UN Principles for Responsible Investment Signatories and the Anti-Apartheid SRI Movement: A Thought Experiment [Book Review]
David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jack Alan Reynolds
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Journal of Business Ethics 95 (3):415 - 424 (2010)
There appears to be a growing disquiet amongst academics surrounding the ascendancy of 'responsible' investment that is egoist or self-interested in character — 'business case' responsible investment. This ascendancy has in no small measure been associated with the uptake of United Nations Principles for Responsible Investment (PRI) as a de facto standard for mainstream responsible investment. This article contributes to this disquiet. It does this by examining how egoist 'responsible' investors (as endorsed by the PRI) might have behaved had they been around in the 1970s, 1980s and early 1990s during days of the anti-apartheid socially responsible investment (SRI) movement. Armed with near perfect (hindsight grade) enhanced analytics, it is clear that the signals that such egoist ' responsible' investors would have sent to company management in terms of the apartheid issue would have been highly muddled and therefore ineffective. The net conclusion is that there is nothing inherently or inevitably ' responsible' about egoist investment and that the aversion to behaving ethically amongst institutional investors must be challenged and not swept under a carpet of rhetoric.
|Keywords||egoist investors ethical investment principles for responsible investment responsible investment socially responsible investment|
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References found in this work BETA
Benjamin J. Richardson (2009). Keeping Ethical Investment Ethical: Regulatory Issues for Investing for Sustainability. [REVIEW] Journal of Business Ethics 87 (4):555 - 572.
Pietra Rivoli (2003). Making a Difference or Making a Statement? Finance Research and Socially Responsible Investment. Business Ethics Quarterly 13 (3):271-287.
Raman Kumar, William B. Lamb & Richard E. Wokutch (2002). The End of South African Sanctions, Institutional Ownership, and the Stock Price Performance of Boycotted Firms Evidence on the Impact of Social/Ethical Investing. Business and Society 41 (2):133-165.
Citations of this work BETA
N. S. Eccles & S. Viviers (2011). The Origins and Meanings of Names Describing Investment Practices That Integrate a Consideration of ESG Issues in the Academic Literature. Journal of Business Ethics 104 (3):389-402.
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