The legitimacy of ESG standards as an analytical framework for responsible investment
Edited book (chapter)
Cadman, Tim. 2011. "The legitimacy of ESG standards as an analytical framework for responsible investment." Vandekerckhove, Wim, Leys, Jos, Alm, Kristian, Scholtens, Bert, Signori, Silvana and Schafer, Henry (ed.) Responsible investing in times of turmoil. Dordrecht, Germany. Springer. pp. 35-53
| Chapter Title | The legitimacy of ESG standards as an analytical framework for responsible investment |
|---|---|
| Book Chapter Category | Edited book (chapter) |
| ERA Publisher ID | 3337 |
| Book Title | Responsible investing in times of turmoil |
| Authors | |
| Author | Cadman, Tim |
| Editors | Vandekerckhove, Wim, Leys, Jos, Alm, Kristian, Scholtens, Bert, Signori, Silvana and Schafer, Henry |
| Page Range | 35-53 |
| Series | Issues in Business Ethics |
| Chapter Number | 3 |
| Number of Pages | 19 |
| Year | 2011 |
| Publisher | Springer |
| Place of Publication | Dordrecht, Germany |
| ISBN | 9789048193189 |
| 9789048193196 | |
| ISSN | 0925-6733 |
| Digital Object Identifier (DOI) | https://doi.org/10.1007/978-90-481-9319-6_3 |
| Web Address (URL) | http://www.springer.com/business+%26+management/finance/book/978-90-481-9318-9 |
| Abstract | This chapter argues that environmental-social governance (ESG), of which responsible investment (RI) is now a leading example, is built around models of social-political interaction in which participation and deliberation are key structural and procedural components. This approach provides a more holistically legitimate basis to corporate governance, rather than current models of corporate social responsibility, which focus on one or two attributes (such as accountability or transparency). In the conception offered here, a broad range of institutional arrangements are linked to the structures and processes of 'good' governance. Using a hierarchical framework of principles, criteria and indicators, which places these arrangements in a coherent framework for assessment, it is then possible to evaluate institutional quality. This approach is contrasted with the current, more restricted set of criteria used at present. The chapter concludes with some observations on the legitimacy of contemporary RI, and calls for universal standards to ensure consistency of governance across the sector, thus avoiding future crises of confidence analogous to the GFC. |
| Keywords | governance; responsible investment; standards; legitimacy |
| ANZSRC Field of Research 2020 | 350208. Investment and risk management |
| 350799. Strategy, management and organisational behaviour not elsewhere classified | |
| 350107. Sustainability accounting and reporting | |
| Public Notes | File reproduced in accordance with the copyright policy of the publisher/author. |
| Byline Affiliations | Faculty of Business and Law |
| Institution of Origin | University of Southern Queensland |
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