Environmental, social, and governance

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communication, deceiving investors' and customers' trust in a company's environmental practices. The lack of regulation in the growing financial focus on sustainable development has enabled greenwashing to expand. Therefore, the European Union developed the Sustainable Finance Disclosure Regulation 2019/2088 (SFDR) in March 2021, which lists characteristics and qualities to differentiate to point out the individuals who support sustainability goals. Moreover, The EU 2020/852 Taxonomy Regulation addresses greenwashing and provides a standardized system for classifying financial goods as sustainable in the EU. The main source of greenwashing is due to a lack of detailed disclosures about environmental and legal sanctions. It enables one to pretend to be invested in ESG’s practices while having other achievements.

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governance related investments are proliferating. One of the major aspects of the ESG side of the insurance market which leads to this tendency to proliferation is the essentially subjective nature of the information on which investment selection can be made. By definition ESG data is qualitative; it is non-financial and not readily quantifiable in monetary terms. The investment market has long dealt with these intangibles—such variables as goodwill have been widely accepted as contributing to a company's value. But the ESG intangibles are not only highly subjective they are also particularly difficult to quantify and more importantly verify. A lack of clear standards and transparent monitoring has led to fears that ESG avowals mainly serve purposes of

955:), and, Asia-Pacific, in contrast to North America. Indeed, a high proportion of respondents in Asia-Pacific (78%) and EMEA (74%) consider ESG issues, while a smaller majority in North America (59%) attach importance to them. This year's ESG ranking podium is exclusively European "Nordic countries", with Finland in first place, followed by Sweden in second and Iceland in third. These regional disparities may change over time, although the underlying reasons for these differences are not fully understood. For example, in countries benefiting from developed markets and strict regulations, investors may assume that certain ESG issues are addressed by regulations, thus explaining a lower sensitivity to these topics. 1928:. Environmental risks created by business activities have actual or potential negative effects on air, land, water, ecosystems, and human health. The information on which an investor makes their decisions on a financial level is fairly simply gathered. The company's accounts can be examined, and although the accounting practices of corporate business are coming increasingly into disrepute after a spate of recent financial scandals, the figures are for the most part externally verifiable. With ESG considerations, the practice has been for the company under examination to provide its own figures and disclosures. These have seldom been externally verified and the lack of universal standards and 1782:

stakeholders". Furthermore, the ESG hype is a good opportunity for many corporate investors to make money. There are still no universal criteria for assessing whether a fund is ESG or not. Investors rely on ratings to make their investments, but these ratings do not always reflect a complete picture of ESG performance, because they are based on incomplete data supplied by the company itself. Good ESG performances attract and retain investors. Finally, although many studies show a positive relationship between good ESG performance and financial performance, other studies prove that it is difficult to quantify the real financial effect of an improvement in a company's social performance.

562:. Moskowitz brought the spotlight onto the corporate governance aspect of responsible investment. His analysis concerned how the companies were managed, what the stockholder relationships were, and how the employees were treated. He argued that improving corporate governance procedures did not damage financial performance; on the contrary, it maximized productivity, ensured corporate efficiency, and led to the sourcing and utilizing of superior management talents. In the early 2000s, the success of Moskowitz's list and its effect on companies' ease of recruitment and brand reputation began to challenge the historical assumptions regarding the financial effect of ESG factors. In 2011, 605:'s Robert Salomon published an influential study which concluded that the two sides of the argument might even be complementary—they propounded a relationship between social responsibility and financial performance. Both selective investment practices and non-selective ones could maximise the financial performance of an investment portfolio, and the only route likely to damage performance was a middle way of selective investment. Besides the large investment companies and banks taking an interest in matters ESG, an array of investment companies specifically dealing with responsible investment and ESG based portfolios began to spring up throughout the financial world. 905: 1611:

issues. The OECD’s study gives different surprising results. First, the research indicates that a higher score on the overall E pillar is not always associated with a low environmental effect by analyzing factors such as total CO2 and CO2 equivalent emissions, total waste created, total energy utilized, and total water usage. Unexpectedly, the general E pillar score and total CO2 emissions were found to be positively correlated. Secondly, two providers report that CO2 emissions are typically greater in companies with the highest ESG rankings. Similarly, different data providers assign higher E pillar scores to organizations that generate more hazardous and non-

2065:. In May 2022, the SEC proposed two rules changes to ESG investment fund qualifications to prevent greenwashing marketing practices and to increase disclosure requirements for achieving ESG effects. In October 2022, the SEC announced that it would re-open the public comment window for the ESG disclosure rules proposal due to a technical error with the SEC public comment internet submission form. In November 2022, EBSA announced a final rule removing the Trump administration pecuniary interest only requirement for fiduciaries in proxy voting under ERISA when considering ESG investments for 401(k)s. In March 2023, in the first 2377:

despite these regulatory advances, a lack of transparency persists in ESG investments. Nevertheless, the problems associated with this lack of transparency are manifold. Firstly, the absence of clear global standards creates variability in ESG reporting. Companies have considerable leeway in choosing which criteria to disclose, leading to heterogeneity in reporting and making it difficult to compare the ESG performance of different entities. In addition, the disparity in the indicators used makes it difficult to understand actual sustainability and social responsibility performance.

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be explained by a reduction in risk exposure. Integrating ESG criteria mitigates potential ESG-related risks. For example, complying with environmental standards avoids certain sanctions that would affect the financial side. Another study points in the same direction, claiming that publishing sustainability reports improves financial performance, and reputation, and it leads to the creation of a significant competitive advantage for the company. In addition, this disclosure is positively associated with return on equity].

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recognition of the necessity of the sustainability of investments in the long term has meant that environmental social and corporate governance concerns are now becoming increasingly important in the investment market. In addition, surveys of ultimate beneficiaries (on whose behalf savings and pensions are made) typically show high levels of support for considering social and environmental issues alongside long-run, risk-adjusted returns. ESG has become less a question of philanthropy than practicality.

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ESG criteria, the long-term nature of many of the benefits, and the lack of transparency and standardization in the information available are all significant barriers to the full integration of ESG investments into the financial arena. These challenges call for reforms aimed at normalizing, standardizing, and making more transparent ESG criteria and disclosures to enable more accurate assessment and better decision-making for investors committed to sustainable and socially responsible practices.

9185: 9159: 462:(Sullivan Code) attracted a great deal of attention. Several reports were commissioned by the government to examine how many US companies were investing in South African businesses that were contravening the Sullivan Code. The conclusions of the reports led to mass disinvestment by the US from many South African companies. The resulting pressure applied to the South African regime by its business community added great weight to the growing impetus for the system of apartheid to be abandoned. 1018: 1578:

that if the quality of the internal and external relationship is good, it generates a positive effect on the benefits of local sustainable development and worker well-being, as well as indirect financial benefits in addition to the financial performance of businesses. Particular contexts such as the COVID-19 pandemic have emphasized the pressure of the S-pillar. Indeed, in this particular context, the inequalities increase and most disadvantaged groups suffer more than the others.

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institutions tend to work on a long-term investment strategy. Insurance companies, Mutual Funds and Pension Funds with long-term payout obligations are much more interested in the long term sustainability of their investments than the individual investor looking for short-term gain. Where a Pension Fund is subject to ERISA, there are legal limitations on the extent to which investment decisions can be based on factors other than maximizing plan participants' economic returns.

1939:(International Organization for Standardization) provide highly researched and widely accepted standards for many of the areas covered. Some investment consultancies, such as Probus-Sigma have created methodologies for calculating the ratings for an ESG based Ratings Index that is both based on ISO standards and externally verified, but the formalization of the acceptance of such standards as the basis for calculating and verifying ESG disclosures is by no means universal. 991:

importance of environmental, social, and governance factors change. Over time, the weighting of categories is subject to change. For instance, according to Nagy et al. (2020), the governance factor recorded a significant growth in weight, rising from 19% in 2007 to 27% in 2019 and then to 31% in 2020. Overall, an MSCI study revealed that: the average weight of the environmental pillar was 30%, social factors was 39%, and governance elements were 31% across all the sectors.

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diversity improved CSR, decreased corporate social irresponsibility, and as a result, improved business performance. The size of a company's board and management experience were strongly correlated with its financial performance. CSR describes the sustainability tactics used by companies to make sure their operations are ethically acceptable. On the contrary, ESG are employed to evaluate the overall sustainability of an organisation. ESG are used as measures.

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financial stability of a company. Investors identify opportunities in eco-friendly activities, which can lead to competitive advantages in eco-friendly goods and services. Examples of these practices include the use of renewable energy, resource conservation, pollution reduction, and reduced carbon footprints. Despite the ESG’s attention, there is a significant research gap in the implementation of ESG practices to reduce carbon emissions in the industry.

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Asia-Pacific said that ESG considerations played a major or primary role in refusing to commit to a private equity fund, while the same is true for a fifth of North American LPs. In reaction to investor interest in ESG, private equity and other industry trade associations have developed a number of ESG best practices, including a due diligence questionnaire for private fund managers and other asset managers to use before investing in a portfolio company.

8049: 970:, are showing a growing interest in ESG investing, aligning their values with their investment choices by favoring companies that have sustainable practices, respect human rights, promote diversity and are committed to positive actions for society. In fact, according to a survey conducted in 2021, around a third of Millennials often or only use investments that take ESG criteria into account, compared with 19% of Generation Z, 16% of 473:, argued that social responsibility adversely affects a firm's financial performance and that regulation and interference from "big government" will always damage the macro economy. His contention that the valuation of a company or asset should be predicated almost exclusively on the financial bottom line (with the costs incurred by social responsibility being deemed non-essential) was prevalent for most of the 20th century (see 9197: 1825:

issuers while safeguarding against greenwashing. LGX's expansion into social and sustainable bonds beyond green bonds reflects the growing interest in aligning environmental and social objectives. Despite Luxembourg's prowess in sovereign ESG scores, corporate ratings tell a different story, especially concerning emissions reduction. This divergence in ratings is pivotal for investors in their decision-making processes.

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of October 2019, 97 adopting financial institutions in 37 countries had officially adopted the Equator Principles, the majority of international Project Finance debt in emerging and developed markets. Equator Principles Financial Institutions (EPFIs) commit to not provide loans to projects where the borrower will not or is unable to comply with their respective social and environmental policies and procedures.

8069: 2205:. The association said Cameron has displayed "amazing and disturbing broad overreach" by overstepping his legal authority, and did not have authority to demand detailed information from banks as part of an investigation into their environmental lending practices, which it said was a big government intrusion on private businesses that could create "an ongoing state surveillance system." 9221: 959:

quality of ESG practices. Disclosure requirements vary considerably between regions, and some binding regulations in Europe, such as the publication of a "non-financial statement" for companies with more than 500 employees, may positively influence the region's ESG ratings. At the same time, European investors' greater interest in ESG investments is also contributing to this trend.

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commitment doubled over these three years, from 3% to 5%. Finally, one last study shows that there is real growth in global sustainable investment assets between 2012 and 2020, with asset value growth from 13.6 trillion USD to 35.3 trillion USD. This growth in ESG-compliant funds is, of course, in line with investors' growing interest in sustainable investment.

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of investment analysis—"responsible investment", "socially responsible investment" (SRI), "ethical", "extra-financial", "long horizon investment" (LHI), "enhanced business", "corporate health", "non-traditional", and others. But the predominance of the term ESG has now become fairly widely accepted. A survey of 350 global investment professionals conducted by

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a widely accepted academic basis for the argument that the costs of behaving in an ethically responsible manner would outweigh the benefits. However, the assumptions were beginning to be fundamentally challenged. In 1998 two journalists, Robert Levering and Milton, brought out the "Fortune 100 Best Companies to Work For", initially a listing in the magazine

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them less attractive to short-term-oriented investors. Secondly, traditional investors' expectations of quick returns often conflict with the reality of the more tangible long-term benefits and advantages of ESG investments. This divergence creates a tension between short-term financial objectives and longer-term sustainability imperatives.

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has become a much larger proportion of the investment market. By June 2020, flows into U.S. sustainable funds reached $ 20.9 billion, nearly matching 2019's flows of $ 21.4 billion. By the end of 2020, flows into U.S. sustainable funds surpassed $ 51 billion. Globally, sustainable funds held $ 1.65 trillion in assets at the end of 2020.

531:, and its brief was to examine the nature of the correlation between environmental and social standards and financial performance. Several of the world's big banks and investment houses began to respond to the growing interest in the ESG investment market with the provision of sell-side services; among the first were the Brazilian bank 1770:

time (ESG Momentum) are positively correlated with increased employee satisfaction in S&P 500 companies, mediated by perceptions of organisational justice and expectations of future rewards. Such intangible factors are presumed to be the missing links between observed ESG performance and the financial outcomes of a company.

6194:"SECURITIES AND EXCHANGE COMMISSION (17 CFR Parts 200, 230, 232, 239, 249, 274, and 279 [Release No. 33–11068; 34–94985; IA–6034; IC–34594; File No. S7–17–22] RIN 3235–AM96) – Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices" 2353:

and responsibility. To remedy this, some players advocate reforming financial systems to integrate long-term assessments of ESG investments better. This could encourage companies to adopt more long-term-oriented strategies, rewarding sustainable and responsible initiatives that benefit both society and the environment.

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changes in investment practices are complicated to quantify because some variables are qualitative rather than quantitative. Secondly, the rating agencies that attribute ESG scores do not use the same metrics, which leads to different results. Overall, companies with high ESG scores have higher profits than others.

691:. Vanguard distanced itself from ESG investing as its CEO states that it's not compatible with its fiduciary duties to the investors. Fewer than 1 in 7 of their active equity managers outperformed the broad market in any five-year period and none of them relied exclusively on a net-zero investment methodology. 1615:. Moreover, The influence of regulatory pressures in lowering businesses' pollution emissions is enhanced by environmental compensation. This implies enhanced environmental performance results from the combination of successful self-regulation achieved through governance mechanisms and regulatory pressure. 2340:

Another major challenge facing ESG-driven investments lies in the apparent conflict between the short-term imperatives of financial markets and the often visible longer-term benefits of ESG initiatives. This imbalance poses major difficulties in evaluating investments and ensuring that ESG issues are

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The inclusion of ESG criteria in investment decisions has attracted growing interest in the financial markets. However, this integration of ESG issues faces several major problems, establishing significant barriers to their adoption and accurate assessment. The inherent complexity of the valuation of

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for potential greenwashing. In November 2022, Goldman Sachs agreed to pay $ 4 million to settle the SEC investigation of the company's ESG funds for greenwashing without admitting or denying guilt of the SEC's allegations. In February 2023, the SEC Division of Examinations announced that oversight of

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The first ten years of the 21st century has seen growth in the ESG defined investment market. Not only do most of the world's big banks have departments and divisions exclusively addressing Responsible Investment but boutique firms specialising in advising and consulting on environmental, social, and

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The Governance pillar offers considerable and high portfolio returns, according to early research using the ESG filter on value profitability and momentum indicators. In agreement with some findings, when the entire sample is taken under consideration, the environmental and governance indicators have

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Both the threat of climate change and concern over climate change have grown, so investors are choosing to factor sustainability issues into their investment choices to enable better risk-adjusted returns. The issues often represent externalities, such as influences on the functioning and revenues of

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The EU has a leading position in the sustainable funds market with 84% of global assets in this sector. Additionally, it stands as the most advanced and diversified market for ESG investments. In comparison, the US, following at a distance, accounted for 11% of these global sustainable fund assets by

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by the PRI, UNEP FI, UNEP Inquiry and UN Global Compact. The report concluded that "Failing to consider all long-term investment value drivers, including ESG issues, is a failure of fiduciary duty". It also acknowledged that despite significant progress, many investors have yet to fully integrate ESG

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In the early years of the new millennium, the major part of the investment market still accepted the historical assumption that ethically directed investments were by their nature likely to hinder financial returns. Philanthropy was not considered to aid profitable business, and Friedman had provided

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A significant criticism in this respect is that financial markets, by focusing on quarterly results, do not encourage long-term-oriented decision-making. This approach can lead to an underestimation of the risks associated with unsustainable long-term practices, compromising corporate sustainability

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Other studies have shown that integrating ESG criteria into products has an effect on company performance. According to a 2015 study by Fried, Bush & Bassen, there is a positive link, which has been proven in 90% of cases, between ESG performance and financial performance. This positive link can

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A company's financial performance represents its overall financial health-in other words, it's used to verify the company's viability and growth potential. A 2024 study by Susen and Etter demonstrates that higher levels of ESG performance (referred to as ESG Tilt) and changes in ESG performance over

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The Equator Principles is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in project finance. It is primarily intended to provide a minimum standard for due diligence to support responsible risk decision-making. As

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A recent OECD evaluation on ESG assessed different E-score approaches. Both high and low correlations were found when comparing the E pillar score with the total ESG scores from various providers. This is because the rating agencies use different ESG measurements and primarily focus on environmental

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The firm leadership, internal controls, audits, board diversity and composition, strategies, and policies are all included under the governance pillar. Regarding governance, it has been found that the financial performance of a business is influenced by its decision-making body. For instance, gender

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During the last ten years, ESG investments have increased significantly in both the US and Europe. However, quantifying true ESG effects is tricky for several reasons. Firstly, despite the attention devoted to ESG in the literature, there is a real gap between theory and reality. The real effects of

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Besides executive compensation, equitable pay of other employees is a consideration in the governance of an organization. This includes pay equity for employees of all genders. Pay equity audits and the results of those audits may be required by various regulations and, in some cases, made available

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ruled that there was a case to answer bringing the area of a company's social responsibilities squarely into the financial arena. This area of concern is widening to include such considerations as the effect on local communities, the health and welfare of employees and a more thorough examination of

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The gap between the performance of large corporations and SMEs can have various explanations. According to studies, companies that provide more robust information tend to receive higher ESG scores, even if they have historically weak ESG practices or correspond to a higher overall ESG risk. The best

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However, it is important to challenge this generalized view of ESG investing. While some groups are showing increased interest, it's essential to recognize the diversity of perspectives and priorities across generations. This bias can lead to a simplified or even erroneous view of the real effect of

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There has been uncertainty and debate as to what to call the inclusion of intangible factors relating to the sustainability and ethical effectiveness of investments. Names have ranged from the early use of buzz words such as "green" and "eco", to the wide array of possible descriptions for the types

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Although the concept of selective investment was not a new one, with the demand side of the investment market having a long history of those wishing to control the effects of their investments, what began to develop at the turn of the 21st century was a response from the supply-side of the equation.

