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Profitable Socially Responsible Investing? An Institutional Investor's Guide
Euromoney Trading Ltd, May 2005
This book was written to de-mystify socially responsible investing (SRI).
An increasing number of investors are required by fiduciary obligations to invest in a socially responsible way. How do you do this without having an adverse affect on return, without increasing risk, and how do you ensure that your charter is being fulfilled?
This book reports on the author's original research establishing that (1) when investors shun 'sinful' securities, such as the stocks and bonds of tobacco companies or defense contractors, they tend to sacrifice risk-adjusted returns, but (2) when they actively select 'virtuous' companies, their portfolios' performance is not likely to be impaired at all.
The book also seeks to reconcile the empirical research of academics who have been most interested in SRI over the years.
Step-by-step, it provides the practical tools to define an individual's or institution's core values in a way that is useful in constructing a portfolio and, ultimately, in effecting change in the boardroom; to draft a mission-based investment policy that satisfies fiduciary obligations; and even to vote proxies most strategically, ensuring that voice is given to values.
Written by an experienced lawyer and advisor to socially responsible investors.
Complete with glossary of terms.
Key terms: Investments; socially responsible investing; fund management; portfolio management; corporate governance; investment policies; fiduciary duties.
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