Dilemmas in Responsible Investment 1st Edition by Celine Louche, Steve Lydenberg ISBN 1909493988 9781909493988

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ISBN 10: 1909493988
ISBN 13: 9781909493988
Author: Celine Louche, Steve Lydenberg

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.

Dilemmas in Responsible Investment 1st Table of contents:

Acronyms and abbreviations
Preface
Acknowledgements
Introduction
Imagine you are an RI money manager …
Responsible investment: the broader picture
The practitioners’ voice
What can be found in the cases
Major topics and themes
Key stakeholders and key aspects
How to approach this book
The case
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
Graphic
Responses from practitioners
In the news
Cases for comparison
Conclusion
An overview of responsible investment
History of responsible investment
Growth of assets and questions of financial performance
Motivations for responsible investment
The basic practices of responsible investment
Strategic approaches
Tools
Degree of commitment
Organisational approach
The major players in responsible investment
Asset owners
Retail investors
Small institutional investors
Large institutional investors (governmental pension funds and sovereign wealth funds)
Asset managers
Responsible investment specialists
Mainstream financial firms
Financial advisers and consultants
Support services
Research firms
Engagement services
RI associations and think-tanks
The future of responsible investment
Case 1 Types of responsible investor
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
The Rl pendulum
Responses from practitioners
In the news
Cases for comparison
Case 2 Ethics and facts
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
Recognising ethics
Responses from practitioners
In the news
Cases for comparison
Case 3 Influence through voice and exit
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
The voice and exit dynamic
Responses from practitioners
In the news
Cases for comparison
Case 4 Societal returns versus financial returns
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
Balancing societal and financial returns
Responses from practitioners
In the news
Cases for comparison
Case 5 Alleged versus confirmed illegal activity
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
Decision tree for illegal corporate actions
Responses from practitioners
In the news
Cases for comparison
Case 6 When a company changes
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
Capturing change
Responses from practitioners
In the news
Cases for comparison
Case 7 Public versus private partnerships for engagement
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
Engagement interactions
In the news
Cases for comparison
Case 8 Relativity of responsible investment standards
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
Standardisation to customisation
Responses from practitioners
In the news
Cases for comparison
Case 9 Incomplete societal and environmental data
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
The information availability challenge
Responses from practitioners
In the news
Cases for comparison
Case 10 Exclusion of industries
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
Justifying exclusions
Responses from practitioners
In the news
Cases for comparison
Case 11 Emerging issues
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
Assessing emerging issues
Responses from practitioners
In the news
Cases for comparison
Case 12 Privatisation of public services
Dilemma for the responsible investor
Approaches available to the responsible investor
Variable factors
Recommendations
The private and public balance
Responses from practitioners
In the news
Cases for comparison

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