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Weaponry systems in Ukraine, many of which were supplied by European countries, have been rendered unworkable... because of damage caused by mice and other rodents. Seemingly, these creatures have developed a preference for cable insulation made of corn fiber over synthetic materials... the dilemma

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The European Union was a pioneer in introducing ESG requirements, such as the European Directive on Non-Financial Disclosures and Diversity, which initially applied to large companies. More recently, the proposed revision of this directive extended its scope to all large, listed companies. However,

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The landscape of sustainable investments has undergone a significant transformation with the advent of ESG criteria. The rapid evolution of this approach has raised concerns about its increasingly widespread use as a marketing tool. The absence of regulatory standards governing the communication of

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negative externalities affect the company- more than concrete action on the three factors. Secondly, the ESG effectiveness rating agencies (eg : Refinitiv, Moody s, ECPI, Sensefolio, Inrate) which measures ESG factors commitment, integration and results and therefore outward effect on society.

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One of the defining marks of the modern investment market is the divergence in the relationship between the firm and its equity investors. Institutional investors have become the key owners of stock—rising from 35% in 1981 to 58% in 2002 in the US and from 42% in 1963 to 84.7% in 2004 in the UK and

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The growing integration of environmental, social, and governance criteria into investment decisions has spawned a series of myths and preconceptions surrounding their true effectiveness and relevance. These misperceptions, which are widespread in the financial world, have often obscured the reality

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The system of internal procedures and controls that makes up the management structure of a company is in the valuation of that company's equity. Attention has been focused in recent years on the balance of power between the CEO and the board of directors and specifically the differences between the

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However, comparing ESG ratings from one geographical area to another is not an easy task, especially in a global market. Variations in company ratings, particularly between Europe (in the best position) and North America (in the worst), may reflect the quality of reporting rather than the intrinsic

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La Paglia, Arnaud. (2023). "Performance des fonds d'investissement en Europe : L'intégration des préoccupations environnementales, sociétales et de gouvernance pénalise-t-elle la performance financière ?" Louvain School of Management, Université catholique de Louvain. Prom. : Hasse,

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Firzli, M. Nicolas J. (10 February 2020). "COMPTE RENDU DE LA RÉUNION DU G7 DES FONDS DE PENSIONS D'AOÛT 2019 Les objectifs de Développement Durable («ODD») sont désormais incontournables pour le secteur financier" [Report on the G7 Pensions Meetings, August 2019: Sustainable Development Goals

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The three domains of environmental, social, and corporate governance are intimately linked to the concept of responsible investment (RI). RI began as a niche investment area, serving the needs of those who wished to invest but wanted to do so within ethically defined parameters. In recent years it

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The social pillar deals with the assessment of both internal (workers) and external relationships (local community/consumers). This pillar focuses on human rights, privacy policies, working conditions, and initiatives that benefit underprivileged communities, among other things. Studies have shown

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Investors motivated by financial value, as well as those guided by ethical values, are now factoring ESG considerations into their decisions. This shift is not just an evolution of values-based listed stock selection, but a profound transformation of the investment paradigm. However, this progress

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As far as stakeholders are concerned, it's important to note that not all generations and countries are affected in the same way. Firstly, on a global scale, there are notable differences between regions in terms of companies' willingness and ability to address ESG issues in their investments. The

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This variability and lack of consistency in ESG reporting is fuelling significant criticism, investor confusion and mistrust. In the absence of uniform standards and standardized reporting, some capital market participants find it difficult to accurately assess companies' ESG performance, risking

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ESG investments often involve fundamental changes in company operations, such as the integration of sustainable technologies or the reconfiguration of human resources management policies. These transformations take time to materialize and do not always produce immediate financial benefits, making

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In March 2022, Deutsche Bank agreed to extend the term of an external compliance monitor until February 2023 from its 2015 settlement with the Justice Department to address its failure to disclose the internal ESG complaint from its former chief sustainability officer the previous August. In June

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Francis Menassa (JAR Capital) says, that "the EU's 2014 Non-Financial Reporting Directive will apply to every country on a national level to implement and requires large companies to disclose non-financial and diversity information. This also includes providing information on how they operate and

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monitoring framework. Developed in collaboration with the government and financial sector representatives, this strategy positions Luxembourg at the forefront of sustainable finance globally, aiming to support the transition of its financial sector towards sustainability as a coordinating entity.

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However, there is a limited alignment of Luxembourg-based entities with climate initiatives like GFANZ, PCAF, and SBTi, urging broader adoption across sectors to foster sustainability. Simultaneously, stock exchanges play a pivotal role in driving sustainability. They create opportunities for new

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Luxembourg exemplifies this shift, with ESG funds reaching EUR 2.8 trillion in assets, comprising around 67.3% of the country's UCITS fund AuM. Most of these funds (59.1%) employ exclusion strategies, targeting sectors like weapons, tobacco, and fossil energy, aligning with responsible investment

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Despite progress, more action is required across industries globally. Sustainable finance emerges within the financial sector as a linchpin, integrating ESG considerations into investment decisions, not merely as an option but as a critical necessity for a just, sustainable, and inclusive future.

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Corporate Governance in ESG includes issues from the Board of Director's view, Governance Lens watching over Corporate Behavior of the CEO, C-Suite, and employees at large includes measuring the Business ethics, anti-competitive practices, corruption, tax and providing accounting transparency for

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Another bias that the ESG instrument can exhibit is that larger companies generally have higher ESG scores compared to small and medium-sized enterprises (SMEs). Sustainability reports have so far been self-declared and unaudited, resulting in companies often seeking to present themselves in the

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The implementation of ESG practices differs across sectors. The sectors of the industry, information technology, consumer discretionary, and materials are the sectors that have the biggest interest in the ESG practice (see figure 2). According to the sector, the weights attributed to the relative

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Where Friedman had provided academic support for the argument that the integration of ESG type factors into financial practice would reduce financial performance, numerous reports began to appear in the early years of the century that provided research that supported arguments to the contrary. In

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Furthermore, efforts to meet ESG criteria for sustainability are perceived as a means to attract socially conscious consumers, employees, and investors. In essence, the use of ESG no longer aligns with its original sustainability objectives but has become a marketing tool to attract investors to

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ESG reporting, which stands for Environmental, Social, and Governance reporting, is when a company shares information about its effect on the environment, society, and how it's governed. This kind of reporting is usually done on a voluntary basis, meaning companies choose to do it to be open and

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As for categorizing ESG rating agencies by purpose, it is crucial to distinguish between two private ESG rating clusters. First, the ESG risk rating agencies (eg : MSCI, Sustainalytics, S&P, FTSE Russell), they are meant to measure how exposed a company is towards ESG risks -meaning the

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While Luxembourg's efforts in sustainable finance are commendable, the journey is in its infancy. Challenges like data availability, standardization, and disclosure persist. Enhancing these aspects is crucial for sector development and measuring progress effectively. Luxembourg's pivotal role in

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However, merely holding mandatory diversity training is not enough to open companies to opportunities for targeted groups. Studies find the more a company intentionally integrates work teams, the more open it becomes to a diverse workforce; the US military is a prime example of races and genders

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Moreover, between 2007 and 2016, the number of traditional funds putting ESG criteria into perspective rose from 260 to over 1,000. Moreover, the number of investments incorporating ESG criteria is estimated to have doubled between 2019 and 2022. Another study also claims that funds with an ESG

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ESG standards have been developed in response to the growing worldwide demand for more sustainable and socially responsible investments. Since the development in 1960 of these standards has evolved gradually and is the result of a global recognition of the importance of sustainability and social

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Many in the investment industry believe the development of ESG factors as considerations in investment analysis to be inevitable. The evidence toward a relationship between consideration for ESG issues and financial performance is becoming greater and the combination of fiduciary duty and a wide

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in 2002, Chris Yates-Smith, a member of the international panel chosen to oversee the technical construction, accreditation, and distribution of the Organic Production Standard and founder of a branding consultancy, established one of the first environmental finance research groups. The informal

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has also found that "ESG generally improves returns and cuts client costs over time". Analysis over a five-year period showed stock funds weighted towards ESG scores generally performed higher: an increase in annual average return of 1.59% in European markets, 1.02% in Asia-Pacific markets, and

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This classification is helpful for understanding the confusion around ESG ratings inefficiency in facing the big challenges ahead on the three factors. Indeed, a company with a higher score doesn’t necessarily mean that it has strong environmental, social and governance effect on the world, but

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However, there is a gap inside the regulatory framework because there is no common agreement on the assessment of the social pillar. Therefore, the rating agencies don’t use the same metrics which create a high divergence in the different evaluations. Moreover, the social pillar is difficult to

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opinion poll in the U.S. reported that the proportion of Americans who considered the promotion of "causes like diversity and environmentalism" to be the most important aim for companies was 9%. 69% said that the focus should be on "providing quality goods and services," and 13% on "increasing

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According to a nationally representative survey from Finder UK, over half (57%) of UK investors hold an ESG investment. Gen Z being the most likely generation to invest through ESG, with 66% of respondents claiming an interest in ESG investing. Baby boomers were found to be the least likely to

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Initially, studies focused on the effect of CSR on financial performance, using models such as the CAPM. Early research, such as that by Alexander and Buchholz in 1978, found no significant link between socially responsible actions and stock market returns. Subsequent studies, such as those by

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The Environmental (E) pillar of ESG assesses how an industry affects the environment by considering elements such as carbon footprint, pollution levels, resource management, dependence on fossil fuels, and efforts to address climate change. Addressing these issues is essential to the long-term

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Aligned with Luxembourg's international commitments, the LSFI's Strategy operates on three pillars: Raising Awareness & Promoting, Unleashing Potential, and Measuring Progress. The LSFI's action plan focuses on promoting sustainable finance awareness, sharing knowledge, and establishing a

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Companies that adopt ESG criteria are more inclined to generate higher profits, as investors are more oriented towards more ecologically friendly and sustainable products. These investors are now taking more account of these guidelines in their investment decisions. In other words, the aim of

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Networks of institutional investors committed to curbing climate change have emerged, where in institutional investors are agreeing to hold themselves accountable to climate action targets. One such example is the Institutional Investors Group on Climate Change, looking to deliver significant

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Based on the belief that addressing ESG issues will protect and enhance portfolio returns, responsible investment is rapidly becoming a mainstream concern within the institutional industry. By late 2016, over a third of institutional investors (commonly referred to as LPs) based in Europe and

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has become not only an important tool for employees but companies are beginning to compete keenly for a place on the list, as not only does it help to recruit the best workforce, it appears to have a noticeable effect on company values. Employee relations relate also to the representation of

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on the interpretation of the law with respect to investors and ESG issues. The Freshfields report concluded that not only was it permissible for investment companies to integrate ESG issues into investment analysis, but it was also arguably part of their fiduciary duty to do so. In 2014, the

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Financial incentives and organizational culture are among the structural factors that fuel this short-term vision. However, ESG issues have a more significant influence on medium- and long-term financial performance, making it difficult to understand them in the context of short-term market

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is a dishonest practice where financial market participants falsely claim sustainability, risking damage to their reputation and potential legal consequences. It can be achieved under different forms such as a mix of despicable environmental management and positive environmental management

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Despite the positive correlation between the inclusions of ESG criteria and financial performance, it does not imply that companies' primary aim is to become socially and environmentally responsible. According to Friedman (1962), "a company's main objective is to increase the wealth of its

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measure because it relies on social aspects that are empirically limited and quantifiable, e.g. it refers to notions such as well-being, and discrimination which needs a deep understanding with a detailed analysis. To conclude, assessing the real effects of the social pillar is very tough.

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progress to net zero by 2030. Moreover, the networks have collaborated with investment frameworks to "evaluate" corporate progress to net zero, with one such framework being the Climate Action 100+, a series of criterion used to evaluate the companies emitting the largest quantity of GHG.

1978:

manage social and environmental challenges. The aim is to help investors, consumers, policy makers, and other stakeholders to evaluate the non-financial performance of large companies. Ultimately, the Directive encourages European companies to develop a responsible approach to business".

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Even when studies have attempted to specifically measure performance about CSR, such as that by Aupperle, Carroll, and, Hatfield in 1985, using risk-adjusted profitability measures, they have reached similar conclusions: the absence of a significant relationship between CSR and corporate

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Positive selection; where the investor actively selects the companies in which to invest; this can be done either by following a defined set of ESG criteria or by the best-in-class method where a subset of high performing ESG compliant companies is chosen for inclusion in an investment

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defines sustainable investments as it involves constructing a portfolio by selecting assets deemed to be sustainable or capable of enduring over the long term. It can also be seen as a resolute approach that excludes assets perceived as detrimental to long-term environmental and social

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There is a growing belief that the broader the pool of talent open to an employer the greater the chance of finding the optimum person for the job. Innovation and agility are seen as the great benefits of diversity, and there is an increasing awareness of what has come to be known as

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Sachini Supunsala Senadheera, Piumi Amasha Withana, Pavani Dulanja Dissanayake, Binoy Sarkar, Shauhrat S. Chopra, Jay Hyuk Rhee & Yong Sik Ok (2021) Scoring environment pillar in environmental, social, and governance (ESG) assessment, Sustainable Environment, 7:1, 1960097, DOI:

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issues into their investment decision-making processes. In 2021, several organizations were working to make ESG compliance a better understood process in order to establish standards between rating agencies, amongst industries, and across jurisdictions. This included companies like

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a considerable negative effect on portfolio volatility and a favorable effect on portfolio return growth. According to the countries, some indicators are less important than others, and one of the last contributing ESG performance scores for the developing countries is governance.

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The lack of transparency and standardization remains a major challenge for investors seeking to integrate these aspects into their financial decisions. The limited availability of relevant and timely information is a significant barrier to the proper consideration of ESG issues.

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Assigning a precise monetary value to ESG issues is proving complex, if not arduous. Quantitative models and established ESG ratings do not always adequately capture these values, making it difficult to integrate them into investment decisions based on short-term financial data.

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Renauld, Maxime. (2020). "Performance des Investissements Socialement Responsables : Comparaison de la performance des fonds d’investissement conventionnels et durables en Europe." Louvain School of Management, Université catholique de Louvain. Prom. : Miche, Bernard.

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Consulting role; the larger institutional investors and shareholders tend to be able to engage in what is known as 'quiet diplomacy', with regular meetings with top management in order to exchange information and act as early warning systems for risk and strategic or governance

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There was a clear acceleration of the institutional shift towards ESG-informed investments in the second semester of 2019. The notion of "SDG Driven Investment" gained further ground amongst pension funds, SWFs and asset managers in the second semester of 2019, notably at the

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this information and the unregulated construction of ESG assessments creates a fertile ground for the exploitation of ESG for marketing purposes. This runs the risk of misleading investors and fund managers while compromising the credibility and relevance of this instrument.

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Peter, M., Wang, Y., & Stockmann, G. S. K. (1994). "Luxembourg." In Proceedings of 2nd Workshop: Non‐Tidal Gravity Changes, Intercomparison between Absolute and Superconducting Gravimeters (pp. 57-69). Cahiers du Centre Europeen de Geodynamique et de Seismologie, Vol.

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MSCI puts in the Governance side of the bucket corporate behavior practices and governance of board diversity, executive pay, ownership, and control, and accounting that the board of directors have to oversee on behalf of stakeholders. Other concerns include reporting and

1761:. These standards have subsequently been periodically updated into what is commonly known as the International Finance Corporation Performance Standards on social and environmental sustainability and on the World Bank Group Environmental, Health, and Safety Guidelines. 7378:

Il fallait aussi compter avec les rongeurs. «Certaines gaines de protection de fils électriques sont en fibre de maïs…»... Le phénomène est marginal, mais il raconte la confrontation au réel des équipements militaires occidentaux. L'écoresponsabilité résiste mal à la

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Cremasco, C., & Boni, L. (2022). "Is the European Union (EU) Sustainable Finance Disclosure Regulation (SFDR) effective in shaping sustainability objectives? An analysis of investment funds' behaviour." Journal of Sustainable Finance & Investment. DOI:

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Corporate governance refers to the structures and processes that direct and control companies. Good governance is seen to ensure companies are more accountable, resilient and transparent to investors and gives them the tools to respond to stakeholder concerns.

1981:

One of the key areas of concern in the discussion as to the reliability of ESG disclosures is the establishment of credible ratings for companies as to ESG performance. The world's financial markets have all leapt to provide ESG relevant ratings indexes, the

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responsibility, it is difficult to determine precisely which countries needed these standards first. However, certain countries or regions are particularly active in promoting ESG standards. For example, European countries such as the Scandinavian countries (

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stated that the agency was preparing recommendations for new disclosure requirements for ESG investment funds. In October 2021, EBSA proposed reversing the Trump administration ERISA final rule for fiduciaries in proxy voting on ESG investments for 401(k)s.

2332:

increase profits. While some studies contemplate potential obsolescence with stricter regulations, it is imperative to reconsider and regulate the use of ESG to restore its credibility and essential role in promoting responsible and sustainable businesses.

1645:, specifically by designing models based on assumptions that the identification, assessment, and management of sustainability-related risks and opportunities with respect to all organizational stakeholders leads to higher long-term risk-adjusted return. 4991:

Steyn, M. (2014). "Organisational Benefits and Implementation Challenges of Mandatory Integrated Reporting: Perspectives of Senior Executives at South African Listed Companies." Sustainability Accounting, Management and Policy Journal, 5, 476-503. DOI:

4321:

Senadheera, S. S., Withana, P. A., Dissanayake, P. D., Sarkar, B., Chopra, S. S., Rhee, J. H., & Ok, Y. S. (2021). "Scoring environment pillar in environmental, social, and governance (ESG) assessment." Sustainable Environment, 7(1), 1960097. DOI:

4307:

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of ensuring electrical insulation durability has become a sticking point for newer equipment. This issue affects a multitude of nations where ESG (Environmental, Social, and Corporate Governance) guidelines are making their way into the arms industry.

