Facebook has been dropped from an ethical investment fund amid concerns about its data breach.

BetaShares said Facebook had been removed from the Global Sustainability Leaders ETF and the fund it was designed to track.

The responsible investment committee said it had one of the most rigorous index screening processes to respond to responsible investment concerns.

“Facebook has historically qualified for inclusion in the Fund’s index on the basis of its strong global leadership on carbon emission metrics as well as its responsible advertising and other policies,” BetaShares said.

“However the company has in recent times been the subject of a number of controversies and reputational issues, which the RIC has been monitoring on an ongoing basis.”

It said that was not limited to Cambridge Analytica’s use of personal data from 50 million Facebook users who did not agree to the use of their data. That incident knocked about US$90 billion ($123b) off Facebook’s market value.

“The combination of the recent serious data breach,which has also raised governance-related issues given that it appears the company was aware of the breach as far back as 2015,  with other previously identified issues has caused the [committee] to determine that Facebook is no longer eligible for continued inclusion in the index.”