In the area of investment, responsibility may be expressed via four types of ethical concern: value-based ethics resulting in the exclusion of so-called "vicious" companies from the investment portfolio; fructification-oriented ethics with a view to long-term investment; consequence-based ethics aimed at initiating a behavioural change in the investment target; and ethics envisaged as a discriminating criterion in the search of the best financial performance. No single formula of responsible investment is available, and the "responsible" approach necessarily implies the active involvement (...) of a free acting subject striving to tackle fundamental ethical issues. The practice of responsible investment cannot be reduced to simply applying a particular legal rule or mathematical formula. (shrink)

The financial sector likes to call itself a "service industry". As such, its role is to guarantee the fluidity of transactions which are essential to economic activity by ensuring the best possible use of available capital. If finance is a service activity, it is important to specify what services it renders, to whom, in return for what, and for what purpose. In the absence of such clarification, finance may slide out of control and be left at the mercy of mass (...) enthusiasm or hysteria. This document, which is the result of work by people who hold senior positions in Geneva's financial sector or are external observers of the financial world identifies the issues and suggests some avenues for possible solutions. (shrink)