Survey that represents the evolution over time(since 2008) of the perception about responsible investment on European asset owners.

Nouvelle définition de ISR et son lien avec le développement durable.

Sustainable and Responsible Investment (SRI) is the practice of including non-financial criteria such as environmental, social and governance (ESG) issues in investment decisions. In theory, by changing the criteria of capital allocation, SRI would motivate companies to improve their sustainable performance. It seems like a striking idea combining profits and sustainability through investment. But is it really possible? Does SRI really have the ability of influencing corporations' behavior? In order to answer this question, a qualitative research was conducted, where we analyzed factors that we consider paramount for the effectiveness of SRI in achieving this goal. First we tried to understand what are the motivations guiding the main stakeholders in SRI, namely corporations, financial institutions (FIs) and investors. Then we tried to get a picture of important constraints to the effectiveness of SRI such as professional expertise in the field, sustainable quality of the funds and transparency. Finally, we examined the main factors which might limit SRI from having a real impact in companies and we give suggestions on how to overcome those limitations. Our findings do not show any evidence that the motivations guiding stakeholders in SRI, or its present conditions of quality and transparency, would be able to deliver any significant corporate change through access to capital on financial markets. It is more likely, however, that the influence SRI has on companies' reputation brings about such change, rather than access to capital. Even then, the SRI market needs to be developed further and a minimal quality of SRI funds needs to be ensured. Further regulation can probably improve the balance between the quality and the economic appeal of SRI funds, thereby closing the gap between investors' financial expectations and the broader public interest. Moreover, change is required from investors towards a more active and involved attitude, as well as better cooperation between institutions and investors in order to cope with the current fragmentation in the SRI market.