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investment decisions based on incomplete or potentially misleading information. Moreover, this can open the door to greenwashing, where companies embellish their environmental or social practices to appear more responsible, without implementing them.

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European model and the US model—in the US studies have found that 80% of companies have a CEO who is also the chairman of the board, in the UK and the European model it was found that 90% of the largest companies split the roles of CEO and chairman.

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Currently, companies are subject to ESG disclosure requirements, but these reports are not always aligned with regular financial statements. This temporal separation complicates the integration of ESG data into the investment evaluation process.

2120:

that makes ESG reporting mandatory for the top 1000 companies based on their market value on the stock exchange. They have to provide this report to ensure transparency and disclosure regarding their sustainability and responsibility practices.

7265:

Réglementation européenne, ratings ESG, labels ESG. A l’heure de réconcilier la finance et la planète, comment ces outils contribuent-ils à la réorientation des flux de capitaux vers l’investissement durable ? (2023). Université de Liège.

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and stricter regulations, there's a notable decrease in funds incorporating ESG-related terms into their names. An increasing number of funds in the United States are removing ESG-related terms from their names, a trend not observed in Europe.

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and The Generation Foundation launched a three-year project to end the debate on whether fiduciary duty is a legitimate barrier to the integration of environmental, social, and governance issues in investment practice and decision-making.

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and how their financial performance fared as a result. Of the three areas of concern that ESG represented, the environmental and social had received most of the public and media attention, not least because of the growing fears concerning

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Cochran and Wood in 1984, Aupperle, Carroll and Hatfield in 1985, and Blackburn, Doran and Shrader in 1994, confirmed this lack of correlation between ESG and corporate financial performance, despite differing methodological approaches.

5005:

Brown, D., Guidry, R., & Patten, D. (2009). "Sustainability reporting and perceptions of corporate reputation: An analysis using Fortune most admired scores." Advances in Environmental Accounting & Management, 4, 83-104. DOI:

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found that "83% of consumers think companies should be actively shaping ESG best practices", with 76% of consumers saying they would "discontinue relations with companies that treat employees, communities and the environment poorly".

1310:

in 2006, a report commissioned by the British government to provide an economic analysis of the issues associated with climate change. Its conclusions pointed towards the necessity of including considerations of climate change and

5087:

Dörry, S., Schulz, C., Emrick-Schmitz, E. A., & Hercelin, N. (2021). "Connecting Alternative Economies and Sustainable Finance with Regional Development: The Examples of France, Germany and Luxembourg." Regions Magazine. DOI:

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Park, S. R., & Jang, J. Y. (2021). "The Impact of ESG Management on Investment Decision: Institutional Investors’ Perceptions of Country-Specific ESG Criteria." International Journal of Financial Studies, 9(3), 48. DOI:

3560:

4974:

Gecele, Adriano. (2023). "Comment les stratégies d’investissement ESG impactent-elles les performances financières ?" Louvain School of Management, Université catholique de Louvain. Prom. : Hasse, Jean-Baptiste.

1397:("buyer beware") was the governing principle of commerce and trading. In recent times however, there has been an increased assumption that the consumer has a right to a degree of protection, and the vast growth in damages 518:", referring to the financial, environmental, and social factors included in the new calculation. At the same time, the strict division between the environmental sector and the financial sector began to break down. In the 5293: 3539:

Baratta, A., Cimino, A., Longo, F., Solina, V., & Verteramo, S. (2023). "The Impact of ESG Practices in Industry with a Focus on Carbon Emissions: Insights and Future Perspectives." Sustainability, 15(8), 6685. DOI:

1516:

Companies are now being asked to list the percentage levels of bonus payments and the levels of remuneration of the highest paid executives are coming under close scrutiny from stock holders and equity investors alike.

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over his investigating banks' ESG practices, such as commitments to combat climate change. In November 2022, the Kentucky Bankers Association sued Cameron in Franklin Circuit Court; Cameron had the case removed to the

4242:

Lee, M. T., Raschke, R. L., & Krishen, A. S. (2023). "Understanding ESG scores and firm performance: Are high-performing firms E, S, and G-balanced?" Technological Forecasting and Social Change, 195, 122779. DOI:

2001:

European regulators have introduced concrete rules to deal with the problem of greenwashing. These include a package of legislative measures arising from the European Commission's Action Plan on Sustainable Finance.

6555: 3337: 4191:

Dalmas, M. (2019). "Génération Z et conception du travail : un nouvel enjeu pour la GRH." Revue internationale de psychosociologie et de gestion des comportements organisationnels, Vol. XXV(60), 97-116. DOI:

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are pioneers in integrating ESG criteria into investment and corporate governance policies. Similarly, these Nordic countries tend today to score relatively well in many international assessments of ESG criteria.

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expectations. The question of the long-term versus the short-term in ESG investments manifests itself mainly through two crucial points: the temporality of returns and the divergent expectations of investors.

1738:

as a framework for improving the analysis of ESG issues in the investment process and to aid companies in the exercise of responsible ownership practices. As of April 2019 there are over 2,350 PRI Signatories.

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ESG investments. Excessive focus on the most engaged generations may mask progress or shortcomings elsewhere, underlining the need for a more balanced and nuanced assessment of the effect of ESG investments.

710:

ESG factors and ratings took a well-established place in the finance realm. Indeed, the 2021 ESG assets market value was over $ 18.4 trillion worth of investments with a projected growth of 12.9% till 2026.

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However, in some places like India and certain regions, there are rules that make ESG reporting a requirement for specific types of companies. For example, in India, there's a regulatory requirement called

1829:

sustainable finance, coupled with its solid expertise and political commitment, has birthed innovative initiatives. The LSFI, integral to this, aims to transition Luxembourg's financial sector sustainably.

1640:

to assess the material sustainability-related risks and opportunities relevant to an organization. Investors may also use ESG data beyond assessing material risks to the organization in their evaluation of

576:

showing that the "100 Best Companies to Work For" outperformed their peers in terms of stock returns by 2–3% a year over 1984–2009, and delivered earnings that systematically exceeded analyst expectations.

1014:, a small pharmaceutical company, receives a lower score, despite its commitments and compliances with ESG criteria. SMEs may also find it challenging to implement the necessary measurement frameworks. 422:

Investment decisions are predominately based on the potential for financial returns for a given level of risk. However, there have always been many other criteria for deciding where to place money—from

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According to a 2021 study done by the NYU Stern Center for Sustainable Business, which looked at over 1,000 studies, "studies use different scores for different companies by different data providers."

1905:

to rate companies and their commitment to ESG. Each rating agency uses its own set of metrics to measure the level of ESG compliance and there is, at present, no industry-wide set of common standards.

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Becchetti, L., Bobbio, E., Prizia, F., & Semplici, L. (2022). "Going Deeper into the S of ESG: A Relational Approach to the Definition of Social Responsibility." Sustainability, 14, 9668. DOI: (

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So having a high ESG score does not always seem to always have a positive and measurable effect on the environment, but leads to more financial incentives: a higher profit and larger market shares.

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ESG guidelines among western European arms manufacturers have been criticised for compromising on practical battlefield durability over environmentally-friendly manufacturing practices. During the

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The G scores (as well as the S score) are subjective measures and are more likely to be manipulated to elevate ESG performance. These two pillars (G and S) are also more subjected to greenwashing.

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Shaikh, I. (2022). "Environmental, Social, and Governance (ESG) Practice and Firm Performance: An International Evidence." Journal of Business Economics and Management, 23(1), 218‐237. DOI: (

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from the previous January for failing to inform prosecutors of their former chief sustainability officer's internal complaint about the DWS Group's overstating of its ESG investment efforts.

3617: 3058: 514:, in which he identified the newly emerging cluster of non-financial considerations that should be included in the factors determining a company or equity's value. He coined the phrase the " 1908:

In Latin America, it is the Latin American Quality Institute with headquarters in Panama and operations in 19 countries that leads the movement with more than 10,000 certifications issued.

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A Legal Framework for the Integration of Environmental, Social and Governance Issues into Institutional Investment: A Report Produced for the Asset Management Working Group of the UNEP FI

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One of the solutions put forward to the inherent subjectivity of ESG data is the provision of universally accepted standards for the measurement of ESG factors. Such organizations as the

3216: 6718: 6744: 6609: 6409:"DEPARTMENT OF LABOR Employee Benefits Security Administration (29 CFR Part 2550 RIN 1210–AC03) – Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights" 2341:

properly considered. One of the major problems is the excessive focus of company managers, investors, and analysts on quarterly results, often overshadowing long-term value creation.

1942:

The corporate governance side of the matter has received rather more in the way of regulation and standardization as there is a longer history of regulation in this area. In 1992 the

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Aguilera, Ruth V.; Williams, Cynthia A.; Conley, John M.; Rupp, Deborah E. (May 2006). "Corporate Governance and Social Responsibility: a comparative analysis of the UK and the US".

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Asset managers and other financial institutions increasingly rely on ESG ratings agencies to assess, measure and compare companies' ESG performance. More recently, publications like

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Engagement; investment funds monitoring the ESG performance of all portfolio companies and leading constructive shareholder engagement dialogues with each company to ensure progress.

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ESG Performance Evaluations (internal or independent performance assessment by means of expert opinions, based on internally and externally available objective and subjective facts)

1006:

ratings for these companies may be linked to their enhanced ESG compliances or because they allocate more resources to the preparation of their non-financial reports. For instance,

3513:

Patil, Y., & Gokhale, R. (2023). "Investing in the Age of Millennials and Gen-Z: A Comparative Analysis." NLDIMSR Innovision Journal of Management Research, 6(2), 15–28. DOI: (

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has meant that consumer protection is a central consideration for those seeking to limit a company's risk and those examining a company's credentials with an eye to investing. The

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Caprioli, C. (2017). "Luxembourg Green Exchange: The Meeting Place for ESG-Conscious Issuers and Investors." Annales des Mines - Responsabilité et environnement, 88, 37-39. DOI: (

4830:

Wright, Christopher; Rwabizambuga, Alexis (March 2006). "Institutional Pressures, Corporate Reputation, and Voluntary Codes of Conduct: An Examination of the Equator Principles".

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Boffo, R., & Patalano, R. (2020). "ESG Investing: Practices, Progress and Challenges", OECD Paris. (www.oecd.org/finance/ESG-Investing-Practices-Progress-and-Challenges.pdf)

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Scholtens, B. & Sievänen, R. (2013). "Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries." Journal of Business Ethics, 115(3), 605-616. DOI: (

7066: 5180: 2046: 1382: 1045:, defines ESG investing as the consideration of environmental, social, and governance factors alongside financial factors in the investment decision-making process. Likewise, 17: 4170: 7342: 7312: 7309: 6547: 3329: 3026:"Is sustainability now the key to corporate success? Companies that adopted environmental, social, and governance policies in the 1990s have outperformed those that didn't" 487:

titled "Social Capital in the Creation of Human Capital", the article challenged the dominance of the concept of 'self-interest' in economics and introduced the concept of

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Under ESG reporting, organizations are required to present data from financial and non-financial sources that shows they are meeting the standards of agencies such as the

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Dörry, S., & Schulz, C. (2018). "Green Financing, Interrupted: Potential Directions for Sustainable Finance in Luxembourg." Local Environment, 23(7), 717‐733. DOI: (

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Meira, Erick, et al. « The added value and differentiation among ESG investment strategies in stock markets ». Business Strategy and the Environment (2022).

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power of collective investors to encourage companies and capital markets to incorporate environmental and social risks and opportunities into their decision-making.

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Barnett, Michael L.; Salomon, Robert M. (November 2006). "Beyond dichotomy: the curvilinear relationship between social responsibility and financial performance".

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ESG rating agencies are the main infomediaries of ESG investing. Sustainalytics estimated the number of ESG-rating companies in the ecosystem at over 600 in 2018.

3028: 2009:(SEC) announced that examination of regulatory compliance related to disclosures for ESG would be an area of focus for the agency in 2021. In the same month, the 6856: 2831:"United Nations Environment – Finance Initiative – Partnership between United Nations Environment and the global financial sector to promote sustainable finance" 1731: 1049:

highlights consideration of the ways in which environmental, social, and governance risks and opportunities can have material effects on companies' performance.

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The Equator Principles, formally launched in Washington DC on 4 June 2003, were based on existing environmental and social policy frameworks established by the

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The term ESG first came to prominence in a 2004 report titled "Who Cares Wins", which was a joint initiative of financial institutions at the invitation of the

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BermejoCliment, R., Figuerola-Ferretti, I., Paraskevopoulos, I., & Santos, A. (2021). "ESG Disclosure and Portfolio Performance." Risks, 9, 172. DOI: (

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Berg, F., Fabisik, K., & Sautner, Z. (2020). "Rewriting History II: The (Un)Predictable Past of ESG Ratings." Social Science Research Network. DOI: (

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In March 2021, the SEC also announced the creation of a task force to pursue enforcement cases against investment fund managers and public companies for

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of a company's product or service is becoming central to the value ascribed to that company. The long-term view is becoming prevalent amongst investors.

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Cipm, M. O. C. (2020, May 29). Are ESG factors relevant only for investors with long-term investment horizons? CFA Institute Market Integrity Insights.

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in all financial calculations and that the benefits of early action on climate change would outweigh its costs. The main framework used globally is the

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Hayat, U., Orsagh, M., & Schacht, K. N. (2015). "Environmental, Social, and Governance Issues in Investing: A guide for investment professionals."

6090: 4417: 506:. The investment market began to pick up on the growing need for products geared towards what was becoming known as the Responsible Investor. In 1998, 4378: 8871: 6040: 5726: 4347: 668:

among other asset management companies, placed pressure on pharmaceutical companies in which they had a large stake in to cooperate with each other.

7111: 6651: 4589: 4260: 7909: 6063: 3614: 3051: 6937: 4945:

Surroca, Joaquín; Tribó, Jose A.; Waddock, Sandra (2010). "Corporate responsibility and financial performance: The role of intangible resources".

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Gallup finds that 28% of U.S. employees strongly agree with the statement, "My organization makes a positive impact on people and the planet."

2251: 2145: 1936: 7032: 6775: 3164: 1092:, and conflicts and humanitarian crises, and is relevant in risk and return assessments directly through results in enhancing (or destroying) 6710: 5486: 1853: 1268:

the company that are not exclusively affected by market mechanisms. As with all areas of ESG, the breadth of possible concerns is vast (e.g.

6283: 3360:"ESG-focused institutional investment seen soaring 84% to US$ 33.9 trillion in 2026, making up 21.5% of assets under management: PWC report" 2878: 2809: 8079: 6525: 6382: 6013: 5803: 3748: 2721: 1868:. The market's structure is divided between a few very large non-EU providers on one side, and numerous smaller EU providers on the other. 1002:

best possible light. Furthermore, several studies have demonstrated significant data omissions, inaccurate figures, and unfounded claims .

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https://blogs.cfainstitute.org/marketintegrity/2019/09/18/are-esg-factors-relevant-only-for-investors-with-long-term-investment-horizons/

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er.org/digest/20231/investors-willingness-pay-esg-funds#:~:text=Between%202019%20and %202022,to%20their%20expected%20financial%20returns)

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Animal welfare concerns involve testing products or ingredients on animals, breeding for testing, exhibiting animals, or factory farms.

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and other company public relations objectives, while distracting from more substantive initiatives to improve environment and society.

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Activism; strategic voting by shareholders in support of a particular issue, or to bring about change in the governance of the company.

1434: 6448: 3692: 8941: 8856: 7511: 6233: 6167: 5139: 4722: 4064: 2280: 2097: 2010: 1951: 1672: 646: 7055: 6144: 5176: 3377: 1300:, holders of insurance reserves—to begin to screen investments in terms of their effect on the perceived factors of climate change. 593:

confirmed that there was no bar on pension trustees and others from taking account of ESG factors when making investment decisions.

7283: 6117: 5853: 684: 4920:"Beyond Financial Outcomes: Assessing the Influence of ESG Tilt and Momentum on Employee Satisfaction in S&P 500 Corporations" 4162: 3982: 9124: 8172: 7793: 3909: 3852: 2006: 951:

results of various surveys seem to confirm these disparities, showing a more favorable trend in Europe, the Middle East, Africa (

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in the areas of environmental and social practice mean that the measurement of such statistics is subjective to say the least.

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In November 2021, the SEC rescinded a Trump administration rule issued in 2017 that permitted company managers to exclude ESG

1010:, a large pharmaceutical company, maintains a high ESG rating even after being involved in recent controversies. In contrast, 8866: 8851: 8815: 7773: 7578: 6963: 5668: 2762: 2534: 1821:

trends. Notably, ESG Involvement funds focus on sub-strategies like Best-in-Class and SDGs, highlighting their significance.

1727: 1304:-reliant industries are less attractive. In the UK, investment policies were particularly affected by the conclusions of the 621: 205: 5932: 5163: 2768: 1526:

to the public for review. Hermann J. Stern differentiates four methods to include ESG performance in employee compensation:

458:

in the United States, drew up a Code of Conduct in 1977 for practising business with South Africa. What became known as the

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https://www.esma.europa.eu/sites/default/files/library/esma80-416-347_letter_on_esg_ratings_call_for_evidence_june_2022.pdf

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https://www.esma.europa.eu/sites/default/files/2023-10/ESMA50-524821-2931_ESG_names_and_claims_in_the_EU_fund_industry.pdf

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which has been widely accepted (if patchily applied) by the financial world as a benchmark for good governance practices.

