Abstract
This chapter considers socially responsible investment (SRI). I first consider the strategies that SRI investors employ, such as shareholder democracy, activism, negative and positive screens, and relative selection. I quickly review the literature on the effects of SRI. I then zoom in on the alcohol industry, arguably the first industry to get a negative screen. I distinguish two arguments that SRI investors proffer in favour of their investment strategies—namely, the argument from common goods (as presented by Steven Lydenberg, among others) and the argument from religious values. I show that they fail to offer a full-blown justification of SRI on the basis of effectiveness and democratic legitimacy. Instead, I propose an argument from ethical issues. I apply this to the example of the marketing of ‘alcopops’, flavoured alcoholic beverages, and conclude with an excursion into SRI and climate-related financial disclosures.
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