Socially responsible investment / Assia CHERRAJ / 2022

Titre : Socially responsible investment : Ratings and regulations Type de document : Mémoire Auteurs : Assia CHERRAJ, Auteur Année de publication : 2022 Importance : 31 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec cotre compte Office 365 via le bouton CONNEXION en haut de la page. Langues : Anglais (eng) Mots-clés : Management EVALUATION D'UNE ENTREPRISE ; RESPONSABILITE SOCIALE DE L'ENTREPRISE ; ENVIRONNEMENT Résumé : What is SRI? SRI, Socially Responsible Investment, are investments that seek to reconcile financial performance and sustainable development. It is an investment process which consider, in addition to financial criteria, extra-financial criteria such as Environmental, Social and Governance (ESG). Then, based on these criteria, an ESG rating of a company or of a fund is made. Let's take the example of an asset management company.In a fund management company, or asset management company, we distinguish 3 ESG rating approach: - A 100% external rating approach: this means that the rating is made exclusively by ESG rating agencies - A 100% internal rating approach: There is a specific team dedicated to SRI analysis in the fund management company - A mix of external and internal rating approach When we compare those ratings, we can observe that for one specific company or fund we can find totally different ESG scores, often these scores are very contradictory. We can have an excellent score by a rating agency for one company and have the total opposite score for the exact same company but made by another agency. Why do we observe this problem? What are the reasons of theses ESG ratings differences? Well, it is because there are no regulations: Neither on how to get the information, neither on how to use it. Everyone just does whatever they want. So, the question we are going to ask in this dissertation is: Should there be more regulations regarding ESG ratings and regarding company's ESG data availability and disclosure? We are going to deal with this subject in 3 parts: First we are going to deal with the first issue of ESG ratings divergence which is data availability. Then in a second part we are going to deal with the second reason behind ratings difference which is the criteria used in ESG rating. Then, finally in the last part we are going to consider the problem in a more general view, and we will try to evaluate the impact of those ESG ratings and regulations from different perspective: the impact on companies, on funds and on the market in general. Programme : PGE-Reims Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=570891