8987: 8805: 8463: 7425: 6360:"Biden administration loosens Trump-era investing rules around environment, social and governance funds for 401(k) plans" 3458: 2910: 2239: 1844:

The ESG rating providers market is going through an increasing trend of concentration. For instance, the data aggregator

6498: 3025: 8827: 7806: 7757: 5589: 2614: 2424: 1857: 952: 590: 6337:"SEC Reopens Comment Periods for Several Rulemaking Releases Due to Technological Error in Receiving Certain Comments" 5043: 3939: 3644: 9064: 8800: 8750: 7523: 5986: 5324: 2792:

Ballou, B., Godwin, Norman H., Toppe Shortridge, Rebecca, "Firm Value and Employee Attitudes on Workplace Quality", (

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ESG Relative Performance Measurement (compared to peers, on the basis of key figures the company considers relevant)

1441:. Other conservative proposals include reports on charitable contributions and board nominee ideological diversity. 8846: 8810: 7538: 2088:

to overturn the EBSA ERISA 401(k) fiduciary proxy voting rule for ESG investments finalized the previous November.

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and AQ Research in 2008 concluded the vast majority of professionals preferred the term ESG to describe such data.

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Holland, John (October 1998). "Influence and Intervention by Financial Institutions in their Investee Companies".

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https://blog.worldfavor.com/esg-vs-csr-what-is-the-difference#:~:text=Corporate%20Social%20Responsibility%20(CSR)

3121: 2508:... investing principle known as E.S.G. — shorthand for prioritizing environmental, social and governance factors 2419: 2066: 1950:

to investigate the series of governance failures that had plagued the City of London such as the bankruptcies of

1778:

integrating an ESG policy is to have a positive effect on financial performance to cover the costs it generates.

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Exclusion; the removal of certain sectors or companies from consideration for investment, based on ESG-specific

8960: 8777: 8511: 8105: 8062: 8019: 8014: 7507: 7418: 4670: 2679: 2566: 2520: 2153: 2074: 1983: 1627: 585: 572: 503: 369: 180: 3586:"Influencing ESG perception in SMEs through CSR, business ethics, and HRM: An empirical study in V4 countries" 1808:

consider an ethical investment, with only 11% of this generation planning to invest in an ethical investment.

1678:

Integration; the inclusion of ESG risks and opportunities into traditional financial analysis of equity value.

9256: 9201: 8357: 8263: 8009: 7623: 5907: 4876: 4778: 4696: 4443: 3610: 3246: 2454: 704: 483: 5959: 4409: 2188:

The Kentucky Bankers Association of 150 banks doing business in Kentucky is suing Kentucky Attorney General

8970: 8529: 8480: 8468: 8402: 8273: 7954: 7441: 2229: 2194: 2081: 1328: 9251: 8919: 8897: 8772: 8745: 8664: 8208: 8134: 7984: 7877: 7840: 7814: 7717: 6639: 4637:"Group of top CEOs says maximizing shareholder profits no longer can be the primary goal of corporations" 4581: 2449: 2276:

Research shows that such intangible assets comprise an increasing percentage of future enterprise value.

2101: 676: 304: 4468: 391:

initiative into a global phenomenon representing more than US$ 30 trillion in assets under management.

9175: 8539: 8182: 7924: 7868: 7802: 7702: 7681: 6408: 6193: 5753: 5294:"Empresas da América Latina se comprometem a atingir objetivos globais através de modelo de excelência" 3481:

Lin, L. Venture Capital in the Rise of Sustainable Investment. Eur Bus Org Law Rev 23, 187–216 (2022).

3186: 2484: 2444: 2018: 904: 200: 3873:

Jayne, Michele E. A. and Dipboye, Robert L., "Leveraging Diversity to Improve Business Performance",

9241: 8948: 8822: 8690: 8599: 8534: 8331: 8098: 7949: 7798: 7662: 7343:"Rodents incapacitate millions in eco‑friendly military equipment in Ukraine: the unforeseen problem" 6064:"SEC Rescinds Trump-era Policy, Eases Path for Shareholder Proposals on Environmental, Social Issues" 5542: 5460: 4919: 2834: 494:

There was a new form of pressure applied, acting in a coalition with environmental groups: using the

7299:

Porter, M., Serafeim, G., & Kramer, M. (2019). "Where ESG Fails." Institutional Investor, 16(2).

5389:"Financial world greenwashing the public with deadly distraction in sustainable investing practices" 5206: 553:, then a book compiling a list of the best-practicing companies in the United States with regard to 9246: 8936: 8929: 8909: 8725: 8710: 8705: 8554: 8506: 8475: 8306: 8258: 8248: 8238: 7979: 7887: 7850: 7819: 7732: 7686: 7489: 7445: 3156: 1402: 1269: 1262: 1058: 325: 281: 230: 175: 71: 3277: 645:(TCFD) developing common themes in certain industries; and governmental regulations like the EU's 9261: 8965: 8700: 8659: 8336: 8278: 8218: 8034: 8024: 7974: 7618: 7613: 5437: 5360: 3402:"What is sustainable investing ?" | HBS Online. (2022, 14 juillet). Business Insights Blog. 2886: 2394: 2234: 2070: 1902: 1688: 1637: 1029:

ESG has been adopted throughout the United States financial industry to describe and measure the

913: 614: 477:). Towards the end of the 20th century, however, a contrary theory began to gain ground. In 1988 447: 61: 7332:

ments/article/position-paper/esg-issues-in-investing-a-guide-for-investment-professionals.as hx)

7282:

LSE Business Review. (2023, 30 janvier). "Marketing is killing ESG. Here’s how we can save it."

6548:"Workiva Cloud Platform Simplifies and Accelerates ESG Reporting for Companies Across the Globe" 4257: 9144: 9008: 8695: 8624: 8574: 8485: 8167: 8162: 8028: 7999: 7761: 7568: 4094: 2293: 1849: 1469: 1334: 1116: 680: 451: 251: 185: 91: 5504: 5264:"Pequenas e médias empresas podem se beneficiar do ESG, entrevista Daniel Maximilian Da Costa" 4621: 4034: 3130: 3116: 2238:

that showed that the company had overstated its ESG investment efforts. In December 2021, the

1925: 1530:

ESG Targets (Objectives for activities, projects and ESG results set by the company as a goal)

8762: 8629: 8594: 8579: 8544: 8501: 8268: 8233: 8187: 7989: 7788: 7707: 7598: 7563: 7288:

https://blogs.lse.ac.uk/businessreview/2023/01/31/marketing-is-killing-esg-heres-how-we-can-s

3465: 2649: 2198: 2058: 2042: 1943: 1093: 1046: 994: 225: 215: 170: 5238:"Zurn Water Solutions Named to Newsweek's 2022 List of America's Most Responsible Companies" 3083: 1476:, board oversight, CEO / board chair split, shareholder right to nominate board candidates, 8715: 8524: 8427: 8311: 8228: 8223: 7994: 7929: 7503: 6261:"That socially responsible fund may not be as 'green' as you think. Here's how to pick one" 2722:"25 Years Ago I Coined the Phrase "Triple Bottom Line". Here's Why It's Time to Rethink It" 2243: 1508:

co-workers in the decision-making of companies, and the ability to participate in a union.

1450: 1426: 1312: 1104: 1074: 1011: 1007: 661: 598: 478: 365: 357: 155: 7410: 6857:"At Deutsche Bank's DWS, Issues With Data Were at Heart of Sustainable-Investing Problems" 4718: 2369: 535:, and Mike Tyrell's Jupiter Fund in London, which used ESG based research to provide both 8: 9079: 8654: 8639: 8549: 8321: 7964: 7914: 7873: 7608: 7481: 5164:

https://www.hbs.edu/impact-weighted-accounts/Documents/corporate-environmental-impact.pdf

3406: 3403: 2439: 2390: 1876: 1711: 1097: 602: 459: 318: 160: 150: 36: 6911:"Deutsche Bank to Pay $ 130 Million to Settle Federal Criminal and Civil Investigations" 2398: 675:

and associated networks launched a campaign to dismantle ESG, with special targeting on

9189: 9163: 9094: 9029: 8412: 8052: 7824: 7752: 7657: 7603: 4847: 3974: 3844: 3004: 2952: 2514: 2459: 2405:

in place of synthetic insulators have succumbed to malfunction due to damage caused by

1748: 1503: 1085: 688: 549: 515: 495: 190: 145: 96: 4931: 4476: 3901: 3814: 2535:"Who Cares Wins – The Global Compact Connecting Financial Markets to a Changing World" 2314:

Recently, businesses and financial actors claiming sustainability have raised doubts.

9225: 9099: 8892: 8584: 8437: 8301: 8243: 8157: 8048: 8004: 7742: 7672: 7642: 7588: 7467: 6145:"SEC unveils rules to prevent misleading claims and enhance disclosures by ESG funds" 6041:"Labor Department proposes reversing Trump-era rules on socially conscious investing" 5355: 4843: 4617: 3836: 3819: 3126: 3008: 3000: 2956: 2758: 2610: 2492: 2288: 2209: 2034: 1845: 1735: 1406: 1133: 1062: 653: 474: 394:

Criticisms of ESG vary depending on viewpoint and area of focus. These areas include

123: 6884:"Justice Department Told Deutsche Bank Lender May Have Violated Criminal Settlement" 5777:"Green Finance Goes Mainstream, Lining Up Trillions Behind Global Energy Transition" 4851: 4800: 3848: 3574:

Sipiczki, A. S. (2022). A Critical Look at the ESG Market. CEPS Policy Insights, 15.

3303: 9049: 9003: 8757: 8680: 8649: 8619: 8589: 8422: 8121: 7553: 7347: 7091: 6830:"Fired Executive Says Deutsche Bank's DWS Overstated Sustainable-Investing Efforts" 6416: 6311:"SEC Could Ease Up on Scope 3 Greenhouse-Gas Emission Reporting, WSJ Panelists Say" 6201: 4954: 4927: 4839: 4498: 3828: 2996: 2944: 2221: 1642: 1454: 1281: 1277: 1078: 376: 195: 118: 6336: 4122:

The Shareholder Action Guide: How Your Investments and 401(k) Can Change the World

3514: 9213: 9139: 9129: 9074: 9034: 9013: 8839: 8634: 8407: 8382: 8352: 8152: 7722: 7652: 7558: 7528: 7477: 7472: 7456: 7098: 5909:

Remarks before the European Parliament Committee on Economic and Monetary Affairs

5567: 5089: 4472: 4244: 3699: 3621: 3469: 3032: 2866: 2813: 2807:

the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices

2752: 2085: 2062: 1991: 1987: 1875:, play a pivotal role in setting the standards for what is generally accepted as 1871:

In this highly concentrated ecosystem, small groups of big index providers, like

1612: 1473: 1112: 700: 466: 220: 210: 165: 81: 7253: 5102: 5007: 4775:"The Equator Principles – Environmental and social risk management for projects" 4752: 4309: 4295: 699:

Responsible investing through ESG has known a golden age globally driven by the

9104: 8767: 8685: 8609: 8432: 8367: 8253: 7593: 7448: 7116: 6678:"Kentucky bankers: Daniel Cameron trying to create 'state surveillance system'" 2706: 2262:

ESG investment funds would be among six top priorities for the agency in 2023.

2257:

In June 2022, the SEC was reportedly investigating the ESG investment funds of

1974: 1959: 1947: 1545: 1293: 1137: 1054: 1030: 567: 559: 519: 488: 455: 384: 66: 7368:"Guerre en Ukraine: pourquoi les livraisons d'armes n'ont pas changé la donne" 3052:"Investment Professionals vote 'ESG' and 'Sustainability' as top descriptions" 2901: 9235: 9184: 9158: 9044: 8953: 8735: 8392: 8387: 8362: 7939: 6476:"Biden used first veto to save a 401(k) investment rule. Here's what it does" 6091:"More ESG Shareholder Proposals Could Reach Ballots Under New SEC Leadership" 5643:"U.S. SEC to consider new 'sustainable' fund criteria, data disclosure rules" 4993: 3485: 3482: 2632:

Coleman, James S. (1988). "Social Capital in the Creation of Human Capital",

2496: 2402: 2258: 2225: 1966:. The conclusions that the commission reached were compiled in 2003 into the 1861: 1848:

took 40% of Sustainalytics stakes by 2017. Following that, the rating agency

1477: 1394: 1338: 1120: 1070: 1066: 1042: 912:

Several studies have shown that sustainable investments are on the rise. The

443: 361: 7329: 5585: 4979: 4976: 4905: 4902: 4502: 4224:

Semet, R. (2020). "The Social Issue of ESG Analysis" (Working Paper). DOI: (

3832: 3501: 3436: 3433: 3304:"Analysis Spotlights Leonard Leo's Role in Republican 'Crusade' Against ESG" 1017: 9084: 9069: 9059: 9039: 8782: 8740: 8644: 8397: 8316: 7919: 7533: 5727:"Compliance Officers Play Growing Role in Corporate Sustainability Efforts" 5202: 5035: 4379:"A Broken Record: Flows for U.S. Sustainable Funds Again Reach New Heights" 3931: 3840: 3640: 3626: 3037: 2315: 2050: 2026: 1963: 1918: 1378: 1342: 1306: 1297: 1273: 1108: 975: 971: 967: 897: 470: 439: 407: 395: 76: 7239: 5611: 4225: 3780:"Roberts Oil & Gas Contracts Principles and Practice, 3rd Ed. | Books" 3585: 2485:"How Environmentally Conscious Investing Became a Target of Conservatives" 2112:

share important information with their stakeholders, including investors.

8614: 8458: 8442: 8377: 8326: 7543: 7498: 7006:"Goldman Sachs to Pay $ 4 Million to Settle Investigation Over ESG Funds" 6938:"Deutsche Bank Violates DOJ Settlement, Agrees to Extend Outside Monitor" 6803:"U.S. Authorities Probing Deutsche Bank's DWS Over Sustainability Claims" 6711:"Kentucky banking group sues state's GOP attorney general over ESG probe" 4193: 1301: 963: 934: 672: 563: 411: 9208: 7033:"SEC to increase scrutiny of crypto-trading firms and ESG funds in 2023" 6745:"Banking group sues Kentucky AG Daniel Cameron over 'ESG' investigation" 6610:"Banking group sues Kentucky AG Daniel Cameron over 'ESG' investigation" 6339:(Press release). U.S. Securities and Exchange Commission. 7 October 2022 5804:"Biden administration won't enforce Trump-era ESG rule for 401(k) plans" 5140:"Understanding the Important Difference Between ESG Risk and ESG Impact" 4348:"Sustainable Funds Continue to Rake in Assets During the Second Quarter" 2683: 2108:. Data must also be made available to rating agencies and shareholders. 1653:

RI seeks to control the placing of its investments via several methods:

523:

group of financial leaders, city lawyers, and environmental stewardship

9134: 9054: 8975: 8902: 8417: 8372: 7883: 7667: 5075: 4272: 3606: 3419: 1955: 1929: 1481: 1430: 1398: 399: 353: 44: 7395: 6526:"Senate overturns federal rule on ESG investments, Biden vows to veto" 4774: 4333: 3562: 2806: 9089: 8980: 7969: 7893: 7783: 7778: 7697: 7692: 7573: 7372: 7270: 7267: 6801:

Kowsmann, Patricia; Ramey, Corinne; Michaels, Dave (25 August 2021).

5881:"SEC Considers Asking Funds for Criteria Used to Tout Sustainability" 5393: 4209: 3541: 2754:

Cannibals with Forks: The Triple Bottom Line of 21st Century Business

2429: 2217: 2202: 2077: 2022: 1865: 1541: 1537: 1433:

in 2021, 22 were classified as conservative by the organization. The

657: 512:

Cannibals with Forks: the Triple Bottom Line of 21st Century Business

435: 7145:"Positive ESG performance improves returns globally, research shows" 6776:"SEC to Hunt for Climate-Friendly Marketing That Misleads Investors" 6449:"Joe Biden Issues First Veto, Rejecting Attempt to Block ESG Effort" 4958: 4666: 3217:"Sustainability-related disclosure in the financial services sector" 2948: 2397:

by western European countries containing electronic components with

1548:, ISS ESG, MSCI ESG, Vigeo Eiris, EcoVadis, Minerva Analytics, etc.) 8730: 8604: 8090: 7944: 7934: 6284:"Fund Managers, Regulators Wrestle Over Plans to Tighten ESG Rules" 5210: 3803:

Supachai Panitchpakdi, "UNCTAD Secretary General's Statement", 2009

1895: 1891: 1707: 1034: 540: 532: 510:, co-founder of the business consultancy Sustainability, published 424: 403: 6383:"Labor Department Clears Path for 401(k) Plans to Offer ESG Funds" 4692: 4439: 8213: 7149: 6014:"ESG Funds Easier for 401(k)s to Buy Under Labor Department Plan" 3088: 1124: 922: 638: 7401: 6979:"SEC Is Investigating Goldman Sachs Over ESG Funds, Sources Say" 5827:"Labor Department Holds Off Enforcement of ESG Rule for 401(k)s" 3615:"Five trends that show corporate responsibility is here to stay" 502:

At the time, this field was typically referred to as ethical or

368:. Investing with ESG considerations is sometimes referred to as 9196: 7712: 7583: 4136:

Review of the Role and Effectiveness of Non-Executive Directors

3703: 3459:

202019%20and%202022,to%20their%20expected%20financial%20returns

2406: 2038: 1084:

Social aspect: Data is reported on employee safety and health,

930: 926: 665: 7177:"'Get Woke, Go Broke'? Promoting Causes Doesn't Help Business" 7112:"GOP Fury Over ESG Triggers Backlash With US Pensions at Risk" 5464: 4667:"ESG in scrutiny: how investors can be more vigilant – Fund23" 3457:

NBER. (s. d.). "Investors’ willingness to pay for ESG funds."

2903:

Corporate Governance and Climate Change: Making the Connection

2047:

European Parliament Committee on Economic and Monetary Affairs

1894:

have used ESG data provided by market research companies like

1383:

United Nations Guiding Principles on Business and Human Rights

7860: 2144:

deal primarily with the United States and do not represent a

1995: 641:

working from a technology tool standpoint; agencies like the

428: 6578: 6234:"Wall Street's Green Push Exposes New Conflicts of Interest" 4163:"How to navigate the world of sustainable investing ratings" 3815:"Critical Assumptions in the Stern Review on Climate Change" 1856:

in 2019, the former leader of European ESG rating agencies.

