社会的責任投資とNGO―新たな戦略たり得るか?―

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1 NGO Socially Responsible Investment and NGO: Possible Future Strategy Motoko MEKATA Abstract The total Socially Responsible Investment(SRI) assets under management has more than doubled from 2007 to 2009 in the European financial market. While there may be many reasons behind growing interests on SRI, this paper attempts to demonstrate that the strategy of transnational civil society (TCS) to target financial institutions to influence multilateral corporations and raise awareness among general public may be resulting in these changes. Key Words Transnational Civil Society, NGO, Socially Responsible Investments, Corporate Social Responsibility, financial institutions 1 SRI 2 TCS 3 TCS SRI 2007 SRI SRI SRI SRI SRI NGO TCS TCS

2 26 Mathews 1997, Keck 1998, Clark 1995 CSR SRI Epstein 1989 TCS TCS SRI SRI TCS SRI SRI TCS 1. SRI SRI Sparkes and Cowton 2004 SRI SRI SRI SRI SRI SRI CSR Sparkes 2002:48 SRI 1994 SRI 2002: 47 CSR Sparkes 2002: ,

3 NGO 27 NGO Coalition for Environmentally Responsible Economies = CERES UNEP GRI 2000 GRI 3 CSR 4 GRI NGO GRI 2006 UNGC UN Global Compact 2006 SRI UNEP FI PRI Environment = E Social = S Corporate Governance = G ESG EU 2003 EU : SRI SRI SRI SRI SRI SRI

4 28 Cortez 7 SRI Kreander 60 SRI Hellsten SRI SRI Sethi Good Corporate Citizenship SRI UNEP FI ESG ESG 8 SRI SRI SRI SRI NGO ethical investment = EI SRI EI moral purity Sparkes 2002 EI SRI Sparkes and Cortes:46 Sparkes 2002 Collier EI SRI

5 NGO 29 Simon CSR Simon: 1972 SRI SRI 2 TCS SRI ESG E G CSR G S S SRI SRI NGO CMC 2008 CCM CCM 1 CMC CMC NGO CMC NGO 11 The Hall of Shame The Hall of Fame Runners up category NGO 13

6 30 14 UFJ JCBL NGO Investors Against Genocide IAG NGO Massachusetts Coalition to Save Darfur Petro ChinaSinopec ONGC Petronas ANSA ICC 16 IAG TIAA-Cref Teachers Insurance and Annuity Association- College Retirement Equities Fund TIAA-Cref American Funds 4 TIAA-Cref TIAA-Cref 2008 Fidelity Barclays IAG Unitarian Universalist Association UUA UUA / Fidelity UUA Fidelity

7 NGO 31 UUA Fidelity TIAA-Cref 5 UUA UUA Fidelity TIAA-Cref UUA Fidelity TIAA-Cref SRI Fidelity SRI UUA Fidelity 4 TIAA-Cref SRI UUA SRI Fidelity Vanguard Group American Funds Petro China IAG American Funds Petro China IAG UUA SRI 3. TCS SRI 2008 EUROSIF SRI 2 SRI ESG 2 NGO NGO TCS SRI TCS SRI NGO SRI 1997 ICBL

8 32 10 TCS NIKE GAP NGO CSR NGO CSR NGO NGO CSR NGO TCS 21 TCS SRI TSC TCS SRI Rosen et al., 1991 SRI McLachlan and Gardner 2004, Williams 2007 SRI ethical penalty Michelson et al., 2004, Tippet 2001 SRI SRI Lewis and Mackenzie 2000a, Webley et al., 2001 Gevlin SRI Gevlin 2007 Shefrin 2005, Tetlock and Mellers 2002 Pasewark Riley SRI SRI

9 NGO 33 NGO SRI 23 trust 49%52% 56% NGO 61% 10 NGO 17 69% 65% 63% 39% 18 81% 51% 50% % 25% 16% SRI NGO SRI SRI TCS 2 CSR SRI CSR SRI SRI SRI TCS SRI Hill 2007 SRI SRI PRI CSR 19 PRI

10 NGO The Equator Principles: A benchmark for the financial industry to manage social and environmental issues in project financing UNEP FI, Fiduciary responsibility, Legal and practical aspects of integrating environmental, social and governance issues into institutional investment, July 2009 http: // org/fileadmin/documents/fiduciaryii.pdf#search= U NEP FI fiduciary responsibility NGO Stop Explosive Investments. Are you funding cluster munitions? 80 NGO CMC Worldwide Investments in Cluster Munitions: A Shared Responsibility http: // op_explosive_investments.htm Written Ministerial Statement, The Financing of Cluster Munitions Production, 7th December /news/2010/10/ html#extra Khartoum 72 http: //turtlebay.foreignpolicy.com/posts/2011 /01/18/named_and_shamed_china_turns_to_intimidation ICC ICC NGO13 17 Edelman, 2011 Edelman Trust Barometer Findings, NGO SRI http: //globalcompactcritics.blogspot.com/ pp NGO Clark, M. Ann (1995). Non-Governmental Organizations and Their Influence on International Society, Journal of International Affairs 48 (2):

11 NGO 35 Cortez, Maria Ceu, Silva, Florinda, Nelson Areal(2009). The Performance of European Socially Responsible Funds. Journal of Business Ethics 87: Epstein, E. M. (1989). Business Ethic, Corporate Good Citizenship and the Corporate Social Process: A View from the United States. Journal of Business Ethics 8: Hellsten, Sirkku and Mallin,Chris(2006). Are Ethical of Socially Responsible Investments Socially Responsible? Journal of Business Ethics 66: Hill, Ronald Paul, Ainscough, Thomas, Shank, Todd, and Manullang, Daryl(2007). Corporate Social Responsibility and Socially Responsible Investing: A Global Perspective. Journal of Business Ethics 70: Keck, Margaret and Sikkink, Kathryn (1998). Activists Beyond Borders: Advocacy Networks in Internation - al Relations, Cornell University Press. Kreander, N., R. H. Gray, D. M. Power and C. D. Sinclair (2005). Evaluating Performance of Ethical and Nonethical Funds: A Matched Pair Analysis. Journal of Business and Finance and Accounting 32 (7&8): Mathews, Jessica (1997). Power Shift, Foreign Affairs 76: Sethi, S. Prakash (2005). Investing in Socially Responsible Companies is a Must for Public Pension Funds? Because There is no Better Alternative. Journal of Business Ethics 56: Sparkes, Russell (2002). Socially Responsible Investment, A Global Revolution, John Wiley & Sons,Ltd. Sparkes, Russell, and Cowton, J. Christopher (2004). The Maturing of Socially Responsible Investment: A Review of the Developing Link with Corporate Social Responsibility, Journal of Business Ethics 52: UN Global Compact and Global Reporting Initiative Form Strategic Alliance,Press Release, Amsterdam, 6 October 2006.

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