<p>Several organisations have called for clarifications on sustainable investment. The aim of this study is to map and compare the ethical criteria used by Socially Responsible Investment (SRI) funds in their assessment of companies. My attention is also to seek for clarifications on the definition on SRI. A theoretical framework has been used to identify core issues of socially responsible investment. The areas of interest are charitable giving, environmental technologies, negative and positive screening and shareholder activism. The empirical material consisted of qualitative interviews with 4 fund managers from 5 investment management firms in addition to written documents on the funds’ ethical criteria. The conclusions are that all of the funds use negative criteria in their assessment of companies, with similarities in what may be considered as unethical activity and differences in the extent. Most of the funds also seek to identify better-managed companies through an assessment of how companies comply with international agreements. Differences occur in the choices of international agreements as well as the minimum criteria for investing. Most of the investment management firms engage in shareholder activism with the aim to influence the companies’ corporate behaviour, thus with different levels of engagement. Some have dialogue with whom they invest in, some favour the idea of communicate with companies they do not invest in as well. Furthermore, the results of this study show that investments in environmental technologies are rare since these companies are too small. When it comes to charitable giving, donations to charity may be seen as SRI or may not be seen as SRI depending on if the concept refers to investment criteria.</p>

Convaincue que les femmes, de par leur rôle dans les rapports sociaux de sexe, ont un rôle important à jouer dans la transmission de l'identité ethnique aux jeunes générations, nous avons voulu, dans ce mémoire, mettre à jour ce phénomène tel qu'il se déploie dans la communauté tamoule du Sri Lanka immigrée à Montréal. La perspective féministe en influence la trame de fond, contribuant à orienter le choix du sujet ainsi que son traitement. Ce mémoire est le fruit d'une recherche exploratoire de type qualitatif. Il repose sur un terrain de recherche mené au temple hindou Thiru Murugan situé à Dollard-des-Ormeaux, municipalité de l'ouest de l'île de Montréal. Il a pour objectif de définir la contribution spécifique de femmes de cette communauté à la « production de l'ethnicité » tamoule, au sens entendu par la sociologue des relations ethniques, Danielle Juteau. Ce mémoire s'appuie sur un cadre théorique contribuant à jeter les bases d'une définition sociologique de l'ethnicité, où non seulement le rôle des femmes dans sa production/reproduction est mise de l'avant, mais où se dégage également l'importance de la composante religieuse dans l'affirmation ethnique, particulièrement en contexte migratoire. Cette recherche analyse d'une part la perception du rôle des femmes dans les rapports de sexe tels qu'ils se déploient dans la communauté tamoule montréalaise et telle qu'elle a été exprimée par les personnes interrogées dans le cadre de cette étude. Il s'attarde d'autre part à l'implication des femmes de cette communauté dans la transmission de la langue, de la religion et de la culture. Ce mémoire démontre que les idéaux associés à la conception de la féminité influencent à· maints égards le rôle des femmes dans les rapports sociaux de sexe à l'oeuvre dans la communauté étudiée. Ce rôle amène celles-ci à s'impliquer activement dans la transmission de leur identité ethnique auprès des générations nées au Québec. De plus, la pratique religieuse jouant un rôle important dans la formation identitaire de nos répondant(e)s, la dimension religieuse est omniprésente dans le bagage ethnique transmis par les femmes aux jeunes générations. Par leur travail actif et conscient lié à la transmission de la langue, de la culture et de la religion aux jeunes de la communauté, ces femmes participent activement à reproduire les frontières ethniques de leur communauté et contribuent, par cela, à la « production de l'ethnicité » tamoule hindoue du Sri Lanka en contexte québécois. ______________________________________________________________________________ MOTS-CLÉS DE L’AUTEUR : Femmes, Ethnicité, Religion, Transmission, Hindouisme, Tamoul, Sri Lanka.

