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Socially Responsible Investment LawRegulating the Unseen Polluters$
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Benjamin J. Richardson

Print publication date: 2008

Print ISBN-13: 9780195333459

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780195333459.001.0001

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SRI Governance Beyond the State

SRI Governance Beyond the State

(p.379) Chapter 6 SRI Governance Beyond the State
Socially Responsible Investment Law

Benjamin J. Richardson

Oxford University Press

Many codes, standards, and other mechanisms to govern the SRI market have been developed by the SRI community itself. This chapter examines these initiatives, focusing on the UN Environment Program Finance Initiative, UN Principles for Responsible Investment, Equator Principles, Collevecchio Declaration, the Dow Jones Sustainability Indexes, and many other regimes. It examines what these governance mechanisms demand of financial institutions, their implementation, and their overall adequacy as a form of governance for SRI. It finds that their voluntary nature, coupled with their emphasis on procedural rather than substantive performance standards, has not enabled them to engender widespread changes in the SRI market. Their major benefit has been to introduce at an international level some elementary standards to counter the notorious gaps in intergovernmental financial regulation.

Keywords:   market-based regulation, sustainability reporting, SRI market indexes, voluntary codes

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