The SEC denied former DWS sustainability head Desiree Fixler a multi-million dollar whistleblower award. Her 2021 allegations that the Deutsche Bank unit overstated environmental, social, and governance (ESG) assets triggered an official investigation.
The SEC fined DWS $19 million in September 2023 for making materially misleading statements about its ESG investment process. This enforcement action stands as the largest-ever penalty for ESG greenwashing.
The regulator denied the award because Fixler shared her findings with the Wall Street Journal before contacting the commission. SEC rules require whistleblowers to provide information voluntarily before being contacted by authorities.