Purpose: The purpose of this paper is to describe the perception of value and risk in CSR as well as analyzing how financial institutions influence responsible behavior in business in order to create sustainable economic growth. Methodology: The study has a qualitative research method used by an abductive process. Data has been collected through semi-structured interviews with respondents from three venture capital companies and three banks. The sample of respondents was done through a convenience sample with respect to access and expertise in the research area. Conclusion: The most important meanings of the research results have shown that CSR holds an intrinsic value concerning contributing value as its conceptual meaning in terms of sustainable development. CSR can also be regarded as a dimension of risk management to reduce the risk of negative externalities on corporate activities. Investors and financiers contribute to sustainable companies through active ownership and improvements in the CSR dimensions. Finally, research results demonstrated that the responsible behavior of companies contributing to profitability, which in turn is part of sustainable development.

This qualitative master essay has taken place as a field study in the Sri Lankan post-war environment. The official peace started in 2009 and the country has had almost 30 years of war between the Liberation Tigers of Tamil Eelam (LTTE) and the Sri Lankan government. The island is very segregated into clearly different ethnic and religious groups, which belonging has a big importance for the individuals. Very little contact takes place between the different groups and the prejudices between them have been built up for a long time and are hard to change. The focus in this research is the youth movement Sri Lanka Unites (SLU). Their vision is to bring youth together that are from different backgrounds and different geographical location in Sri Lanka. SLU does invite school prefects, evenly distributed from all over the island, to their annual Future Leaders Conference (FLC). There will possibilities be given to create friends from all over the country no matter background and through games and teamwork activities break down stereotypes about each other. When the FLC is over the prefects will go back to their school and starts create riffles on the water to their context regarding their new experience. In this study I have chosen to change the name prefects to change agents. The aim with this study is to gain understanding of the change agents’ experiences and attitudes regarding the reconciliation initiatives provided by Sri Lanka Unites including what the initiative mean for the change agents’ and their country’s future road to peace. The methodological approach has been ethnography and semi structured interview has been used as the method of data collection. Theories that have been applied are about culture, change process and attitude change. Earlier research has been focused on change agents, peace initiatives and attitude change. The major findings in this essay are that Sri Lanka Unites has a very big influence and do change a lot of the change agents’ attitudes. The change agents experience that they are a part of the solution on Sri Lanka´s road towards a peaceful country. Hence only time will tell how big the effects of the change agents and Sri Lanka Unites will have on the nations road to reconciliation. / Denna kvalitativa magisteruppsats har tagit plats i en efterkrigstid på Sri Lanka i form av en fältstudie. Den officiella freden deklarerades år 2009 och landet hade då haft nästan ett 30 år långt krig mellan de Tamilska Tigrarna (LTTE) och den Sri Lankesiska staten. Nationen är mycket segregerad i etniska och religiösa grupper vars tillhörighet har en stor betydelse för individen. Väldigt lite kontakt sker mellan de olika grupperna och fördomarna dem emellan har byggts upp under lång tid och är svåra att överbygga. Fokus i denna studie ligger på en ungdomsrörelse vid namn Sri Lanka Unites (SLU). Rörelsen har som vision att förena ungdomar från alla bakgrunder och geografiska platser på Sri Lanka. SLU bjuder in skolprefekter jämnt fördelat från hela Sri Lanka, till deras årliga event Future Leader Conference (FLC). Där ges möjlighet att skapa vänner från hela landet oavsett bakgrund och genom tävlingar och teamarbete bryta ned stereotyper om varandra. När FLC är slut åker skolprefekterna sedan tillbaka till deras skola för att ge ringar på vattnet till deras omgivning om deras nya erfarenheter. Dessa skolprefekter har jag i denna studie döpt om till förändringsagenter. Syftet med denna studie är att få förståelse för förändringsagenternas upplevelser och attityder rörande försoningsinitiativen som Sri Lanka Unites har initierat samt vad dessa initiativ betyder för förändringsagenterna och deras nation på deras framtida väg till fred. Den metodologiska ansatsen har varit etnografisk och semisstrukturerade intervjuer har använts som metod för datainsamling. Teorier som har applicerats i denna studie är framförallt om kultur, förändringsprocesser och attitydförändringar. Tidigare forskning har fokuserats på förändringsagenter, fredsinitiativ och attitydförändringar. De främsta slutsatserna i denna studie är att rörelsen Sri Lanka Unites har en mycket stor påverkan på och förändrar många av skolprefekternas attityder. Förändringsagenterna upplever att de är en del av lösningen på att Sri Lanka ska fortsätta och i framtiden vara ett fredligt land. Dock är tiden det som får utvisa hur stora effekter förändringsagenterna och Sri Lanka Unites har på nationens väg till försoning.

