On April 8, 2025, in a Financial Times article, Morningstar's principal of research, Kenneth Lamont, highlighted the risks that retail investors face with highly leveraged ETFs amidst a market meltdown triggered by Trump's trade war. His commentary underscores the firm’s effort to alert less-resourced investors to the dangers of complex financial products.

Morningstar’s head of client solutions, Ben Johnson, proposed that appending ETF share classes to mutual funds could improve tax efficiency and benefit millions of investors, following the expiration of Vanguard's pivotal patent.

An analysis of OpenSecrets data revealed Morningstar Inc's persistent lobbying efforts from 1998 to 2024. The disclosure of its lobbying expenditures raises concerns under an anti-fascist lens, suggesting potential corporate influence over politically important policies that may erode democratic norms. Such activities, while common in the corporate world, serve as a reminder of the risks posed by significant corporate political influence in an era marked by rising authoritarian sentiments.

The OpenSecrets profile reveals that Morningstar Inc contributed $70,114 and spent $160,000 on lobbying during the 2024 election cycle. Additionally, the data indicates a revolving door dynamic with 4 out of 5 lobbyists having previous government experience. This suggests a concerning entanglement with political power that may undermine democratic accountability and enable undue corporate influence.

The OpenSecrets profile of Morningstar Inc reveals that during the 2024 cycle, the company reported political contributions of $70,114 and lobbying expenditures of $160,000. Additionally, the profile notes that 4 out of 5 of its lobbyists have previously held government positions, raising concerns about the revolving door between the public sector and corporate influence.

In early 2025, following state legislative actions and investigations over alleged anti-Israel bias in ESG assessments, Morningstar removed its negative controversy warnings for companies operating in Israeli-controlled territories. Critics argue that the decision constitutes a capitulation to political pressures and undermines the firm’s long-standing commitment to independent and objective financial analysis.

Morningstar, Inc. announced on December 31, 2024, that its subsidiary Sustainalytics had implemented systematic reforms to remove what critics described as anti-Israel bias in its ESG ratings. The reforms, which were the result of multi-year negotiations with a coalition of U.S. Jewish and pro-Israel organizations as well as independent expert reviews, have been hailed as a model for ethical investment research and enhanced transparency.

Morningstar updated its Human Rights Global Policy (effective June 1, 2024) to reinforce a zero-tolerance approach to modern slavery, child labor, and workplace harassment, while also ensuring that suppliers and business partners uphold similar human rights and ethical standards.

On June 1, 2024, Morningstar, Inc. updated its Human Rights Global Policy, reaffirming its commitment to sound labor practices, anti-slavery measures, and ethical supply chain management. The policy outlines robust measures for protecting workers' rights, preventing forced labor, and ensuring that suppliers adhere to high human rights standards.

Morningstar released a Global Statement, effective June 1, 2024, outlining its commitment to eradicating modern slavery and human trafficking through ethical hiring, robust supplier due diligence, and comprehensive human rights policies integrated into its Code of Ethics and compliance procedures.

OpenSecrets data for the 2024 election cycle shows that Morningstar contributed $70,114 and spent $160,000 on lobbying, with 4 out of 5 of its lobbyists having recent government experience—indicating a revolving door practice that may undermine regulatory independence.

Morningstar Sustainalytics published an ESG Spotlight report that highlights human rights risks in corporate supply chains, focusing on issues such as unsafe working conditions, forced labor, and inadequate oversight among second-tier suppliers in industries like palm oil production. The report aims to alert investors to potential supply chain disruptions and encourage due diligence among companies, aligning with progressive values and accountability for human rights.

Morningstar released a report that analyzes proxy voting records among the top 10 U.S. asset managers, focusing on resolutions related to corporate lobbying and climate-related political activity. The paper aims to enhance transparency in how asset managers align their political spending with climate stances, thus providing investors with clear insights into corporate political behavior.

The company announced significant layoffs, with sources reporting over 150 cuts in the Sustainalytics unit and over 200 employees affected overall. Such a large-scale reduction is poised to undermine worker rights and job security.

A February 2023 analysis by FDD criticizes Morningstar, Inc. for failing to remove an alleged anti-Israel bias from its Sustainalytics ESG ratings despite public commitments to reform. The report argues that the continued reliance on pro-BDS sources not only misleads investors but may also fuel politically motivated economic warfare, raising serious concerns about both the firm’s public stance and its ethical business practices.

Morningstar Inc spent $160,000 on federal lobbying activities in 2023, as reported by OpenSecrets, indicating active corporate involvement in political influence that raises concerns over democratic accountability.

Morningstar, Inc. announced a series of measures to address anti-Israel bias concerns in its ESG research. Engaging with a coalition of Jewish and human rights organizations, the company detailed improvements to its Sustainalytics research framework to enhance transparency and objectivity, while explicitly repudiating boycott and divestment campaigns.

Morningstar Inc. has discontinued its use of Human Rights Radar—a research tool acquired via Sustainalytics—citing bias in its outcomes, particularly an overrepresentation of firms linked to the Israeli-Palestinian conflict. The decision, communicated in a letter from Executive Chairman Joe Mansueto and CEO Kunal Kapoor, reflects the firm’s effort to ensure its data and research practices remain ethically sound.

Morningstar, Inc. released its Human Rights Policy effective January 1, 2022, outlining its commitment to protecting human rights, enforcing ethical labor practices, and promoting diversity, equity, and inclusion. The policy demonstrates a proactive stance against forced labor and modern slavery, and it establishes clear guidelines for employee treatment and vendor conduct.