Dilemmas in Responsible Investment: 1st Edition (e-Book) book cover

Dilemmas in Responsible Investment

1st Edition

By Céline Louche, Steve Lydenberg

Routledge

240 pages

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pub: 2011-06-01
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Description

Imagine that you are a responsible investment money manager. One of your clients is asking you to sell her holdings in a company because it has been accused in the press of contracting with suppliers that have abusive labour conditions. You have to evaluate and benchmark the CSR performance of a number of companies from the same industry but among them there are companies, primarily the smallest, that provide little or no CSR information. One of your major clients is asking you to exclude companies involved in nanotechnology What would you do? Responsible investment (RI) – the integration of environmental, societal and governance (ESG) issues into investment decision-making – can be difficult and complex. Including or excluding companies, engaging with companies, partnering with stakeholders, evaluating environmental and societal controversies, defining criteria and, all the while, producing a competitive return for investors can raise multiple questions that cannot be dealt with simply. The practice of RI faces many such dilemmas as it seeks to balance the competing goals of business, society, and finance and to judge how best to reconcile what are often conflicting concerns.

Dilemmas in Responsible Investment examines the problems responsible investment practitioners face daily. It emphasises the importance of asking the right questions as well as getting the right answers; and the importance of process as well as product. The authors pay attention to the diversity of opinion and variety of approaches available. They also raise fundamental questions about the very purpose of investment and the responsibilities of investors, both economic and societal.

Although dilemmas in RI are not always easily resolved, Louche and Lydenberg believe that they are also a source of valuable and necessary debate about the appropriate role of corporations in society and the ability of the financial markets to appropriately serve the societies in which they operate. Such dilemmas provide a valuable framework for public debate and can encourage the emergence of innovative answers and approaches. Responsible investors join in these debates when they examine the societal and environmental implications of business activities, actions and behaviour Facilitate dialogue between corporations and their stakeholders Encourage corporate transparency on societal and environmental issues Reward companies that are making genuine efforts towards sustainability Integrate societal and environmental data into financial analysis.

The book first of all provides a state-of-the-art overview of responsible investment, its history and development, explanations of key terms and a guide to the different actors involved in the field. Second, it presents 12 diverse hypothetical case studies that examine a wide spectrum of the challenges facing RI professionals, raising questions about the relationship between business and society, about the purpose of investment, and about the responsibilities of investors to various segments of society and the environment. The (often interconnected) cases present a dilemma, possible approaches available, variable factors, a variety of quotations and suggested responses from 35 leading professionals in the responsible investment community, real-world examples and comparisons and recommendations.

Accessible, vivid and illuminating, Dilemmas in Responsible Investment is the first book specifically written for teaching and professional training in responsible investment. It will be required reading for students, academics and practitioners in the areas of finance, ethics and CSR.

Table of Contents

Introduction Background on Responsible investment Case 1: Types of responsible investors Case 2: Emotion, ethics and facts Case 3: Influence through voice and exit Case 4: Societal returns versus financial returns Case 5: Alleged versus confirmed illegal activity Case 6: When a company changes Case 7: Public versus private partnerships for engagement Case 8: Relativity of responsible investment standards Case 9: Incompleteness of societal and environmental data Case 10: Exclusion of industries of companies Case 11: Emerging issues Case 12: Privatisation of public services Conclusion Additional resources

About the Series

The Responsible Investment Series

The Routledge Responsible Investment series has established itself as the most authoritative forum for outstanding empirical and theoretical work on all aspects of responsible investment. We are now accepting proposals for 2019 and 2020.

We welcome proposals books and edited collections on the following topics:

  • The financial, environmental, social and governance outcomes from responsible investment.
  • Responsible investment in different asset classes.
  • Responsible investment in different geographies.
  • The implementation of responsible investment by different actors (e.g. pension funds, asset managers, sovereign wealth funds, private equity funds, insurance companies), and in different geographic regions.
  • The role that has been played by collaborative initiatives such as the UN Principles for Responsible Investment, UNEPFI and the investor networks on climate change.
  • Public policy and responsible investment.

Reflecting the changing landscape of responsible investment, we are particularly interested in the question of impact. We welcome proposals that critically engage with and analyse the contribution that investment makes to the Sustainable Development Goals (SDGs), to delivering the goals of the Paris Agreement on Climate Change and to enhancing the stability and resilience of economic and financial systems.


To submit a proposal to the Responsible Investment Series, please email [email protected]

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS008000
BUSINESS & ECONOMICS / Business Ethics
BUS036000
BUSINESS & ECONOMICS / Investments & Securities