Silk and Great Value Brands implicated in listeria outbreak | AustralianSuper faces greenwashing accusations | Mary Portas seeks to block Shein IPO

In today’s Portfolio Intelligence Daily:?

• Silk and Great Value Brands implicated in listeria outbreak
• AustralianSuper faces greenwashing accusation
• Mary Portas seeks to block Shein IPO

Our analyst team curates these summaries from Auquan’s Intelligence Engine, which uses generative AI and retrieval augmented generation (RAG) to uncover material non-financial insights at scale to support deal sourcing, due diligence, risk monitoring, and compliance.

Industry trends:

• Tackling Information Overload in the Age of AI [private credit] (TDWI Upside)
• How RAG completes the generative AI puzzle (InfoWorld) — Retrieval-augmented generation brings to generative AI the one big thing that was holding it back in the enterprise.
• Will AI be transformative for ESG data? (Environmental Finance)
• Why AI is finally catching up with financial services (Maddyness)

Silk and Great Value Brands implicated in listeria outbreak

Silk, owned by Danone, recalled contaminated plant-based milks made at an Ontario facility. Production halted pending investigation. Products not distributed outside Canada.

• Products from Silk and Great Value brands, made from almonds, oats, coconuts, and cashews, were recalled due to contamination.
• Silk, a subsidiary of Danone, reported the contaminated products originated from a third-party facility in Ontario.
• Health Canada has confirmed 12 cases of listeria infection, primarily affecting women over 60 across Ontario, Quebec, and Nova Scotia.
• Symptoms of listeriosis can appear within days to weeks after consumption, posing serious risks to vulnerable groups like elderly and immune-compromised individuals.

Select timeline

• July 19, 2024 | 18 Silk and Great Value brand plant-based milk alternatives recalled in Canada amid listeria deaths, illnesses (CBS)
• July 19, 2024 | Listeria Outbreak Linked to Plant-Based Milk Alternatives in Canada Results in Two Deaths (Dairy News)
• July 18, 2024 | Listeria in Milk Alternatives Kills Two Canadians and Sickens 10 More (New York Times)

AustralianSuper faces greenwashing accusations

AustralianSuper, Australia's largest superannuation fund, faces accusations of greenwashing for investing funds from its "Socially Aware" option in coal, oil, and gas industries through loopholes in its investment policies.

• Despite excluding direct investments in fossil fuel companies' shares and bonds, AustralianSuper lends members' savings to these industries through private loans, infrastructure projects, and other asset classes not covered by its exclusion policies.
• Members, like Paul Bourne, allege they were misled by AustralianSuper's claims of sustainability, prompting complaints to the Australian Securities and Investments Commission (ASIC).
• ASIC investigated but found no evidence of intentional deception; however, it emphasized the need for clearer disclosure of investment activities to avoid misleading members.
• AustralianSuper plans to revise its policies in response to the controversy, potentially broadening exclusions to include more types of assets and industries beyond just publicly traded securities.

Select timeline

• July 18, 2024 | AustralianSuper accused of greenwashing by investing funds from ethical option in coal, oil and gas industries (Australian Broadcasting Corporation)
• July 19, 2024 | AustralianSuper accused of greenwashing by investing funds from ethical option in coal, oil and gas industries (The Korea Herald)
• July 6, 2024 | Australian Super Fund Found Guilty Of Greenwashing (LeapRate)

Mary Portas seeks to block Shein IPO

Retail expert Mary Portas backs a newly launched petition to block Shein's controversial IPO filing on the London Stock Exchange.

• The 'Say No to Shein' petition was started by fair fashion campaigner Venetia La Manna.
• It calls for the UK government to stop Shein's IPO until a thorough investigation into the company's labor practices, environmental impact, and tax arrangements is completed.
• Shein faces multiple challenges in its pursuit of a global public listing.
• It was previously blocked by US senators when it approached the New York Stock Exchange.
• After turning to the UK, Shein faced backlash from local human rights organizations, industry groups, and government officials.

Select timeline

• July 18, 2024 | Mary Portas urges government to block Shein London IPO (Fashion Network)
• July 18, 2024 | Mary Portas backs petition attempting to block Shein’s UK IPO (Fashion United)
• June 27, 2024 | UK human rights group launches campaign to stop Shein's potential London IPO (Reuters)

While you’re here…

If you find insights like these interesting, smash that subscribe button!?

If you’d like a deeper non-financial risk and opportunity analysis of any of the companies covered here — or that you’re focused on, let us know.?

We’d love to show you how Auquan’s Intelligence Engine can help you transform private company research for deal sourcing, borrower screens, due diligence, risk monitoring, sustainability, and compliance. Let’s talk!

#genai #privatequity #privatecredit #privatemarkets #fintech #duediligence #esg #rag