We are writing to express our serious concern regarding reports that Morningstar, Inc. (Morningstar), through its wholly-owned subsidiary, Sustainalytics, negatively rates firms connected to Israel in apparent alignment with the Boycott, Divestment, Sanctions (BDS) movement.

After reviewing your corporate statements of March 2021 and June 2022, an independent review conducted by White & Case, a follow-on analysis of the said report, and a recent letter sent to Morningstar by dozens of national and regional Jewish organizations around the country, it is clear to us that the environmental, social, governance (ESG) research and ratings products offered by Sustainalytics are deeply infused with anti-Israel bias. Specifically, Sustainalytics relies on anti-Israel sources and automatically punishes any company involved in the Israeli economy in its ratings system. Morningstar’s continued statements to the contrary, including a recent letter published in the Wall Street Journal, appear intentionally misleading...Read Full Letter Here.