
CommBank in the news this week
The CBA share price closed up 0.8% on Wednesday, ending the day at $102.92 per share despite a Federal Court decision against the bank.
The court ruled that Colonial First State Investments, a subsidiary of CommBank, misled and deceived its members at least 12,978 times.
The legal proceedings were brought on by The Australian Securities and Investments Commission (ASIC).
ASIC alleged that Colonial had instructed some members to keep using its FirstChoice Superannuation Trust from 2014-2016. That ran contrary to regulations stipulated by the Superannuation Industry Act that post-2012 all superannuation be paid into a MySuper product.
A penalty hearing will be held later this year.
CBA share price lifts as bank backs ESG commitments
In better news for CommBank on Wednesday, and perhaps helping boost CBA’s share price on the day, the bank reported that it’s acting as “a joint sustainability coordinator, bookrunner and lender” on 2 green loans for Walker Corporation’s commercial buildings.
The 2 buildings, located in Sydney and Melbourne, both have 6-star sustainability ratings for their leading energy efficiency and environmental standards.
Commenting on its involvement with the green loans, CBA’s group executive of institutional banking and markets, Andrew Hinchliff said:
Walker Corporation is to be commended for its commitment to developing best-in-class sustainable, energy-efficient urban infrastructure that will be used and enjoyed by current and future generations of Australians.
We see sustainable finance as a key tool in helping Australian businesses build our future economy, and we’re extremely proud to support Walker with this green loan that will help them further demonstrate their strong ESG commitments.
CBA share price snapshot
The CBA share price is up 21% this calendar year, compared to a gain of 11% posted by the ASX 200.
Over the past month, CBA’s shares have lost 5%.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.