Ethics: the missing E in ESG investing?

Publication: Discussion Paper
21 March 2022

Tags: Corporate governance, Ethical Values

This discussion paper explores the challenges facing the investment industry and makes recommendations for both asset managers and companies.

What's ESG investing got to do with ethics?

The use of Environmental, Social and Governance (ESG) data is changing the way that capital markets operate, offering the prospect of business that’s better for people and planet. So does this make room for ethics in investment decision-making?

Annabel Gillard, an experienced industry professional and member of the IBE’s International Advisory Council, interviewed leading players in the UK investment industry to see what they thought. As Annabel's findings show, although asset managers prefer not to talk about ethics per se, many of the things that they are concerned about, such as investee companies' culture and behaviour, are ethically significant.

Read the paper for the details behind the headline and our recommendations for asset managers and the companies they invest in. Then please let us know what you think by emailing us at

IBE Discussion Paper: Ethics - the missing E in ESG investing