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"This book provides the world's first comprehensive account of responsible investment for fixed income investors. It enables readers to understand the key characteristics of fixed income investments and the relevance of sustainability-related issues. The expert contributors to this volume explain how sustainability-related issues are and could be taken into account in fixed income research and decision-making, in portfolio construction and in active ownership (engagement). The book presents a series of detailed case studies from different parts of the fixed income market (corporate investment grade and high yield, emerging markets, sovereign and municipal debt), from a range of organisations, with a variety of approaches to responsible investment and to fixed income. It also contains in-depth critical analysis of key issues such as the role of credit rating agencies, the role of green bonds, data and public policy. The book provides investors with practical guidance on how they might improve the financial and sustainability-related performance and the environmental, social and governance (ESG) performance of their investments. It also enables stakeholders such as companies, civil society organisations and governments, to understand the role that fixed income might play in delivering the SDGs, and how they might encourage and enable fixed income investors to pay greater attention to sustainability-related issues in their investment practices and processes"--

The study deals with socially responsible investment funds as the type of investment funds universe. European and USA market for socially responsible investment funds is presented. The dynamics of assets under the management and number of these funds in the market are considered. The approaches for socially responsible investments are studied and reasons for increased interest in such investments are named. The main reasons why the global socially responsible funds become more and more popular are: an increase of interest of community in socially responsible companies, in problems regarding climate and environment changes, in government attitude towards alternative energy and investments of private and public pension funds. Article in Lithuanian. Tarptautiniai socialiai atsakingi investiciniai fondai Anotacija. Nagrinėjami tarptautiniai socialiai atsakingi investiciniai fondai. Įvertinama jų svarba Europos ir JAV rinkoje, valdomo turto ir investicinių fondų skaičiaus kaita ilguoju laikotarpiu. Aptariami socialiai atsakingų investicijų fondų investicijų valdymo principai. Įvardijamos priežastys, kodėl didėja susidomėjimas tokiais investiciniais fondais. Reikšminiai žodžiai: socialiai atsakingas, investicinis fondas, investicija, akcija, investuotojas.

The study deals with socially responsible investment funds as the type of investment funds universe. European and USA market for socially responsible investment funds is presented. The dynamics of assets under the management and number of these funds in the market are considered. The approaches for socially responsible investments are studied and reasons for increased interest in such investments are named. The main reasons why the global socially responsible funds become more and more popular are: an increase of interest of community in socially responsible companies, in problems regarding climate and environment changes, in government attitude towards alternative energy and investments of private and public pension funds. Article in Lithuanian. Tarptautiniai socialiai atsakingi investiciniai fondai Anotacija. Nagrinėjami tarptautiniai socialiai atsakingi investiciniai fondai. Įvertinama jų svarba Europos ir JAV rinkoje, valdomo turto ir investicinių fondų skaičiaus kaita ilguoju laikotarpiu. Aptariami socialiai atsakingų investicijų fondų investicijų valdymo principai. Įvardijamos priežastys, kodėl didėja susidomėjimas tokiais investiciniais fondais. Reikšminiai žodžiai: socialiai atsakingas, investicinis fondas, investicija, akcija, investuotojas.

Purpose– The purpose of this paper is first to give an in-depth discussion of the criticism of socially responsible investment's (SRI) alleged incompatibility with the concept of rational investment constituting an inferiority to conventional investment so as to disprove unwarranted arguments and identify potential for improvement of SRI. The second objective is to propose a framework that places SRI and conventional investment on the same level of rationality.Methodology– The discussion is based on a literature study. The framework uses a previously published multidimensional optimization approach and embeds it into a new, integrated methodology for investment decisions in the presence of SRI objectives. The framework is empirically evaluated using historic stock market data.Findings– The main findings show that SRI is not necessarily less rational than conventional investment; it can be implemented in an equally stringent and clearly defined methodology. The empirical results prove that investors can pursue SRI objectives without sacrificing performance.Research limitations– Focus is on the German stock market; in the future, research will be expanded to cover international markets.Practical implications– The results may contribute to enhance the SRI methodology.Social implications– Investors may be encouraged to consider SRI, strengthening the concept of sustainability.Originality/value– In the literature, the question of SRI's compatibility with rational investment has often been cited but seldom scrutinized. An in-depth analysis combined with a framework to exploit of the learnings has yet been missing.

Cover -- Half Title -- Series Page -- Title Page -- Copyright Page -- Table of Contents -- About the authors -- Preface -- Acknowledgements -- List of abbreviations -- Introduction -- 1 What is Responsible Investment? -- 1.1 What is Responsible Investment? -- 1.1.1 Defining Responsible Investment -- 1.2 ESG investment philosophies -- 1.2.1 Ethical investing -- 1.2.2 Impact investing as a philosophy -- 1.2.3 Philanthropic investing -- 1.2.4 Responsible investing -- 1.2.5 Combining philosophies -- 1.3 An introduction to Responsible Investment approaches -- 1.4 An introduction to Responsible Investment tools -- Chapter 1 key Q& -- As -- 2 Responsible Investment is mainstream -- 2.1 From ethical to responsible -- 2.1.1 The first ethical funds -- 2.2 The rise of responsibility -- 2.2.1 Norm-based screening as the first step -- 2.2.2 Active ownership and other emerging approaches -- 2.2.3 Responsible investing developing alongside corporate responsibility -- Chapter 2 key Q& -- As -- 3 Drivers of Responsible Investment -- 3.1 Values -- 3.2 Financial return -- 3.3 The operating environment -- 3.3.1 Culture -- 3.3.2 Market development, economics and finance -- 3.3.3 Institutions and regulation -- 3.3.4 Case: EU sustainable finance regulation -- 3.3.5 Organizations -- 3.3.6 Reputation -- Chapter 3 key Q& -- As -- 4 Becoming a Responsible Investor -- 4.1 Strategy and policy document requirements -- 4.1.1 Defining Responsible Investment -- 4.1.2 Aligning a Responsible Investment policy with overall objectives -- 4.1.3 Ownership policy -- 4.2 Implementing Responsible Investment -- 4.3 Monitoring -- 4.4 Reporting -- 4.5 Developing a Responsible Investment roadmap -- 4.5.1 Important dimensions of the roadmap -- 4.5.2 Well begun is half done -- Chapter 4 key Q& -- As -- 5 Materiality and megatrends.

The SRI phenomenon is said to be entering the mainstream of financial intermediation. From a fairly marginal practice promoted or campaigned for by NGO's and at odds with financial practice and orthodoxy it grew into well formulated policy adopted by a wide range of investors. Academic literature on SRI has also boomed on the assumption that mainstreaming is taking place. However, little thinking has been carried out on questions specifically arising from this alleged 'mainstreaming'. This book, addressed to those with a scholarly or practitioner's interest in SRI, starts filling this neglected dimension. Today, one cannot ignore the difficulties of main stream financing. The financial spheres are trembling globally in one of the worst crises since the 1930's. As a response to the crisis, the intermediation of 'financial responsibility' will undoubtedly be the subject of new regulation and scrutinizing. This book looks into what these turbulences will imply for SRI. In view of these circumstances, one might or even should, ask oneself whether the phenomenon was not an empty fad during the exuberant high of financial euphoria that came abruptly to an end with current financial crises. To put it rather sec: are financial intermediaries that promote 'sustainability' credible, while it is obvious that some developments in financial intermediation -predictably, as some say- were unsustainable? Is this an opportunity for enhancing SRI because of the strength and superiority it has developed or will it disappear due to a return to financial myopia? This book is the first to question the future of SRI in such a radical way.