7548: 7440: 4465: 3964:, Federal Reserve Bank of New York, Staff Report 273, 2007. 2118:

BRSR (Business Responsibility and Sustainability Reporting)

1872: 1038: 536: 6650:. US District Court for the Eastern District of Kentucky. 6118:"Shareholder Voices Poised to Grow Louder With SEC's Help" 4612:(‘SDGs’) Are Now Essential for the Financial Sector]. 2986: 2974:"IPE European Institutional Asset Management Survey", 2009 2830: 2212:

for ESG investment funds. In August 2021, the SEC and the

7845: 7212: 6168:"SEC Proposes More Disclosure Requirements for ESG Funds" 5854:"Labor Department Curbs Sustainable Investing in 401(k)s" 5541:. Advocates for International Development. Archived from 5177:"ESG Reports and Ratings: What they are, why they matter" 3276:

Mancini, Donato Paolo; Mooney, Attracta (24 April 2020).

2254:

proposal to guarantee their integrity and transparency.

1898:

to rate the most responsible organizations in a country.

524: 446:

along ethical lines. As a response to a growing call for

5533: 5421:

Disclosure Guidelines on Socially Responsible Investment

4095:"ESG 101: What is Environmental, Social and Governance?" 3641:"ESG 101: What is Environmental, Social and Governance?" 3278:"Drugmakers urged to collaborate on coronavirus vaccine" 1721: 1292:

The body of research providing data of global trends in

896:

Furthermore, it is to be noted that amid allegations of

719:

Global Sustainable Fund Statistics by region in 2023 Q3

694: 4410:"Sustainable fund assets hit record $ 1.7 trln in 2020" 2384: 1732:

United Nations Environment Programme Finance Initiative

1703: 1337:

to the future of industries dependent upon diminishing

582:

United Nations Environment Programme Finance Initiative

6882:

Michaels, Dave; Kowsmann, Patricia (8 December 2021).

5700:"Climate Change Emerges as a Compliance Focus for SEC" 5434:"ISO – International Organization for Standardization" 5433: 4517:

Performance Attribution of UA Institutional Investors

4408:

Howcroft, Simon; Jessop, Elizabeth (28 January 2021).

3407:

https://online.hbs.edu/blog/post/sustainable-investing

584:

commissioned a report from the international law firm

442:

led to one of the most renowned examples of selective

9173: 6800: 4475:

issues a SRI engagement label, which was extended to

4204: 4202: 3749:"European Institutional Asset Management Survey 2009" 2982: 2980: 2242:

informed Deutsche Bank that it may have violated its

1561:

of the effectiveness of sustainable value investing.

908:

Quarterly Global Sustainable Fund Flows (USD Billion)

387:(UN). By 2023, the ESG movement had grown from a UN 6936:

Kowsmann, Patricia; Michaels, Dave (11 March 2022).

6855:

Brown, Ken; Kowsmann, Patricia (25 September 2021).

5354:

O'Leary, Michael; Valdmanis, Warren (4 March 2021).

5353: 4442:. Sustainability Accounting Standards Board (SASB). 4005:"Right-wing activists pose challenge to ESG crusade" 3902:"Why Diversity Programs Fail, And what works better" 3024:

Robert Eccles, Ioannis Ioannou and George Serafeim,

2788: 2786: 2232:

leaked internal emails and company presentations to

1994:), Bloomberg ESG data, the MSCI ESG Indices and the 1990:(which is co-owned by the London Stock Exchange and 1764: 6577:Wolman, Jordan; Prang, Allison (18 November 2022). 4944: 3630:, 13 August 2014 (page visited on 28 January 2018). 3556: 3554: 3552: 3550: 3041:, 6 January 2012 (page visited on 28 January 2018). 2106:

Task Force on Climate-related Financial Disclosures

643:

