(Reuters) - Facebook Inc will be removed from the Australia-based BetaShares Global Sustainability Leaders Exchange Traded Fund (ETHI) due to recent "controversies", its Responsible Investment Committee (RIC) said on Friday.
"The company has in recent times been the subject of a number of controversies and reputational issues," the committee said in a statement https://www.betashares.com.au/files/ETHI/MEDIA-STATEMENT-ETHI-Removal-of-Facebook_March2018.pdf.
The world's largest social media network, with more than 2 billion monthly active users, is under scrutiny following allegations that British political consultancy Cambridge Analytica improperly accessed users' data and helped influence the 2016 U.S. presidential election.
- PHOTOS: New art and old relics at Mickey Mouse's NYC gallery 25 Pictures
- PHOTOS: See Yes on 3 supporters react to historic transgender rights Question 3 win 11 Pictures
- PHOTOS: A look back at Queen performing in the 1970s and 1980s 22 Pictures
- All of these celebrities have had their nudes leaked 35 Pictures
- PHOTOS: A look at Idris Elba's style through the years 20 Pictures
- PHOTOS: Heidi Klum's annual Halloween party and other amazing celebrity costumes 17 Pictures
- These are the spookiest cities per capita in the U.S. 5 Pictures
- Food Network star talks pumpkin carving 1 Pictures
- Who is Alexander Edwards, Amber Rose's new boyfriend? 9 Pictures
- Is Cardi B pregnant again? This tweet has people guessing 6 Pictures
- Natural Museum's best wildlife photos of the year 5 Pictures
Facebook Chief Executive Mark Zuckerberg apologized on Wednesday, five days after the scandal broke, and promised to restrict developers' access to such information.
The company, which has lost more than $50 billion in market value since allegations this week, ended over 2.6 percent lower on Thursday.
Facebook comprises 3.9 percent of the ETHI portfolio, the Australian ethical fund that has $170 million in funds under management.
(Reporting by Vishal Sridhar in Bengaluru; Editing by Stephen Coates)