Allianz and Goldman Sachs have been accused of 'moralwashing' Russia in their marketing
Allianz and Goldman Sachs have been accused of 'moralwashing' about their business dealings with Russia. According to the Moral Rating Agency (MRA), these are two of 12 big firms who mislead the public about their response to Ukraine's incursion.
Allianz was named the eighth "worst offender," and Goldman Sachs was named the eleventh. PepsiCo, the American food and beverage conglomerate, received the most criticism, followed by Nestle of Switzerland and Unilever of the United Kingdom.
According to the survey, many corporations that claimed to have completely exited the Russian market have actually kept their investments there.
Companies around the world were forced to take action in the aftermath of Russia's unjustified invasion of its neighbouring country in February.
According to the MRA, its research of 112 corporations' remarks in reaction to the crisis indicated that many claimed one thing but did another.
The report's compilers took into account each firm's degree of exit, pace of exit, conviction in exit, impact on Russia, and the sacrifice entailed.
According to the MRA, it discovered telling "communications failures" that frequently fell between between "confusing" and just a "red herring." It claims that German giant Allianz gave the idea that it had "reduced its operations in Russia in half."
"However, the MRA claims that they failed to clarify that after selling a majority stake in its Russian business to Interholding LLC, it still owns 49.9% of a "combined firm" and now gets a "smaller portion of a greater pie."
By fLEXI tEAM