Task Force on Climate-related Financial Disclosures

6909:Ramey, Corinne; Patrick, Margot (8 January 2021). 5933:"How ESG Stocks Perform Depends on Who Ranks Them" 5775:Patterson, Scott; Ramkumar, Amrith (22 May 2021). 4970: 4968: 4829: 4238: 4236: 4234: 4199: 3747: 3187:"Sustainable Finance Disclosure Regulation (SFDR)" 2977: 2393:, military weaponry and equipment supplied to the 2335: 2197:for the Eastern District of Kentucky before Judge 1946:and the Financial Reporting Commission set up the 1901:Data providers such as ESG Analytics have applied 1429:that were recorded by the non-profit organization 1317:Taskforce on Climate-Related Financial Disclosures 632:This follows the publication in September 2015 of 410:; and variety in the definition and assessment of 6499:"House Passes Bill Taking Aim at ESG Investments" 5774: 3462: 2970: 2968: 2966: 2783: 2607:Measuring Good Business: Making Sense of ESG Data 2540:. UN Environment Programme – Finance Initiative. 2284:0.13-0.17% in North American and global markets. 2017:announced that it would review and not enforce a 1444: 1437:has asked 7 companies to prepare a report on the 9233: 6935: 6881: 6828:Kowsmann, Patricia; Brown, Ken (1 August 2021). 3547: 3378:"Les fonds durables mondiaux tirés par l'Europe" 1730:Initiative (PRI) was established in 2005 by the 1284:) but some of the chief areas are listed below: 8721:Environmental, social, and corporate governance 7960:Environmental, social, and corporate governance 7365: 7326:sting-a-guide-for-investment-professionals.ashx 5502: 4965: 4256:"ESG vs CSR, what is the difference?" (s. d.). 4231: 3693:"Sustainalytics ESG Risk Rating Summary Report" 3515:https://doi.org/10.31794/NLDIMSR.6.2.2022.15-28 2031:Employee Retirement Income Security Act of 1974 1322: 5090:https://doi.org/10.1080/13673882.2021.00001087 4407: 4245:https://doi.org/10.1016/j.techfore.2023.122779 2963: 2934: 2744: 2435:International Organization for Standardization 1555: 1409:has also become an important area of concern. 434:In the 1970s, the worldwide abhorrence of the 18:Environmental, social and corporate governance 9022: 8106: 7426: 7254:https://doi.org/10.1080/20430795.2022.2124838 7109: 6854: 6827: 5487:the Financial Aspects of Corporate Governance 5103:https://doi.org/10.1080/13549839.2018.1428792 5008:https://doi.org/10.1108/S1479-3598(2010)00000 4918:Susen, Malte; Etter, Michael Andreas (2024). 4614:Cahiers du Centre des Professions Financières 4582:"Finding Your ESG Mindset with Invest Europe" 4310:https://doi.org/10.1080/27658511.2021.1960097 4296:https://doi.org/10.1080/27658511.2021.1960097 4220: 4218: 3932:"Business & Human Rights Resource Centre" 3667:"ESG (Environmental, Social, and Governance)" 3275: 2989:Corporate Governance: An International Review 2713: 2574:Global Sustainable Investment Alliance (GSIA) 2142:The examples and perspective in this section 2045:. In remarks made by video conference to the 1501:In the United States Moskowitz's list of the 1439:BRT Statement of the Purpose of a Corporation 326: 7143:Horton, Cole; Jessop, Simon (28 July 2022). 7142: 6908: 6496: 5987:"Funds Go Green, but Sometimes in Name Only" 5536:"ESG Reporting on the London Stock Exchange" 4866:"Equator Principles History and Context FAQ" 4545:§§2:125–2:127 (Thomson West, 2014–2015 ed.). 3496: 3494: 3057:(Press release). AQ Research. 28 July 2008. 1911: 1565:comes up against persistent misconceptions. 543:with selective investment services in 2001. 6576: 5825:Holger, Dieter; Lim, Dawn (10 March 2021). 5669:"Sustainable finance | European Commission" 5207:"America's Most Responsible Companies 2022" 3936:Business & Human Rights Resource Centre 3247:"Joint ESAS Final Report on RTS Under SFDR" 2567:"Global Sustainable Investment Review 2022" 2124: 1924:One of the major issues in the ESG area is 1714:held in Washington, DC, on 19 August 2019. 1403:collapse of the US subprime mortgage market 8113: 8099: 7433: 7419: 7208:"How much does the public care about ESG?" 6964:"EU agrees 'historic' ESG regulatory deal" 6115: 4994:https://doi.org/10.1108/SAMPJ-11-2013-0052 4917: 4215: 3535: 3533: 3531: 3529: 3527: 3525: 3523: 3486:https://doi.org/10.1007/s40804-021-00238-8 2160:, or create a new section, as appropriate. 1682: 1435:National Center for Public Policy Research 1381:. One of the major frameworks used is the 1256: 1053:Environmental aspect: Data is reported on 333: 319: 7330:https://www.cfainstitute.org/-/media/docu 7110:Schwartzkopff, Frances (25 August 2022). 6738: 6736: 6705: 6703: 6675: 6671: 6669: 6281: 6231: 6142: 5984: 5957: 5930: 5824: 4980:http://hdl.handle.net/2078.1/thesis:41432 4906:http://hdl.handle.net/2078.1/thesis:38695 3962:Defining and Predicting Predatory Lending 3502:https://doi.org/10.1007/s10551-012-1410-7 3491: 3437:http://hdl.handle.net/2078.1/thesis:22917 3371: 3369: 3251:European Securities and Markets Authority 3161:European Securities and Markets Authority 3020: 3018: 2750: 2719: 2628: 2626: 2604: 2281:European Securities and Markets Authority 2176:Learn how and when to remove this message 2098:Sustainability Accounting Standards Board 2011:Employee Benefits Security Administration 1621: 1511: 647:Sustainable Finance Disclosure Regulation 7003: 6976: 6773: 6380: 6116:Vanderford, Richard (11 February 2022). 6011: 5697: 4801:"EP Association Members & Reporting" 4634: 3812: 3568: 3330:"Vanguard's CEO Bucks the ESG Orthodoxy" 3114: 2368: 1648: 1520: 1016: 993: 903: 469:, in response to the prevailing mood of 398:and a lack of standardization; evolving 9125:Barriers to pro-environmental behaviour 7794:Pollutant release and transfer register 7240:https://doi.org/10.3846/jbem.2022.16202 6497:Bazail-Eimil, Eric (28 February 2023). 6473: 6357: 6258: 6165: 6061: 5905: 5878: 5801: 5640: 4488: 3520: 3301: 2356: 2214:Eastern New York U.S. Attorney's Office 2037:and not ESG factors in investments for 2007:U.S. Securities and Exchange Commission 1860:( ISS) acquired Germany’s Oekom, while 1836: 1636:ESG corporate reporting can be used by 1487: 1103:Governance aspect: Data is reported on 1033:and societal influence of a company or 14: 9234: 7053: 6733: 6700: 6666: 6642:Hope of Kentucky, LLC et al v. Cameron 6589:from the original on 23 September 2023 6523: 6446: 6308: 6088: 5851: 5458: 5235: 5201: 5033: 5029: 5027: 5025: 4610: 4556:"Global PE Barometer – Winter 2016–17" 4226:http://dx.doi.org/10.2139/ssrn.3838372 4194:https://doi.org/10.3917/rips1.060.0097 4151:, submitted Working Paper, SSRN, 2020. 3899: 3366: 3015: 2623: 2482: 1504:Fortune 100 Best Companies to Work For 1388: 465:In the 1960s and 1970s, the economist 8094: 7579:Principles for Responsible Investment 7414: 6755:from the original on 23 November 2022 6721:from the original on 23 November 2022 6688:from the original on 23 November 2022 6654:from the original on 23 November 2022 6620:from the original on 23 November 2022 5985:Shifflett, Shane (9 September 2021). 5751: 5724: 5386: 5183:from the original on 5 September 2017 5174: 5137: 4751:. UN. 5 February 2015. Archived from 4749:Principles for Responsible Investment 4725:from the original on 13 November 2021 4699:from the original on 13 November 2021 4647:from the original on 30 December 2020 4160: 4119: 3942:from the original on 24 November 2022 3912:from the original on 28 February 2023 3855:from the original on 18 February 2023 3760:from the original on 17 February 2023 3728:from the original on 17 February 2023 3137:from the original on 18 February 2023 3096:from the original on 18 February 2023 3064:from the original on 18 February 2023 2916:from the original on 17 February 2023 2899: 2720:Elkington, John (13 September 2018). 2547:from the original on 1 September 2022 2478: 2476: 1968:Combined Code on Corporate Governance 1742: 1728:Principles for Responsible Investment 1722:Principles for Responsible Investment 1601: 1496: 1405:initiated a growing movement against 1333:In every area of the debate from the 705:UN 2030 sustainable development goals 695:Rise of investments with ESG criteria 346:Environmental, social, and governance 8120: 8068: 7366:Nicolas Barotte (22 February 2024). 7220:from the original on 27 January 2023 7199: 7187:from the original on 25 January 2023 6742: 6607: 6038: 5622:from the original on 31 October 2019 5592:from the original on 18 January 2014 5322: 5244:from the original on 7 February 2022 5217:from the original on 7 February 2022 5076:https://doi.org/10.3917/re1.088.0037 4592:from the original on 7 November 2017 4562:from the original on 7 November 2017 4519:(Financial Management, Summer, 2005) 4446:from the original on 25 October 2022 4420:from the original on 29 January 2021 4389:from the original on 29 January 2021 4376: 4345: 4273:https://doi.org/10.3390/risks9100172 4173:from the original on 28 January 2021 4075:from the original on 19 January 2022 4045:from the original on 22 January 2022 4015:from the original on 22 January 2022 3985:from the original on 19 January 2022 3673:from the original on 26 October 2022 3647:from the original on 21 January 2022 3420:https://doi.org/10.2139/ssrn.3722087 3117:"Fiduciary Duty in the 21st Century" 3084:"Fiduciary Duty in the 21st Century" 2707:Free to Choose: A Personal Statement 2644: 2642: 2600: 2598: 2385:Compromises in real-world useability 2265: 2201:, for whom Cameron was previously a 2128: 1887:rather a low exposure to ESG risks. 1864:acquired the ESG rating business of 1585: 1127:practices, and management structure. 7169: 7157:from the original on 26 August 2022 7054:Whelan, Tensie (10 February 2021). 7030: 7004:Michaels, Dave (22 November 2022). 6381:Tergesen, Anne (22 November 2022). 6282:Shifflett, Shane (4 October 2022). 6232:Eaglesham, Jean (29 January 2022). 5958:Shifflett, Shane (10 August 2021). 5022: 4811:from the original on 7 October 2019 4781:from the original on 9 October 2019 4558:. Coller capital. 5 December 2016. 4334:https://doi.org/10.3390/ijfs9030048 4161:Nason, Deborah (31 December 2020). 3813:Nordhaus, Williams (13 July 2007). 3715: 3709: 3563:https://doi.org/10.3390/ijfs9030048 2732:from the original on 31 August 2022 1348: 1115:, Diversity of Board of Directors, 24: 7758:Environmental full-cost accounting 7271:http://hdl.handle.net/2268.2/18776 7205: 7124:from the original on 10 April 2023 6558:from the original on 30 April 2021 6524:Wilkie, Christina (1 March 2023). 6358:Iacurci, Greg (22 November 2022). 6309:Holger, Dieter (13 October 2022). 6012:Tergesen, Anne (13 October 2021). 5960:"How the WSJ Compared ESG Ratings" 5906:Gensler, Gary (1 September 2021). 5879:Kiernan, Paul (1 September 2021). 5852:Holger, Dieter (30 October 2020). 5440:from the original on 7 August 2008 5401:from the original on 16 March 2021 5368:from the original on 15 April 2021 5236:Hersil, Angela (9 December 2021). 5046:from the original on 25 March 2023 5034:Butler, Danny (28 February 2022). 4358:from the original on 6 August 2020 4210:https://doi.org/10.3390/su14159668 4101:from the original on 17 April 2021 3900:Dobbin, Frank (July–August 2016). 3716:Tan, Jenn-Hui (15 February 2023). 3542:https://doi.org/10.3390/su15086685 3375: 3327: 3115:Sullivan, Rory (1 February 2016). 2757:. A Capstone paperback. Capstone. 2704:Freidman, Milton and Rose (1980). 2483:Gelles, David (28 February 2023). 2473: 2425:Environmental full-cost accounting 2250:2023, the EU commission issued an 2216:were reportedly investigating the 1858:Institutional Shareholder Services 634:Fiduciary Duty in the 21st Century 591:Law Commission (England and Wales) 25: 9273: 8751:Environmental resource management 7072:from the original on 5 March 2022 6426:U.S. Government Publishing Office 6211:U.S. Government Publishing Office 6062:Kiernan, Paul (3 November 2021). 5931:Shifflett, Shane (11 June 2021). 5649:from the original on 29 July 2021 5534:Baker & McKenzie LLP (2013). 5515:from the original on 12 June 2020 5491:Report with Code of Best Practice 5419:Association of British Insurers, 4932:10.5465/AMPROC.2024.15068abstract 4924:Academy of Management Proceedings 4635:McGregor, Jena (20 August 2019). 3888:Promoting Diversity and Inclusion 3583: 3340:from the original on 8 March 2023 2680:"The Leon H. Sullivan Foundation" 2660:from the original on 5 March 2022 2639: 2595: 2322: 1802: 1765:Effects on the firm's performance 1759:International Finance Corporation 1412: 1287: 257:Sustainable Governance Indicators 9219: 9207: 9195: 9183: 9157: 8067: 8058: 8057: 8047: 7632: 7539:Extended producer responsibility 7359: 7335: 7318: 7302: 7293: 7276: 7259: 7245: 7232: 7136: 7103: 7084: 7047: 7031:Cox, Chelsey (8 February 2023). 7024: 6997: 6970: 6956: 6929: 6902: 6875: 6848: 6821: 6794: 6767: 6743:Otts, Chris (15 November 2022). 6632: 6608:Otts, Chris (15 November 2022). 6601: 6570: 6540: 6517: 6490: 6467: 6440: 6401: 6374: 6351: 6329: 6302: 6275: 6252: 6225: 6186: 6159: 6136: 6109: 6082: 6055: 6032: 6005: 5978: 5951: 5924: 5899: 5872: 5845: 5818: 5795: 5768: 5745: 5718: 5691: 5679:from the original on 30 May 2022 5661: 5634: 5604: 5578: 5568:"Why Bloomberg ESG Data Matters" 5560: 5527: 5503:Francis Menassa (20 June 2019). 5496: 5493:, (London, Gee Publishing, 1992) 5479: 5452: 5426: 5413: 5380: 5347: 5316: 5286: 5274:from the original on 8 June 2021 5256: 5229: 5195: 5168: 5157: 5138:Fleck, Adam (20 February 2023). 5131: 5120: 5108: 5095: 5081: 5068: 5058: 5013: 4999: 4985: 4938: 4911: 4894: 4844:10.1111/j.1467-8594.2006.00263.x 4673:from the original on 27 May 2023 4528:Office for National Statistics, 3257:from the original on 18 May 2022 3227:from the original on 18 May 2022 3197:from the original on 18 May 2022 3167:from the original on 18 May 2022 3001:10.1111/j.1467-8683.2006.00495.x 2900:Cogan, Douglas G. (March 2006). 2855:Freshfields Bruckhaus Deringer, 2837:from the original on 21 May 2022 2771:from the original on 26 May 2023 2583:from the original on 23 May 2024 2455:UN Sustainable Development Goals 2133: 1572: 1420: 1090:diversity, equity, and inclusion 262:Bertelsmann Transformation Index 8193:Human impact on the environment 8178:List of environmental conflicts 7748:Eco-Management and Audit Scheme 7056:"ESG and Financial Performance" 6977:Michaels, Dave (10 June 2022). 6774:Michaels, Dave (4 March 2021). 6474:Iacurci, Greg (21 March 2023). 6143:Newburger, Emma (25 May 2022). 6089:Holger, Dieter (9 March 2021). 5802:Iacurci, Greg (10 March 2021). 5752:Zhang, Natalie (25 June 2020). 5698:Michaels, Dave (3 March 2021). 5641:Katanga, Jerber (7 July 2021). 5335:from the original on 5 May 2021 5304:from the original on 5 May 2021 4858: 4823: 4793: 4767: 4737: 4719:"Climate Action 100+ Framework" 4711: 4685: 4659: 4628: 4604: 4574: 4548: 4535: 4522: 4509: 4482: 4458: 4432: 4401: 4370: 4339: 4325: 4315: 4301: 4287: 4278: 4265: 4250: 4185: 4154: 4141: 4128: 4113: 4087: 4057: 4027: 3997: 3967: 3954: 3924: 3893: 3880: 3867: 3806: 3797: 3772: 3740: 3685: 3669:. Corporate Finance Institute. 3659: 3633: 3600: 3577: 3507: 3475: 3451: 3442: 3425: 3412: 3396: 3352: 3321: 3295: 3269: 3239: 3209: 3179: 3149: 3122:Social Science Research Network 3108: 3076: 3044: 2928: 2893: 2871: 2849: 2823: 2799: 2420:Environmental impact assessment 2336:Long term vs. short term vision 2309: 1367: 1210:Occupational Health and Safety 1187:Environmental and Social Impact 1179:Emissions, Effluents and Waste 945: 555:corporate social responsibility 504:socially responsible investment 491:into the measurement of value. 389:corporate social responsibility 8512:List of environmental killings 8020:Socially responsible marketing 8015:Socially responsible investing 6676:Joe Sonka (15 November 2022). 6428:: 73822–73886. 1 December 2022 6039:Dore, Kate (15 October 2021). 5387:Fancy, Tariq (16 March 2021). 3302:Johnson, Jake (12 July 2023). 2818:Journal of Financial Economics 2698: 2672: 2559: 2527: 2244:deferred prosecution agreement 2080:rejected a bill passed by the 1984:Dow Jones Sustainability Index 1628:Socially responsible investing 1484:given to influence elections. 1445:Corporate governance dimension 687:announced investigations into 586:Freshfields Bruckhaus Deringer 573:Journal of Financial Economics 13: 1: 8358:Bright green environmentalism 8010:Socially responsible business 6447:Thomas, Ken (20 March 2023). 6259:Iacurci, Greg (5 June 2022). 6166:Kiernan, Paul (25 May 2022). 5323:da Costa, Daniel Maximilian. 5175:Huber, Betty (27 July 2017). 4377:Hale, Jon (28 January 2021). 3611:United Nations Global Compact 3191:Autoriteit Financiële Markten 2634:American Journal of Sociology 2609:. Abingdon, Oxon: Routledge. 2466: 2049:in September 2021, SEC Chair 1811: 1797: 1024: 484:American Journal of Sociology 374:or, in more proactive cases, 8530:Environmentalism of the poor 8403:Free-market environmentalism 7955:Environmental pricing reform 7486:environmental responsibility 6648:Justia Dockets & Filings 5356:"An ESG reckoning is coming" 4947:Strategic Management Journal 2937:Strategic Management Journal 2650:"ESG Investing Comes of Age" 2300: 2230:chief sustainability officer 2091: 2082:118th United States Congress 1706:Pensions Roundtable held in 1353: 1329:Environmental sustainability 1323:Environmental sustainability 701:COP21 or the Paris agreement 685:Republican attorneys general 7: 8746:Natural resource management 8665:Sustainability organization 8136:Outline of environmentalism 7985:Market governance mechanism 7841:Global Reporting Initiative 7811:standards and certification 7718:Social return on investment 6213:: 36654–36761. 