Socially Responsible Investment Law: Regulating the Unseen Polluters

SOCIALLY RESPONSIBLE INVESTMENT LAW: REGULATING THE UNSEEN POLLUTERS, Oxford University Press, 2008

1 Pages Posted: 12 May 2008 Last revised: 2 Feb 2010

Abstract

This new book argues that environmental law must target the financial sector, which sponsors and profits from environmental pillage. The rise of a system of finance capitalism has made the financial sector a crucial economic sector. A long-standing movement for socially responsible investment (SRI) has recently begun to advocate environmental standards for financiers. While the SRI movement has gained more influence in recent years, it has come at the price of jettisoning its former emphasis on ethical investment in favour of an instrumental business case approach. Some modest legal reforms to improve the quality and extent of SRI have yet to make a tangible difference. An alternative legal strategy to promote SRI for environmental sustainability is suggested based on reforming the fiduciary duties of financial institutions. Fiduciary duties tied to concrete performance standards such as sustainability indicators provide a way to restore the ethical imperatives of SRI.

Keywords: Socially responsible investment, ethics, sustainable development, financial regulation, environmental law

JEL Classification: E44, E62, G15, G23, G28, G38, K22, K32, N20, O16

Suggested Citation

Richardson, Benjamin J., Socially Responsible Investment Law: Regulating the Unseen Polluters. SOCIALLY RESPONSIBLE INVESTMENT LAW: REGULATING THE UNSEEN POLLUTERS, Oxford University Press, 2008. Available at SSRN: https://ssrn.com/abstract=1128704

Benjamin J. Richardson (Contact Author)

University of Tasmania - Faculty of Law ( email )

Private Bag 89
Hobart, Tasmania 7001
Australia

HOME PAGE: http://www.utas.edu.au/law

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
463
Abstract Views
2,193
rank
63,641
PlumX Metrics