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Several organisations have called for clarifications on sustainable investment. The aim of this study is to map and compare the ethical criteria used by Socially Responsible Investment (SRI) funds in their assessment of companies. My attention is also to seek for clarifications on the definition on SRI. A theoretical framework has been used to identify core issues of socially responsible investment. The areas of interest are charitable giving, environmental technologies, negative and positive screening and shareholder activism. The empirical material consisted of qualitative interviews with 4 fund managers from 5 investment management firms in addition to written documents on the funds’ ethical criteria. The conclusions are that all of the funds use negative criteria in their assessment of companies, with similarities in what may be considered as unethical activity and differences in the extent. Most of the funds also seek to identify better-managed companies through an assessment of how companies comply with international agreements. Differences occur in the choices of international agreements as well as the minimum criteria for investing. Most of the investment management firms engage in shareholder activism with the aim to influence the companies’ corporate behaviour, thus with different levels of engagement. Some have dialogue with whom they invest in, some favour the idea of communicate with companies they do not invest in as well. Furthermore, the results of this study show that investments in environmental technologies are rare since these companies are too small. When it comes to charitable giving, donations to charity may be seen as SRI or may not be seen as SRI depending on if the concept refers to investment criteria.

The sustainability of Social Responsible Investments (SRI) markets is highly dependent on the accuracy of social and environmental information. Surprisingly, and in contrast to financial information, there exists no methodological standard for gathering social and environmental information in SRI markets. This work is a first contribution to the understanding of how SRI-analysts verify the accuracy of social and environmental information. A second aim of this thesis is to evaluate if SRI-analysts can produce an accurate output with their respective methodologies. To do so, a case study was performed comparing the assessment of social and environmental information at SRI-screening firms to the more regulated financial auditing process, using legal a categorization of evidence strengths as a model. The findings of this study suggest that practices are not standardized amongst SRI-analysts. Therefore, investors are unlikely to receive an equal degree of information accuracy from one analyst to the next. Moreover, when comparing SRI-screening and financial auditing using the legal categorization of evidence, it was found that screening firms tend to produce outputs that are less carefully verified than seen in their financial counterparts. Nevertheless, the findings also reveal that SRI-analysts generally acknowledge the importance of assessing sources of evidence when controlling information accuracy. In conclusion, a standardized methodology should be welcomed by SRI-analysts, and the legal categorization of evidence strengths could be a good starting point to manage information accuracy in their screening process.