17 June 2022 5754:"The rise of ESG investing" 5725:Tokar, Dylan (4 May 2021). 4832:Business and Society Review 3722:Australian Financial Review 2450:United States corporate law 2412: 2156:, discuss the issue on the 2102:Global Reporting Initiative 2059:proposals from shareholders 1556:Real-world ESG achievements 1249: 1241: 1233: 1220: 1212: 1204: 1191: 1181: 1173: 1165: 677:climate-friendly investment 570:, published a paper in the 356:principle that prioritizes 305:Market governance mechanism 288:Governance, risk management 10: 9278: 8540:Hairshirt environmentalism 7925:Community interest company 7869:Community-based monitoring 7703:Genuine progress indicator 5036:"ESG investing statistics" 4346:Hale, Jon (30 July 2020). 4149:Better Bonus Plans for ESG 3724:. Fidelity International. 2519:: CS1 maint: url-status ( 2445:United Kingdom company law 1746: 1710:, 26 August 2019, and the 1686: 1625: 1448: 1326: 1260: 417: 297:Environmental, social, and 9153: 9117: 8996: 8885: 8828:Anti-incinerator movement 8793: 8691:Climate change mitigation 8673: 8600:Cultural environmentalism 8567: 8535:Environmental stewardship 8520: 8494: 8451: 8345: 8332:Resacralization of nature 8294: 8287: 8201: 8145: 8130: 8043: 7950:Environmental degradation 7902: 7859: 7833: 7799:Sustainability accounting 7731: 7663:Ethical positioning index 7641: 7630: 7455: 5912:(Speech). Washington, D.C 4471:22 September 2020 at the 3875:Human Resource Management 3691:Morningstar, Inc. (2023) 2812:23 September 2023 at the 2279:A study published by the 1912:Disclosure and regulation 1225: 1196: 1189:of Products and Services 1157: 962:New generations, such as 933:) and countries like the 731: 728: 566:, a finance professor at 8910:Conspicuous conservation 8726:Environmentally friendly 8711:Environmental protection 8706:Environmental personhood 8555:Radical environmentalism 8507:Environmental skepticism 8307:Environmental philosophy 7980:Health impact assessment 7851:Sustainability reporting 7820:Toxics Release Inventory 7614:Transparency (behavioral 7589:Social impact assessment 7478:Corporate accountability 5505:"Why ESG is a New Trend" 5240:. Zurn Water Solutions. 4543:ERISA for Money Managers 3718:"Getting real about ESG" 3698:26 November 2023 at the 2865:11 December 2020 at the 2125:Litigation and oversight 2035:pecuniary interests only 1361:the power of difference. 1270:greenhouse gas emissions 1263:Environmental governance 1163:Carbon - Own Operations 1073:, pollution mitigation, 1059:greenhouse gas emissions 985: 481:wrote an article in the 450:against the regime, the 425:political considerations 282:Chief governance officer 8701:Ecological civilization 8035:Supply chain management 7975:Global justice movement 7774:profit-and-loss account 7010:The Wall Street Journal 6983:The Wall Street Journal 6942:The Wall Street Journal 6915:The Wall Street Journal 6888:The Wall Street Journal 6861:The Wall Street Journal 6834:The Wall Street Journal 6807:The Wall Street Journal 6780:The Wall Street Journal 6503:The Wall Street Journal 6453:The Wall Street Journal 6387:The Wall Street Journal 6315:The Wall Street Journal 6288:The Wall Street Journal 6238:The Wall Street Journal 6172:The Wall Street Journal 6122:The Wall Street Journal 6095:The Wall Street Journal 6068:The Wall Street Journal 6018:The Wall Street Journal 5991:The Wall Street Journal 5964:The Wall Street Journal 5937:The Wall Street Journal 5885:The Wall Street Journal 5858:The Wall Street Journal 5831:The Wall Street Journal 5781:The Wall Street Journal 5731:The Wall Street Journal 5704:The Wall Street Journal 5361:Harvard Business Review 4503:10.1111/1467-8683.00113 4464:French research centre 3906:Harvard Business Review 3877:, Wiley, Vol. 43, 2004. 3833:10.1126/science.1137316 3620:28 January 2018 at the 2726:Harvard Business Review 2395:Armed Forces of Ukraine 2240:U.S. Justice Department 2235:The Wall Street Journal 1903:artificial intelligence 1689:Institutional investors 1683:Institutional investors 1393:Until fairly recently, 1364:working well together. 1296:has led some investors— 1257:Environmental dimension 914:University of Cambridge 615:Axa Investment Managers 601:'s Michael Barnett and 9202:Business and economics 9164:Environment portal 9145:Tragedy of the commons 9009:Environmental defender 8696:Conservation community 8625:Environmental defender 8575:Anti-fracking movement 8486:Stewardship (theology) 8168:Environmental movement 8163:Environmental conflict 8000:SDG Publishers Compact 7762:Environmental conflict 7569:Organizational justice 7090:Gallup's Indicator's: 5179:. Harvard Law School. 4120:Behar, Andrew (2016). 2751:Elkington, J. (1999). 2605:Hardyment, R. (2024). 2373: 2294:PricewaterhouseCoopers 2252:ESG ratings regulation 1622:Responsible investment 1540:, S&P Trucost and 1536:ESG Ratings Agencies ( 1512:Executive compensation 1335:depletion of resources 1117:executive compensation 1021: 998: 909: 817:Australia/New Zealand 452:Reverend Leon Sullivan 352:) is shorthand for an 252:World Governance Index 8943:The Lord of the Rings 8763:Short-haul flight ban 8630:Environmental justice 8595:Conservation movement 8580:Anti-nuclear movement 8502:Anti-environmentalism 8188:Environmental studies 7990:Product certification 7789:Life-cycle assessment 7708:Performance indicator 7599:Social responsibility 7564:Organizational ethics 7494:social responsibility 7097:30 March 2023 at the 6579:"'Til next time, COP" 5485:Cadbury Committee on 3468:30 March 2021 at the 3157:"Sustainable Finance" 2889:on 24 September 2014. 2372: 2199:Gregory Van Tatenhove 2043:Executive Order 13990 2015:U.S. Labor Department 1973:In the interview for 1944:London Stock Exchange 1649:Investment strategies 1521:Employee compensation 1427:shareholder proposals 1327:Further information: 1231:Corporate Governance 1094:customer satisfaction 1020: 997: 907: 620:In January 2016, the 371:responsible investing 9257:Corporate governance 8716:Environmental policy 8525:Biophilia hypothesis 8428:Green libertarianism 7995:Public participation 7930:Conflict of interest 7520:inequality in the UK 7512:in the United States 7504:Environmental racism 7351:. 24 February 2024. 6717:. 16 November 2022. 5463:. EU. Archived from 5114:Cited by ESMA(2023) 4755:on 21 September 2013 4491:Corporate Governance 4440:"Standards Overview" 4138:(Higgs Report, 2005) 3031:1 March 2021 at the 2885:. UK. Archived from 2357:Lack of transparency 2154:improve this section 2033:(ERISA) to consider 2019:Trump administration 1837:ESG ratings agencies 1488:Management structure 1451:Corporate governance 1374:US Courts of Appeals 1341:the question of the 1313:environmental issues 1218:Community Relations 1105:corporate governance 1012:Phibro Animal Health 1008:Bristol-Myers Squibb 454:, a board member of 366:corporate governance 358:environmental issues 299:corporate governance 9080:Seyyed Hossein Nasr 8655:Product stewardship 8640:Ethical consumerism 8550:Nature conservation 8322:Earth jurisprudence 7965:Ethical consumerism 7915:Benefit corporation 7807:metrics and indices 7609:Sullivan principles 7524:injustice in Europe 7183:. 24 January 2023. 5673:European Commission 5548:on 12 December 2013 5205:(9 December 2021). 4882:on 23 November 2015 3960:Morgan, Donald P., 3590:Amfiteatru Economic 3221:European Commission 2794:Accounting Horizons 2440:Sustainable finance 2391:Russo-Ukrainian War 2292:profit". A poll by 2287:In January 2023, a 2228:) after its former 2210:deceptive marketing 2005:In March 2021, the 1877:sustainable finance 1712:Business Roundtable 1425:Out of the 435 ESG 1389:Consumer protection 1141: 1098:employee engagement 720: 681:Consumers' Research 603:New York University 529:The Virtuous Circle 460:Sullivan Principles 9252:Ethical investment 9095:Theodore Roosevelt 9030:Sunderlal Bahuguna 8413:Green conservatism 8053:Environment portal 7825:Triple bottom line 7753:Emission inventory 7658:Double bottom line 7604:Stakeholder theory 7389:Bundled references 6966:. 7 February 2024. 5586:"MSCI ESG Indexes" 5467:on 11 October 2016 5144:Sustainable Brands 4873:Equator principles 4805:Equator principles 4039:Proxy Preview 2021 3328:Keeley, Terrence. 2489:The New York Times 2460:Equator Principles 2374: 2071:his administration 1948:Cadbury Commission 1749:Equator Principles 1743:Equator Principles 1602:Environment Pillar 1497:Employee relations 1131: 1109:preventing bribery 1086:working conditions 1022: 999: 910: 718: 689:The Vanguard Group 516:triple bottom line 27:Business framework 9171: 9170: 9113: 9112: 8997:Environmentalists 8816:Rio Grande do Sul 8585:Car-free movement 8563: 8562: 8438:Green syndicalism 8302:Political ecology 8158:Ecological crisis 8088: 8087: 8005:Social enterprise 7910:Bangladesh Accord 7770:management system 7766:impact assessment 7743:Carbon accounting 7673:Impact assessment 7624:UN Global Compact 7516:in Western Europe 7468:Aarhus Convention 7181:Rasmussen Reports 6554:. 30 April 2021. 4041:. 18 March 2021. 4011:. 25 March 2021. 3827:(5835): 201–202. 3376:Jovène, Jocelyn. 2943:(11): 1101–1122. 2764:978-1-84112-084-3 2266:Research findings 2195:US District Court 2186: 2185: 2178: 1736:UN Global Compact 1586:Governance Pillar 1407:predatory lending 1254: 1253: 1140:ESG Risk Ratings 1075:energy efficiency 1063:biodiversity loss 894: 893: 654:COVID-19 Pandemic 599:Oxford University 475:Friedman doctrine 343: 342: 16:(Redirected from 9269: 9242:Environmentalism 9224: 9223: 9222: 9212: 9211: 9200: 9199: 9188: 9187: 9179: 9162: 9161: 9050:Jacques Cousteau 9020: 9019: 9004:Environmentalist 8758:Rights of nature 8681:Circular economy 8650:Impact investing 8620:Ecological grief 8590:Climate movement 8423:Green liberalism 8292: 8291: 8137: 8124: 8123:Environmentalism 8115: 8108: 8101: 8092: 8091: 8071: 8070: 8061: 8060: 8051: 7636: 7554:Little Eichmanns 7435: 7428: 7421: 7412: 7411: 7405: 7399: 7382: 7381: 7363: 7357: 7356: 7339: 7333: 7322: 7316: 7306: 7300: 7297: 7291: 7280: 7274: 7263: 7257: 7249: 7243: 7236: 7230: 7229: 7227: 7225: 7203: 7197: 7196: 7194: 7192: 7173: 7167: 7166: 7164: 7162: 7140: 7134: 7133: 7131: 7129: 7107: 7101: 7088: 7082: 7081: 7079: 7077: 7071: 7060: 7051: 7045: 7044: 7042: 7040: 7028: 7022: 7021: 7019: 7017: 7001: 6995: 6994: 6992: 6990: 6974: 6968: 6967: 6960: 6954: 6953: 6951: 6949: 6933: 6927: 6926: 6924: 6922: 6906: 6900: 6899: 6897: 6895: 6879: 6873: 6872: 6870: 6868: 6852: 6846: 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Archived from 4870: 4862: 4856: 4855: 4827: 4821: 4820: 4818: 4816: 4797: 4791: 4790: 4788: 4786: 4771: 4765: 4764: 4762: 4760: 4741: 4735: 4734: 4732: 4730: 4715: 4709: 4708: 4706: 4704: 4689: 4683: 4682: 4680: 4678: 4669:. 6 April 2023. 4663: 4657: 4656: 4654: 4652: 4632: 4626: 4625: 4608: 4602: 4601: 4599: 4597: 4578: 4572: 4571: 4569: 4567: 4552: 4546: 4541:Lemke and Lins, 4539: 4533: 4526: 4520: 4513: 4507: 4506: 4486: 4480: 4462: 4456: 4455: 4453: 4451: 4436: 4430: 4429: 4427: 4425: 4405: 4399: 4398: 4396: 4394: 4374: 4368: 4367: 4365: 4363: 4343: 4337: 4329: 4323: 4319: 4313: 4305: 4299: 4291: 4285: 4282: 4276: 4269: 4263: 4254: 4248: 4240: 4229: 4222: 4213: 4206: 4197: 4189: 4183: 4182: 4180: 4178: 4158: 4152: 4145: 4139: 4132: 4126: 4125: 4117: 4111: 4110: 4108: 4106: 4091: 4085: 4084: 4082: 4080: 4061: 4055: 4054: 4052: 4050: 4031: 4025: 4024: 4022: 4020: 4001: 3995: 3994: 3992: 3990: 3975:"Animal welfare" 3971: 3965: 3958: 3952: 3951: 3949: 3947: 3928: 3922: 3921: 3919: 3917: 3897: 3891: 3884: 3878: 3871: 3865: 3864: 3862: 3860: 3810: 3804: 3801: 3795: 3794: 3792: 3790: 3776: 3770: 3769: 3767: 3765: 3756:. 10 July 2009. 3751: 3744: 3738: 3737: 3735: 3733: 3713: 3707: 3689: 3683: 3682: 3680: 3678: 3663: 3657: 3656: 3654: 3652: 3637: 3631: 3604: 3598: 3597: 3581: 3575: 3572: 3566: 3558: 3545: 3537: 3518: 3511: 3505: 3498: 3489: 3479: 3473: 3455: 3449: 3446: 3440: 3429: 3423: 3416: 3410: 3400: 3394: 3393: 3391: 3389: 3373: 3364: 3363: 3356: 3350: 3349: 3347: 3345: 3325: 3319: 3318: 3316: 3314: 3299: 3293: 3292: 3290: 3288: 3273: 3267: 3266: 3264: 3262: 3243: 3237: 3236: 3234: 3232: 3213: 3207: 3206: 3204: 3202: 3183: 3177: 3176: 3174: 3172: 3153: 3147: 3146: 3144: 3142: 3112: 3106: 3105: 3103: 3101: 3080: 3074: 3073: 3071: 3069: 3063: 3056: 3048: 3042: 3022: 3013: 3012: 2984: 2975: 2972: 2961: 2960: 2932: 2926: 2925: 2923: 2921: 2915: 2908: 2897: 2891: 2890: 2879:"Law Commission" 2875: 2869: 2853: 2847: 2846: 2844: 2842: 2827: 2821: 2803: 2797: 2796:, Vol. 17, 2003) 2790: 2781: 2780: 2778: 2776: 2748: 2742: 2741: 2739: 2737: 2717: 2711: 2702: 2696: 2695: 2693: 2691: 2682:. 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Coleman 377:impact investing 335: 328: 321: 181:Higher education 87:Multistakeholder 32: 31: 21: 9277: 9276: 9272: 9271: 9270: 9268: 9267: 9266: 9247:Ethical banking 9232: 9231: 9230: 9220: 9218: 9206: 9194: 9182: 9174: 9172: 9167: 9156: 9149: 9140:Lifeboat ethics 9130:Business ethics 9109: 9075:Wangari Maathai 9035:Murray Bookchin 9018: 9014:Water protector 8992: 8881: 8840:Chipko movement 8789: 8669: 8635:Ethical banking 8559: 8516: 8490: 8447: 8408:Green anarchism 8383:Eco-nationalism 8353:Bioconservatism 8341: 8283: 8197: 8153:Climate justice 8141: 8135: 8126: 8122: 8119: 8089: 8084: 8039: 7898: 7855: 7829: 7734: 7727: 7723:Whole-life cost 7653:Corporate crime 7644: 7637: 7628: 7559:Loss and damage 7529:Ethical banking 7473:Climate justice 7460: 7451: 7439: 7409: 7408: 7402: 7396: 7386: 7385: 7364: 7360: 7341: 7340: 7336: 7323: 7319: 7307: 7303: 7298: 7294: 7281: 7277: 7264: 7260: 7250: 7246: 7237: 7233: 7223: 7221: 7206:Herman, Casey. 7204: 7200: 7190: 7188: 7175: 7174: 7170: 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5032: 5023: 5018: 5014: 5004: 5000: 4990: 4986: 4973: 4966: 4959:10.1002/smj.820 4943: 4939: 4916: 4912: 4901:Jean-Baptiste. 4899: 4895: 4885: 4883: 4879: 4868: 4864: 4863: 4859: 4828: 4824: 4814: 4812: 4799: 4798: 4794: 4784: 4782: 4773: 4772: 4768: 4758: 4756: 4743: 4742: 4738: 4728: 4726: 4717: 4716: 4712: 4702: 4700: 4691: 4690: 4686: 4676: 4674: 4665: 4664: 4660: 4650: 4648: 4641:Washington Post 4633: 4629: 4609: 4605: 4595: 4593: 4580: 4579: 4575: 4565: 4563: 4554: 4553: 4549: 4540: 4536: 4530:Share Ownership 4527: 4523: 4514: 4510: 4487: 4483: 4477:Fondation Guilé 4473:Wayback Machine 4463: 4459: 4449: 4447: 4438: 4437: 4433: 4423: 4421: 4406: 4402: 4392: 4390: 4375: 4371: 4361: 4359: 4344: 4340: 4330: 4326: 4320: 4316: 4306: 4302: 4292: 4288: 4283: 4279: 4270: 4266: 4255: 4251: 4241: 4232: 4223: 4216: 4207: 4200: 4190: 4186: 4176: 4174: 4159: 4155: 4146: 4142: 4133: 4129: 4118: 4114: 4104: 4102: 4093: 4092: 4088: 4078: 4076: 4063: 4062: 4058: 4048: 4046: 4035:"Conservatives" 4033: 4032: 4028: 4018: 4016: 4003: 4002: 3998: 3988: 3986: 3973: 3972: 3968: 3959: 3955: 3945: 3943: 3930: 3929: 3925: 3915: 3913: 3898: 3894: 3885: 3881: 3872: 3868: 3858: 3856: 3811: 3807: 3802: 3798: 3788: 3786: 3778: 3777: 3773: 3763: 3761: 3746: 3745: 3741: 3731: 3729: 3714: 3710: 3700:Wayback Machine 3690: 3686: 3676: 3674: 3665: 3664: 3660: 3650: 3648: 3639: 3638: 3634: 3622:Wayback Machine 3605: 3601: 3582: 3578: 3573: 3569: 3559: 3548: 3538: 3521: 3512: 3508: 3499: 3492: 3480: 3476: 3470:Wayback Machine 3456: 3452: 3447: 3443: 3430: 3426: 3417: 3413: 3401: 3397: 3387: 3385: 3374: 3367: 3358: 3357: 3353: 3343: 3341: 3326: 3322: 3312: 3310: 3300: 3296: 3286: 3284: 3282:Financial Times 3274: 3270: 3260: 3258: 3245: 3244: 3240: 3230: 3228: 3215: 3214: 3210: 3200: 3198: 3185: 3184: 3180: 3170: 3168: 3155: 3154: 3150: 3140: 3138: 3113: 3109: 3099: 3097: 3082: 3081: 3077: 3067: 3065: 3061: 3054: 3050: 3049: 3045: 3033:Wayback Machine 3023: 3016: 2985: 2978: 2973: 2964: 2949:10.1002/smj.557 2933: 2929: 2919: 2917: 2913: 2906: 2898: 2894: 2877: 2876: 2872: 2867:Wayback Machine 2854: 2850: 2840: 2838: 2829: 2828: 2824: 2820:Vol. 101, 2011. 2814:Wayback Machine 2805:Edmans, Alex, " 2804: 2800: 2791: 2784: 2774: 2772: 2765: 2749: 2745: 2735: 2733: 2718: 2714: 2703: 2699: 2689: 2687: 2686:on 19 June 2017 2678: 2677: 2673: 2663: 2661: 2648: 2647: 2640: 2631: 2624: 2617: 2603: 2596: 2586: 2584: 2580: 2569: 2565: 2564: 2560: 2550: 2548: 2544: 2537: 2533: 2532: 2528: 2512: 2511: 2501: 2499: 2481: 2474: 2469: 2464: 2415: 2387: 2359: 2338: 2325: 2312: 2303: 2268: 2182: 2171: 2165: 2162: 2151: 2138: 2134: 2127: 2094: 2021:final rule for 1992:Financial Times 1988:FTSE4Good Index 1914: 1839: 1814: 1805: 1800: 1794:profitability. 