사회적 책임투자의 의의와 한계
The Implications and Limits of Socially Responsible Investment
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To secure sustainability in the finite biosphere it is necessary to rethink the role of capital markets based on the hypothesis that infinite economic growth will go on. SRI (Socially Responsible Investment) is a sort of capitalist concept, machinery, and governance designed to promote the ideal of sustainable development within industries. This paper deals with the implications of SRI, dividing into two categories, economic interest-oriented SRI which considers SRI as secondary factors, and ethical SRI in which economic, ethical and social considerations have at least equal priority to investment strategy of the financial institutions. And this paper focuses on the limits of SRI in the two aspects. The first limits can be identified in the market approach pursuing economic interests through SRI and the second result from the fiduciary duty of the financial institutions. This paper concludes that strengthening the role of state and global governance, and clarifying the standards of the fiduciary duty through legislation and courts are all needed to reinforce SRI.
Abstract
To secure sustainability in the finite biosphere it is necessary to rethink the role of capital markets based on the hypothesis that infinite economic growth will go on. SRI (Socially Responsible Investment) is a sort of capitalist concept, machinery, and governance designed to promote the ideal of sustainable development within industries. This paper deals with the implications of SRI, dividing into two categories, economic interest-oriented SRI which considers SRI as secondary factors, and ethical SRI in which economic, ethical and social considerations have at least equal priority to investment strategy of the financial institutions. And this paper focuses on the limits of SRI in the two aspects. The first limits can be identified in the market approach pursuing economic interests through SRI and the second result from the fiduciary duty of the financial institutions. This paper concludes that strengthening the role of state and global governance, and clarifying the standards of the fiduciary duty through legislation and courts are all needed to reinforce SRI.
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