Sammanfattning Titel: Företagsstorlek och ESG-betyg Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi  Författare: Anton Samuelsson och Inga Kemi Handledare: Jan Svanberg Datum: 2021 – Januari Syfte: ESG-betygen spelar en nyckelroll som den vanligaste proxyn för hållbarhetsprestation inom hållbar finansiering. Tidigare studier visar dock att företag har incitament att vara kreativa med hållbarhetsupplysningar, som ligger till grund för ESG-betygen. Incitamenten kan överföras till företagsstorlek då större företag möter en högre press från samhället att vara hållbart ansvarstagande. Om företagens storlek är positivt relaterad till ESG-betyget behöver det också åtföljas av motsvarande förändring i hållbarhetsprestation. Återspeglar inte ESG-betygen hållbarhetprestationen riskerar kapitalet att fördelas mot icke-hållbara företag. Syftet med denna studie är därför att förklara sambandet mellan företagsstorlek och ESG-betyg. Metod: Studien utgår från en positivistisk forskningsfilosofi med en deduktiv ansats. Studien har en kvantitativ strategi och en longitudinell design som genomförts med data på ett urval bestående av 5 658 publika företag vilka erhållit ESG-betyg mellan åren 2015-2019. Studien baseras på sekundär data inhämtad från databasen Thomson Reuters Eikon. Data har analyserats i statistikprogrammet SPSS. Resultat &amp; slutsats: Studiens resultat påvisar att företagens storlek har ett positivt samband med ESG-betyget. Studiens resultat visar vidare att det positiva sambandet inte åtföljs av en ökad grad av hållbarhet. Således drar studien slutsatsen att ESG-betyget inte fungerar optimalt och är i behov av en snabb modifiering. Examensarbetets bidrag: Studiens resultat ger information till investerare som vill investera i hållbara företag. Eftersom ESG-betyget inte återspeglar hållbarhetsprestationen bör inte investerare förlita sig på ESG-betyget i investeringsbesluten. Studiens resultat ger också information till mätinstituten som tillhandahåller ESG-betyg. Då studien visar att det förekommer företagsstorlek-bias kan åtgärder göras för att få ESG-betyget att fungera mer korrekt. Studiens resultat ger vidare information till forskningen inom ESG-betygen. Detta genom att påvisa hur sambandet ser ut i verkligheten. Förslag till fortsatt forskning: Ett förslag till fortsatt forskning är att göra en liknande undersökning, men som innefattar fler mätinstitut som tillhandahåller ESG-betyg. I denna studie används miljödimensionen som proxy för datatillgänglighet och hållbarhet. Ett förslag till fortsatt forskning är att undersöka om detta också är applicerbart inom dimensionerna samhälle och företagsstyrning. Nyckelord: ESG-betyg, företagsstorlek, hållbarhetsrapportering, hållbarhetsredovisning, SRI / Abstract Title: Company size and ESG ratings Level: Student thesis, final assignment for Bachelor Degree in Business Administration Author: Anton Samuelsson and Inga Kemi Supervisor: Jan Svanberg Date: 2021 – January Aim: Investors play an important role in the global sustainability goals by allocating capital to sustainable companies. Previous research, on the other hand, shows that companies have incentives to be creative with sustainability information, which ESG ratings are largely based on. These incentives can be applied to company size. Larger companies face a higher pressure from society to be sustainably responsible. If the size of the companies is positively related to the ESG rating, it also needs to be accompanied by corresponding change in sustainability performance. If the ESG rating does not reflect sustainability performance, capital risks being allocated to non-sustainable companies. The purpose of this study is therefore to explain the relationship between company size and ESG ratings. Method: The study assumes a positivistic research philosophy with a deductive approach. The study uses a quantitative strategy and a longitudinal design implemented with data of a sample consisting 5 658 unique companies that have received ESG ratings, in the years 2015-2019. The study uses secondary data collected from the database Thomson Reuters Eikon. The data have been analyzed in the statistical software package called SPSS.  Result &amp; Conclusions: The results indicate that company size has a positive relationship with the ESG rating. The results indicate that the positive relationship does not attend on a higher level of sustainability. Thus, the study concludes that ESG rating does not function optimally and is in need of a quick modification Contribution of the thesis: The result provides information for investors interested in investing in sustainable companies. Since the ESG rating does not reflect the sustainability performance, investors should not rely on the ESG-rating in the investment decision. The result also provides information to the rating agencies which provide the ESG-ranking. As the study indicates that there exists a company size bias, actions can be taken to correct the ESG-ranking. The result of this study also provides information to the research field of ESG ratings. Suggestions for future research: A suggestion for further studies is to conduct a similar research but include other rating agencies of ESG ratings. A suggestion for further studies is to investigate if this also is applicable in the social and governance dimensions. Key words: ESG-rating, company size, sustainability reporting, sustainability disclosure, SRI