1767: 1751: 1745: 1724: 1691: 1685: 1651: 1630: 1624: 1613:hazardous waste 1604: 1588: 1575: 1558: 1523: 1514: 1499: 1490: 1474:business ethics 1457: 1447: 1423: 1415: 1391: 1370: 1356: 1351: 1331: 1325: 1290: 1265: 1259: 1227: 1198: 1188: 1159: 1152: 1151:Contribution to 1132:Issues driving 1041:, a global ESG 1027: 988: 948: 697: 467:Milton Friedman 429:heavenly reward 420: 339: 310: 309: 301: 298: 292: 289: 277: 276: 267: 266: 247: 246: 237: 236: 235: 206:Security sector 201:Political party 140: 139: 130: 129: 128: 113: 112: 103: 102: 101: 56: 55: 28: 23: 22: 15: 12: 11: 5: 9275: 9265: 9264: 9262:Social systems 9259: 9254: 9249: 9244: 9229: 9228: 9216: 9204: 9192: 9169: 9168: 9154: 9151: 9150: 9148: 9147: 9142: 9137: 9132: 9127: 9121: 9119: 9118:Related topics 9115: 9114: 9111: 9110: 9108: 9107: 9105:Greta Thunberg 9102: 9097: 9092: 9087: 9082: 9077: 9072: 9067: 9062: 9057: 9052: 9047: 9042: 9037: 9032: 9026: 9024: 9023:Notable people 9017: 9016: 9011: 9006: 9000: 8998: 8994: 8993: 8991: 8990: 8985: 8984: 8983: 8973: 8968: 8963: 8958: 8957: 8956: 8946: 8939: 8934: 8933: 8932: 8927: 8922: 8912: 8907: 8906: 8905: 8895: 8889: 8887: 8883: 8882: 8880: 8879: 8874: 8872:United Kingdom 8869: 8864: 8859: 8854: 8849: 8844: 8843: 8842: 8832: 8831: 8830: 8820: 8819: 8818: 8808: 8803: 8797: 8795: 8791: 8790: 8788: 8787: 8786: 8785: 8775: 8770: 8768:Sustainability 8765: 8760: 8755: 8754: 8753: 8743: 8738: 8733: 8728: 8723: 8718: 8713: 8708: 8703: 8698: 8693: 8688: 8686:Climate action 8683: 8677: 8675: 8671: 8670: 8668: 8667: 8662: 8657: 8652: 8647: 8642: 8637: 8632: 8627: 8622: 8617: 8612: 8610:Earth Optimism 8607: 8602: 8597: 8592: 8587: 8582: 8577: 8571: 8569: 8565: 8564: 8561: 8560: 8558: 8557: 8552: 8547: 8542: 8537: 8532: 8527: 8521: 8518: 8517: 8515: 8514: 8509: 8504: 8498: 8496: 8492: 8491: 8489: 8488: 8483: 8478: 8473: 8472: 8471: 8461: 8455: 8453: 8449: 8448: 8446: 8445: 8440: 8435: 8433:Green politics 8430: 8425: 8420: 8415: 8410: 8405: 8400: 8395: 8390: 8385: 8380: 8375: 8370: 8368:Eco-capitalism 8365: 8360: 8355: 8349: 8347: 8343: 8342: 8340: 8339: 8337:Social ecology 8334: 8329: 8324: 8319: 8314: 8309: 8304: 8298: 8296: 8289: 8285: 8284: 8282: 8281: 8276: 8274:Social science 8271: 8266: 8261: 8256: 8251: 8246: 8241: 8236: 8231: 8226: 8221: 8216: 8211: 8205: 8203: 8199: 8198: 8196: 8195: 8190: 8185: 8180: 8175: 8170: 8165: 8160: 8155: 8149: 8147: 8143: 8142: 8140: 8139: 8131: 8128: 8127: 8118: 8117: 8110: 8103: 8095: 8086: 8085: 8083: 8082: 8077: 8065: 8055: 8044: 8041: 8040: 8038: 8037: 8032: 8022: 8017: 8012: 8007: 8002: 7997: 7992: 7987: 7982: 7977: 7972: 7967: 7962: 7957: 7952: 7947: 7942: 7937: 7932: 7927: 7922: 7917: 7912: 7906: 7904: 7900: 7899: 7897: 7896: 7891: 7881: 7871: 7865: 7863: 7857: 7856: 7854: 7853: 7848: 7846:GxP guidelines 7843: 7837: 7835: 7831: 7830: 7828: 7827: 7822: 7817: 7796: 7791: 7786: 7781: 7776: 7755: 7750: 7745: 7739: 7737: 7729: 7728: 7726: 7725: 7720: 7715: 7710: 7705: 7700: 7695: 7690: 7684: 7679: 7670: 7665: 7660: 7655: 7649: 7647: 7639: 7638: 7631: 7629: 7627: 7626: 7621: 7616: 7611: 7606: 7601: 7596: 7594:Social justice 7591: 7586: 7581: 7576: 7571: 7566: 7561: 7556: 7551: 7546: 7541: 7536: 7531: 7526: 7501: 7496: 7490:responsibility 7475: 7470: 7464: 7462: 7453: 7452: 7449:accountability 7438: 7437: 7430: 7423: 7415: 7407: 7406: 7400: 7393: 7392: 7391: 7390: 7384: 7383: 7358: 7334: 7317: 7301: 7292: 7275: 7258: 7244: 7231: 7198: 7168: 7135: 7117:Bloomberg News 7102: 7083: 7046: 7023: 6996: 6969: 6955: 6928: 6901: 6874: 6847: 6820: 6793: 6766: 6732: 6699: 6665: 6631: 6600: 6569: 6539: 6516: 6489: 6466: 6439: 6400: 6373: 6350: 6328: 6301: 6274: 6251: 6224: 6185: 6158: 6135: 6108: 6081: 6054: 6031: 6004: 5977: 5950: 5923: 5898: 5871: 5844: 5817: 5794: 5767: 5744: 5717: 5690: 5660: 5633: 5603: 5577: 5559: 5526: 5495: 5478: 5461:"Probus Sigma" 5451: 5425: 5412: 5379: 5346: 5315: 5285: 5255: 5228: 5194: 5167: 5156: 5130: 5119: 5107: 5094: 5080: 5067: 5057: 5021: 5012: 4998: 4984: 4964: 4953:(5): 463–490. 4937: 4910: 4893: 4857: 4822: 4792: 4766: 4736: 4710: 4684: 4658: 4627: 4603: 4573: 4547: 4534: 4521: 4508: 4497:(4): 249–264. 4481: 4457: 4431: 4400: 4369: 4338: 4324: 4314: 4300: 4286: 4277: 4264: 4249: 4230: 4214: 4198: 4184: 4153: 4140: 4127: 4112: 4086: 4056: 4026: 3996: 3966: 3953: 3923: 3892: 3879: 3866: 3805: 3796: 3771: 3739: 3708: 3684: 3658: 3632: 3599: 3576: 3567: 3546: 3519: 3506: 3490: 3474: 3463:https://www.nb 3450: 3441: 3424: 3411: 3395: 3382:Morningstar FR 3365: 3351: 3320: 3294: 3268: 3238: 3208: 3178: 3148: 3107: 3075: 3043: 3014: 2995:(3): 147–158. 2976: 2962: 2927: 2892: 2870: 2848: 2822: 2798: 2782: 2763: 2743: 2712: 2697: 2671: 2638: 2622: 2616:978-1032601199 2615: 2594: 2558: 2526: 2471: 2470: 2468: 2465: 2463: 2462: 2457: 2452: 2447: 2442: 2437: 2432: 2427: 2422: 2416: 2414: 2411: 2386: 2383: 2358: 2355: 2337: 2334: 2324: 2323:Marketing tool 2321: 2311: 2308: 2302: 2299: 2267: 2264: 2190:Daniel Cameron 2184: 2183: 2148:of the subject 2146:worldwide view 2141: 2139: 2132: 2126: 2123: 2093: 2090: 2075:U.S. President 2013:(EBSA) of the 1975:Yahoo! Finance 1960:Robert Maxwell 1913: 1910: 1862:S&P Global 1838: 1835: 1813: 1810: 1804: 1803:United Kingdom 1801: 1799: 1796: 1766: 1763: 1747:Main article: 1744: 1741: 1723: 1720: 1684: 1681: 1680: 1679: 1676: 1669: 1665: 1662: 1659: 1650: 1647: 1623: 1620: 1603: 1600: 1587: 1584: 1574: 1571: 1557: 1554: 1553: 1552: 1549: 1546:Sustainalytics 1534: 1531: 1522: 1519: 1513: 1510: 1498: 1495: 1489: 1486: 1478:stock buybacks 1464:stakeholders. 1446: 1443: 1422: 1419: 1414: 1413:Animal welfare 1411: 1390: 1387: 1369: 1366: 1355: 1352: 1350: 1347: 1324: 1321: 1294:climate change 1289: 1288:Climate crisis 1286: 1261:Main article: 1258: 1255: 1252: 1251: 1248: 1247:Human Capital 1244: 1243: 1240: 1236: 1235: 1232: 1229: 1223: 1222: 1219: 1215: 1214: 1211: 1207: 1206: 1203: 1200: 1194: 1193: 1190: 1184: 1183: 1180: 1176: 1175: 1172: 1168: 1167: 1164: 1161: 1155: 1154: 1149: 1146: 1138:Sustainalytics 1129: 1128: 1101: 1082: 1055:climate change 1031:sustainability 1026: 1023: 987: 984: 947: 944: 892: 891: 889: 886: 884: 881: 878: 874: 873: 870: 867: 864: 861: 858: 854: 853: 850: 847: 844: 841: 838: 834: 833: 830: 827: 824: 821: 818: 814: 813: 810: 807: 804: 801: 798: 797:Asia ex-Japan 794: 793: 790: 787: 784: 781: 778: 777:United States 774: 773: 770: 767: 764: 761: 758: 754: 753: 750: 747: 744: 741: 738: 734: 733: 730: 727: 724: 696: 693: 560:climate change 520:City of London 508:John Elkington 489:social capital 456:General Motors 419: 416: 385:United Nations 341: 340: 338: 337: 330: 323: 315: 312: 311: 308: 307: 302: 295: 293: 290:and compliance 286: 284: 278: 275:Related topics 274: 273: 272: 269: 268: 265: 264: 259: 254: 248: 244: 243: 242: 239: 238: 234: 233: 228: 223: 218: 213: 208: 203: 198: 193: 188: 183: 178: 173: 171:Ecclesiastical 168: 163: 158: 153: 148: 142: 141: 137: 136: 135: 132: 131: 127: 126: 121: 115: 114: 110: 109: 108: 105: 104: 100: 99: 94: 89: 84: 79: 74: 69: 64: 58: 57: 53: 52: 51: 48: 47: 41: 40: 26: 9: 6: 4: 3: 2: 9274: 9263: 9260: 9258: 9255: 9253: 9250: 9248: 9245: 9243: 9240: 9239: 9237: 9227: 9217: 9215: 9210: 9205: 9203: 9198: 9193: 9191: 9186: 9181: 9180: 9177: 9166: 9165: 9160: 9152: 9146: 9143: 9141: 9138: 9136: 9133: 9131: 9128: 9126: 9123: 9122: 9120: 9116: 9106: 9103: 9101: 9098: 9096: 9093: 9091: 9088: 9086: 9083: 9081: 9078: 9076: 9073: 9071: 9068: 9066: 9063: 9061: 9058: 9056: 9053: 9051: 9048: 9046: 9045:Rachel Carson 9043: 9041: 9038: 9036: 9033: 9031: 9028: 9027: 9025: 9021: 9015: 9012: 9010: 9007: 9005: 9002: 9001: 8999: 8995: 8989: 8986: 8982: 8979: 8978: 8977: 8974: 8972: 8969: 8967: 8964: 8962: 8959: 8955: 8954:Ecomusicology 8952: 8951: 8950: 8947: 8945: 8944: 8940: 8938: 8935: 8931: 8928: 8926: 8923: 8921: 8918: 8917: 8916: 8913: 8911: 8908: 8904: 8901: 8900: 8899: 8896: 8894: 8891: 8890: 8888: 8884: 8878: 8877:United States 8875: 8873: 8870: 8868: 8865: 8863: 8860: 8858: 8855: 8853: 8850: 8848: 8845: 8841: 8838: 8837: 8836: 8833: 8829: 8826: 8825: 8824: 8821: 8817: 8814: 8813: 8812: 8809: 8807: 8804: 8802: 8799: 8798: 8796: 8792: 8784: 8781: 8780: 8779: 8776: 8774: 8773:Vegetarianism 8771: 8769: 8766: 8764: 8761: 8759: 8756: 8752: 8749: 8748: 8747: 8744: 8742: 8739: 8737: 8736:Green economy 8734: 8732: 8729: 8727: 8724: 8722: 8719: 8717: 8714: 8712: 8709: 8707: 8704: 8702: 8699: 8697: 8694: 8692: 8689: 8687: 8684: 8682: 8679: 8678: 8676: 8672: 8666: 8663: 8661: 8660:Slow movement 8658: 8656: 8653: 8651: 8648: 8646: 8643: 8641: 8638: 8636: 8633: 8631: 8628: 8626: 8623: 8621: 8618: 8616: 8613: 8611: 8608: 8606: 8603: 8601: 8598: 8596: 8593: 8591: 8588: 8586: 8583: 8581: 8578: 8576: 8573: 8572: 8570: 8566: 8556: 8553: 8551: 8548: 8546: 8543: 8541: 8538: 8536: 8533: 8531: 8528: 8526: 8523: 8522: 8519: 8513: 8510: 8508: 8505: 8503: 8500: 8499: 8497: 8493: 8487: 8484: 8482: 8479: 8477: 8474: 8470: 8467: 8466: 8465: 8462: 8460: 8457: 8456: 8454: 8450: 8444: 8441: 8439: 8436: 8434: 8431: 8429: 8426: 8424: 8421: 8419: 8416: 8414: 8411: 8409: 8406: 8404: 8401: 8399: 8396: 8394: 8393:Eco-terrorism 8391: 8389: 8388:Eco-socialism 8386: 8384: 8381: 8379: 8376: 8374: 8371: 8369: 8366: 8364: 8363:Disinvestment 8361: 8359: 8356: 8354: 8351: 8350: 8348: 8344: 8338: 8335: 8333: 8330: 8328: 8325: 8323: 8320: 8318: 8315: 8313: 8310: 8308: 8305: 8303: 8300: 8299: 8297: 8295:Philosophical 8293: 8290: 8286: 8280: 8277: 8275: 8272: 8270: 8267: 8265: 8262: 8260: 8257: 8255: 8252: 8250: 8247: 8245: 8242: 8240: 8237: 8235: 8232: 8230: 8227: 8225: 8222: 8220: 8217: 8215: 8212: 8210: 8209:Communication 8207: 8206: 8204: 8200: 8194: 8191: 8189: 8186: 8184: 8183:Organizations 8181: 8179: 8176: 8174: 8171: 8169: 8166: 8164: 8161: 8159: 8156: 8154: 8151: 8150: 8148: 8144: 8138: 8133: 8132: 8129: 8125: 8116: 8111: 8109: 8104: 8102: 8097: 8096: 8093: 8081: 8080:Organizations 8078: 8076: 8075: 8066: 8064: 8056: 8054: 8050: 8046: 8045: 8042: 8036: 8033: 8030: 8026: 8023: 8021: 8018: 8016: 8013: 8011: 8008: 8006: 8003: 8001: 7998: 7996: 7993: 7991: 7988: 7986: 7983: 7981: 7978: 7976: 7973: 7971: 7968: 7966: 7963: 7961: 7958: 7956: 7953: 7951: 7948: 7946: 7943: 7941: 7940:Disinvestment 7938: 7936: 7933: 7931: 7928: 7926: 7923: 7921: 7918: 7916: 7913: 7911: 7908: 7907: 7905: 7901: 7895: 7892: 7889: 7888:certification 7885: 7882: 7879: 7878:certification 7875: 7874:Environmental 7872: 7870: 7867: 7866: 7864: 7862: 7858: 7852: 7849: 7847: 7844: 7842: 7839: 7838: 7836: 7832: 7826: 7823: 7821: 7818: 7816: 7812: 7808: 7804: 7800: 7797: 7795: 7792: 7790: 7787: 7785: 7782: 7780: 7777: 7775: 7771: 7767: 7763: 7759: 7756: 7754: 7751: 7749: 7746: 7744: 7741: 7740: 7738: 7736: 7733:Environmental 7730: 7724: 7721: 7719: 7716: 7714: 7711: 7709: 7706: 7704: 7701: 7699: 7696: 7694: 7691: 7688: 7685: 7683: 7680: 7678: 7677:environmental 7674: 7671: 7669: 7666: 7664: 7661: 7659: 7656: 7654: 7651: 7650: 7648: 7646: 7640: 7635: 7625: 7622: 7620: 7617: 7615: 7612: 7610: 7607: 7605: 7602: 7600: 7597: 7595: 7592: 7590: 7587: 7585: 7582: 7580: 7577: 7575: 7572: 7570: 7567: 7565: 7562: 7560: 7557: 7555: 7552: 7550: 7547: 7545: 7542: 7540: 7537: 7535: 7532: 7530: 7527: 7525: 7521: 7517: 7513: 7509: 7505: 7502: 7500: 7497: 7495: 7491: 7487: 7483: 7479: 7476: 7474: 7471: 7469: 7466: 7465: 7463: 7458: 7454: 7450: 7447: 7446:environmental 7443: 7436: 7431: 7429: 7424: 7422: 7417: 7416: 7413: 7404: 7398: 7394: 7388: 7387: 7380: 7376:(in French). 7375: 7374: 7369: 7362: 7355: 7350: 7349: 7344: 7338: 7331: 7327: 7321: 7314: 7310: 7305: 7296: 7289: 7285: 7279: 7272: 7268: 7262: 7255: 7248: 7241: 7235: 7219: 7215: 7214: 7209: 7202: 7186: 7182: 7178: 7172: 7156: 7152: 7151: 7146: 7139: 7123: 7119: 7118: 7113: 7106: 7100: 7096: 7093: 7087: 7068: 7064: 7057: 7050: 7034: 7027: 7011: 7007: 7000: 6984: 6980: 6973: 6965: 6959: 6943: 6939: 6932: 6916: 6912: 6905: 6889: 6885: 6878: 6862: 6858: 6851: 6835: 6831: 6824: 6808: 6804: 6797: 6781: 6777: 6770: 6754: 6750: 6746: 6739: 6737: 6720: 6716: 6712: 6706: 6704: 6687: 6683: 6679: 6672: 6670: 6653: 6649: 6645: 6643: 6635: 6619: 6615: 6611: 6604: 6588: 6584: 6580: 6573: 6557: 6553: 6549: 6543: 6527: 6520: 6504: 6500: 6493: 6477: 6470: 6454: 6450: 6443: 6427: 6423: 6419: 6418: 6410: 6404: 6388: 6384: 6377: 6361: 6354: 6338: 6332: 6316: 6312: 6305: 6289: 6285: 6278: 6262: 6255: 6239: 6235: 6228: 6212: 6208: 6204: 6203: 6195: 6189: 6173: 6169: 6162: 6146: 6139: 6123: 6119: 6112: 6096: 6092: 6085: 6069: 6065: 6058: 6042: 6035: 6019: 6015: 6008: 5992: 5988: 5981: 5965: 5961: 5954: 5938: 5934: 5927: 5911: 5910: 5902: 5886: 5882: 5875: 5859: 5855: 5848: 5832: 5828: 5821: 5805: 5798: 5782: 5778: 5771: 5755: 5748: 5732: 5728: 5721: 5705: 5701: 5694: 5678: 5674: 5670: 5664: 5648: 5644: 5637: 5621: 5617: 5613: 5612:"Assessments" 5607: 5591: 5587: 5581: 5573: 5569: 5563: 5544: 5537: 5530: 5514: 5510: 5506: 5499: 5492: 5488: 5482: 5466: 5462: 5455: 5439: 5435: 5429: 5422: 5416: 5400: 5396: 5395: 5390: 5383: 5367: 5363: 5362: 5357: 5350: 5334: 5330: 5326: 5319: 5303: 5299: 5295: 5289: 5273: 5269: 5265: 5259: 5243: 5239: 5232: 5216: 5212: 5208: 5204: 5203:Cooper, Nancy 5198: 5182: 5178: 5171: 5165: 5160: 5145: 5141: 5134: 5128: 5123: 5117: 5111: 5104: 5098: 5091: 5084: 5077: 5071: 5061: 5045: 5041: 5037: 5030: 5028: 5026: 5016: 5009: 5002: 4995: 4988: 4981: 4977: 4971: 4969: 4960: 4956: 4952: 4948: 4941: 4933: 4929: 4925: 4921: 4914: 4907: 4903: 4897: 4878: 4874: 4867: 4861: 4853: 4849: 4845: 4841: 4838:(1): 89–117. 4837: 4833: 4826: 4810: 4806: 4802: 4796: 4780: 4776: 4770: 4754: 4750: 4746: 4745:"Signatories" 4740: 4724: 4720: 4714: 4698: 4694: 4688: 4672: 4668: 4662: 4646: 4642: 4638: 4631: 4623: 4619: 4616:(in French). 4615: 4607: 4591: 4587: 4583: 4577: 4561: 4557: 4551: 4544: 4538: 4531: 4525: 4518: 4512: 4504: 4500: 4496: 4492: 4485: 4478: 4474: 4470: 4467: 4461: 4445: 4441: 4435: 4419: 4415: 4411: 4404: 4388: 4384: 4380: 4373: 4357: 4353: 4349: 4342: 4335: 4328: 4318: 4311: 4304: 4297: 4290: 4281: 4274: 4268: 4262: 4258: 4253: 4246: 4239: 4237: 4235: 4227: 4221: 4219: 4211: 4205: 4203: 4195: 4188: 4172: 4168: 4164: 4157: 4150: 4147:Stern, H.J., 4144: 4137: 4131: 4124:. p. 27. 4123: 4116: 4100: 4096: 4090: 4074: 4070: 4066: 4060: 4044: 4040: 4036: 4030: 4014: 4010: 4006: 4000: 3984: 3980: 3976: 3970: 3963: 3957: 3941: 3937: 3933: 3927: 3911: 3907: 3903: 3896: 3889: 3883: 3876: 3870: 3854: 3850: 3846: 3842: 3838: 3834: 3830: 3826: 3822: 3821: 3816: 3809: 3800: 3785: 3784:Practical Law 3781: 3775: 3759: 3755: 3750: 3743: 3727: 3723: 3719: 3712: 3706:Ltd., page 3. 3705: 3701: 3697: 3694: 3688: 3672: 3668: 3662: 3646: 3642: 3636: 3629: 3628: 3623: 3619: 3616: 3612: 3608: 3603: 3595: 3591: 3587: 3580: 3571: 3564: 3557: 3555: 3553: 3551: 3543: 3536: 3534: 3532: 3530: 3528: 3526: 3524: 3516: 3510: 3503: 3497: 3495: 3487: 3483: 3478: 3471: 3467: 3464: 3460: 3454: 3445: 3438: 3434: 3428: 3421: 3415: 3408: 3404: 3399: 3383: 3379: 3372: 3370: 3361: 3355: 3339: 3335: 3331: 3324: 3309: 3308:Common Dreams 3305: 3298: 3283: 3279: 3272: 3256: 3252: 3248: 3242: 3226: 3222: 3218: 3212: 3196: 3192: 3188: 3182: 3166: 3162: 3158: 3152: 3136: 3132: 3128: 3124: 3123: 3118: 3111: 3095: 3091: 3090: 3085: 3079: 3060: 3053: 3047: 3040: 3039: 3034: 3030: 3027: 3021: 3019: 3010: 3006: 3002: 2998: 2994: 2990: 2983: 2981: 2971: 2969: 2967: 2958: 2954: 2950: 2946: 2942: 2938: 2931: 2912: 2905: 2904: 2896: 2888: 2884: 2880: 2874: 2868: 2864: 2861: 2859: 2852: 2836: 2832: 2826: 2819: 2815: 2811: 2808: 2802: 2795: 2789: 2787: 2770: 2766: 2760: 2756: 2755: 2747: 2731: 2727: 2723: 2716: 2709: 2708: 2701: 2685: 2681: 2675: 2659: 2655: 2651: 2645: 2643: 2635: 2629: 2627: 2618: 2612: 2608: 2601: 2599: 2579: 2575: 2568: 2562: 2543: 2536: 2530: 2522: 2516: 2509: 2498: 2494: 2490: 2486: 2479: 2477: 2472: 2461: 2458: 2456: 2453: 2451: 2448: 2446: 2443: 2441: 2438: 2436: 2433: 2431: 2428: 2426: 2423: 2421: 2418: 2417: 2410: 2408: 2404: 2400: 2396: 2392: 2382: 2378: 2371: 2367: 2363: 2354: 2350: 2346: 2342: 2333: 2329: 2320: 2317: 2307: 2298: 2295: 2290: 2285: 2282: 2277: 2274: 2271: 2263: 2260: 2259:Goldman Sachs 2255: 2253: 2247: 2245: 2241: 2237: 2236: 2231: 2227: 2226:Deutsche Bank 2223: 2219: 2215: 2211: 2206: 2204: 2200: 2196: 2191: 2180: 2177: 2169: 2159: 2155: 2149: 2147: 2140: 2131: 2130: 2122: 2119: 2113: 2109: 2107: 2103: 2099: 2089: 2087: 2083: 2079: 2076: 2072: 2068: 2064: 2060: 2055: 2052: 2048: 2044: 2040: 2036: 2032: 2028: 2024: 2020: 2016: 2012: 2008: 2003: 1999: 1997: 1993: 1989: 1985: 1979: 1976: 1971: 1969: 1965: 1961: 1957: 1953: 1949: 1945: 1940: 1938: 1933: 1931: 1927: 1922: 1920: 1909: 1906: 1904: 1899: 1897: 1893: 1888: 1884: 1880: 1878: 1874: 1869: 1867: 1863: 1859: 1855: 1851: 1847: 1842: 1834: 1830: 1826: 1822: 1818: 1809: 1795: 1791: 1787: 1783: 1779: 1775: 1771: 1762: 1760: 1755: 1750: 1740: 1737: 1733: 1729: 1719: 1715: 1713: 1709: 1705: 1699: 1695: 1690: 1677: 1674: 1670: 1666: 1663: 1660: 1656: 1655: 1654: 1646: 1644: 1639: 1634: 1629: 1619: 1616: 1614: 1608: 1599: 1596: 1592: 1583: 1579: 1573:Social Pillar 1570: 1566: 1562: 1550: 1547: 1543: 1539: 1535: 1532: 1529: 1528: 1527: 1518: 1509: 1506: 1505: 1494: 1485: 1483: 1479: 1475: 1471: 1465: 1461: 1456: 1452: 1442: 1440: 1436: 1432: 1428: 1421:Conservatives 1418: 1410: 1408: 1404: 1400: 1396: 1395:caveat emptor 1386: 1384: 1380: 1375: 1372:In 2006, the 1365: 1362: 1346: 1344: 1340: 1339:raw materials 1336: 1330: 1320: 1318: 1314: 1309: 1308: 1303: 1299: 1298:pension funds 1295: 1285: 1283: 1279: 1275: 1271: 1264: 1246: 1245: 1238: 1237: 1230: 1224: 1217: 1216: 1209: 1208: 1202:Human Rights 1201: 1195: 1186: 1185: 1178: 1177: 1171:Resource Use 1170: 1169: 1162: 1158:Environmental 1156: 1150: 1147: 1144: 1143: 1139: 1135: 1126: 1122: 1121:cybersecurity 1118: 1114: 1110: 1106: 1102: 1099: 1095: 1091: 1087: 1083: 1080: 1076: 1072: 1071:reforestation 1068: 1067:deforestation 1064: 1060: 1056: 1052: 1051: 1050: 1048: 1044: 1043:rating agency 1040: 1036: 1032: 1019: 1015: 1013: 1009: 1003: 996: 992: 983: 979: 977: 973: 969: 965: 960: 956: 954: 943: 939: 936: 932: 928: 924: 918: 915: 906: 902: 899: 890: 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