Published: Saturday, 6 January, 2007, 09:57 AM Doha Time
LONDON: Oil majors are courting multitrillion-dollar socially responsible investment (SRI) funds but they face continuing scepticism from investors.
SRI funds have grown to $3.6tn, according to industry body Eurosif, prompting firms including BP Plc to hire SRI advisers to woo ethical funds.
Those efforts have helped oil majors win inclusion in ethical share indexes, but analysts say that means investors may be buying into companies of which they do not approve. “Members of the public purchasing these things should be aware of what the criteria (funds use to screen companies) are and take a proper judgement,” said Stephen Hine, head of international marketing at EIRIS, an organisation founded by charities to investigate companies’ environmental and social policies.