Société Générale
SCGLY
Financials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Societe Generale is France's third-largest bank. Banking on Climate Chaos 2025 ranks it #29 globally, with $11.2 billion in fossil fuel financing in 2024 and $37.9 billion cumulatively from 2021 to 2024. Among French banks, only BNP Paribas and Credit Agricole have provided more fossil fuel capital. Reclaim Finance reports that between 2021 and 2023 alone, Societe Generale directed $15.6 billion specifically to fossil fuel expansion companies. While the bank has reduced thermal coal exposure to below 0.1 percent of total outstandings and cut upstream oil and gas exposure by over 50 percent versus 2019, Reclaim Finance notes it continues to support oil and gas expansion and has not committed to ceasing financing for companies developing new fields.
Société Générale has been subject to multiple, significant enforcement actions for financial misconduct across its global operations. In 2018, the bank reached a global settlement with U.S. and French authorities, agreeing to pay approximately $1.3 billion in total penalties. This included a $275 million fine to the U.S. Department of Justice for manipulating the LIBOR benchmark interest rate and a separate $475 million penalty to the Commodity Futures Trading Commission for related misconduct. The Federal Reserve Board also fined the firm $81.3 million for unsafe and unsound practices.
The bank’s pattern of misconduct extends to defrauding investors. In 2017, Société Générale agreed to pay a $50 million civil penalty to settle U.S. claims that it misled investors in the sale of residential mortgage-backed securities. More recently, in September 2025, its Australian securities subsidiary was fined A$3.88 million by the Australian Securities and Investments Commission for failures in its market gatekeeper duties. This history of regulatory violations demonstrates a systemic failure to maintain adequate controls across different business lines and jurisdictions.
Research Sources
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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