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By ethical Investment one understands investments of funds, which consider also ethical value conceptions of the investor apart from net yield criteria. Often also of ecological and socially responsible Investment one speaks (English social responsibility, SRI investment).
History
The idea ethical Investments has its origin in the seventies in the motion against apartheid in South Africa and against the Viet Nam war. None "money for armament and apartheid "was the foreign exchange of those, which do not want to finance that with their money, what it with its political commitment rejects. First funds with exclusion criteria for these activities, above all also for institutional investors such as universities, developed donations and churches in the USA and Great Britain. Into Europe, above all Germany, was added nuclear power as the further criterion. In the seventies the GLS community bank made the beginning, into which eighties were added further alternative banks like the into Germany or the alternative bank Switzerland, which ecological and social projects finance. For the nineties criticism at the globalization and the expansion of speculative financial transactions plays an increasing role for ethicalally motivated Investment.
Kinds of the Investments and their effects
According to Antje snow white (course book) one can differentiate three basic forms, which are different in each case in their impact:
- Promotion austerity possibilities with alternative banks: Banks put classical savings letters on with use orientation for the purposeful promotion of certain activities, which receive a financing thereby to favorable conditions. The bank accepts the risks, the investor receives usually lower interest charges than on the remaining capital market. Its money promotes directly the appropriate projects.
- Direct investments into not quoted enterprises. The investor puts over portions or loans directly money to the enterprise at the disposal and is involved over payments or fixed interest in the profit. It carries the risk. The money finances directly the activities also wished by the investor here.
- Ethical unit trust fund: The investor invests in unit trust fund, whose management commits itself to a restriction on the basis certain criteria. Special Rating agencies such as Oekom or institute for south wind judge enterprises regarding ecological and social criteria. Within the criteria for choice the fund management decides according to classical net yield criteria. Due to the marketnear selective procedure the effects are less seizable. The enterprises have only in rare cases a direct advantage (for instance with capital increases). The effects lie rather in the image advantage for the enterprises and the purposeful influencing control by the fund management with offences against the criteria.
Alternative banks
In the German-speaking countries there are several alternative banks, which work according to ethical criteria:
- The community bank in Bochum assigns credits to cultural, social and ecological initiatives. Altogether 3300 projects are financed. In March 2005 it received the optimum evaluation in the lastingness index of the Ratingagentur Ethibel as the first bank in Germany.
- The environmental bank () in Nuremberg assigns credits exclusively to ecological and lasting projects as for example within the range old-building renovation, energy saving houses, solar plants, wind force and ecological building.
- The ethics bank () in iron mountain follows with its investments of funds plant criteria, which are clearly, obligatorily and transparency. Beside a list with positive criteria (environmental policy and - management systems, further training and personnel development, creation and receipt of jobs,"
) publishes it also a list with negative criteria (military weapons, atomic power plants, Kinderarbeit,"
).
- The bank for medals and mission () in Idstein invests its money with consideration of ethical principles, which become criteria for this clearly defined. The bank-usual profit flows over the Franziskanerorden to the distressed ones of the world.
- The Steyler bank () in sank Augustin transacts their investments likewise according to ethical criteria. It works on the basis of the Frankfurt Hohenheimer of manual and is member in the association Corporate Responsibility interface center (). Profits are used exclusively for the support of the aid projects of the Steyler of mission acres.
- The alternative bank Switzerland (ABS) () to Olten promotes alternative energies, biological agriculture, woman projects, ecological and social enterprises, education and culture, development co-operation, alternative and social living forms as well as social projects.
- The Pax bank in Cologne, the league bank in Regensburg and the bank for church and Caritas in Paderborn work likewise with consideration of ethical criteria, are however only selected (within the church range to working) private customers and catholic church caritativen mechanisms at the disposal.
Direct investments
Various investments come for ethicalally motivated investors infrage:
- Renewable energies are usually offered over Kommandit participation. For wind force the Federal association wind energy registered association information for investors gives change.
Development: The development cooperative Oikocredit offers a participation over cooperative portions, with which development projects are financed, among other things micro credit organizations with credits.The alternative banks recruit cooperative portions or shares for the covering of the promotion credits with own capital funds.Gepa fair the trading firm offers the conclusion of a Darlehnsvertrages. So the financial clearance for fair investments can be increased.Unit trust fund
- Share fund: Ecological unit trust fund can be divided into fund, those from each industry the ecologically best enterprises be taken up and ecological industry funds, which contain shares of enterprises from individual environmentalrelevant industries. See also ethical-ecological funds.
- Likewise into ethical-ecological funds ecological life insurances invest such as Oeco Capital () or transparent ().
From ethical view a participation in unit trust fund is however disputed, because this orients itself closely at the conventional capital market. Often an evaluation of enterprises appears with difficulty, since these are strongly among themselves interlaced. Strictly taken the money does not flow to the enterprise, but to the previous owner of the share, from which the buyer cannot know anything about his ethical behavior.
Independent information
- Institute for south wind has its own work area "ethical investments of funds "and examines these on development compatibility.
- The working group a world of the catholic university municipality (KHG) Karlsruhe makes comprehensive information available on an Internet side about ethical investments of funds to the topic with an overview to all alternative banks.
- Isolated report the consumer magazines financial test and on ecological investments of funds.
- The magazine Invest () offers information for professional investors.
Literature
- Antje snow white: Course book ethical investment of funds. Frankfurt A.M. 2002, ISBN 3-596-15269-0
- Wolfgang Kessler, Antje snow white: Money and conscience: do property and earn to it. 2004, ISBN 3-88095-139-X
See also
Public Social private Partnership (PSPP)
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