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In addition to the initiatives of portfolio investors in the developed countries, a catalyst in boosting socially responsible investment is United Nations.
At the beginning of this millennium, the United Nations Environment Programme Finance Initiative (UNEPFI) and UN Global Compact have the idea of involving the world's largest international investors to develop the Principles for Responsible Investment. The initiator of this approach was the secretary of the United Nations - Kofi Annan, while the launch of these principles took place in 2006.
In the year 2009, over 550 institutional investors were signatories of these principles and the value of assets managed by these investors is over USD 18 billions [7] . Demonstrated success of these principles is not just the number of signatories, but also their importance. Thus, among the signatories include the Norwegian Government Pension Fund - Global, APG, Public Employees' Retirement System, the California State Teachers 'Retirement System, New York State Teachers' Retirement System, Government Employees Pension Fund of South Africa. Among the signatories of these principles are investment funds belong to universities from developed countries: Régime de Retraite de l'Université de Montréal (pension fund), University of Dayton's Davis Center for Portfolio Management Flyer Investments from USA and Universities Superannuation Scheme from United Kingdom (pension fund)
The principles of responsible investment (PRI) based on the idea that environmental, social and governance issues can affect investment performance and consideration of these issues leads to the reduction of risks and achieving higher yields.
Analysis of these principles allows the shaping of responsible investment practices in four specific activities: investment screening, commitment as shareholders, proxy voting, economically targeted investment, mission or community investment).
Investment screening involves the use of positive or negative criteria for selection that determines acceptance or rejection of securities. Thus, the negative screening implies the exclusion of securities issued by companies from certain areas (gambling, tobacco, weapons or nuclear weapons) or countries (for example, Columbia and Brown University removes from the selection the securities belonging to companies that support the actions of Sudanese government from Darfur). The positive screening involves selection of those investments in certain sectors such as renewable energy or sustainable forest exploitation. Most times, this type of screening is based on an integrated 'triple bottom line' strategy according with investors select securities issued by companies that in their activities take account of certain aspects of the environment, society and corporate governance. The most popular selection method is "best in class" (best in class) that selects the securities investors who promote best practice in a particular field, taking into account the criteria of diversification portfolio and risk.
Commitment as shareholders. This commitment is an investment strategy through which institutional responsible investors trying to establish a dialogue with companies whose securities they hold in their portfolio that would result in improved on the long term of companies`performances..
Proxy voting. By participating and voting, the investors bring their concerns to the attention of managers on corporate social responsibility and they may sanction the manager if he does not take into account in his work the ESG issues. Most institutional investors such as investment funds, pension funds, insurance companies and banks have the necessary expertise and specialized departments to establish the voting policy for each company to which they are shareholders.
Economically targeted investment, community investment and mission investment. These investments are based not only on traditional financial objectives, but also non-financial targets that take into consideration certain aspects of the environment, society and corporate governance. The mission investments are made to align the financial investment of the institution with the mission of organization. This investment provides additional capitalization mechanisms for institutional investors and increase financial resources other than philanthropic activities, but has the disadvantage that they may have lower rates of return than traditional investments.
Community investment involves providing of capital for communities not served at the best standards of financial markets. For example, the universities may be involved in the funding of community projects since they are important sources of cultural, intellectual development. Thus, Ohio State University launched in 1995, a community investment initiative for urban development in the area surrounding the campus. These investments have been financed both from its own funds and from funds raised by issuing bonds. [8] In this way, the university's reputation increase and may determine additional donations in future.
Recently, the experts consider that the objective of community investment expands to incorporate those activities that have led to a model called social finance. Social finance refers to investment in social enterprises that provide certain social environmental or economic outcomes. Social funding takes two forms: providing grants to support social enterprises and investments in organizations that have social and environmental consequences.
Conclusions
Given the analysis undertaken, it is noted that not only companies and public authorities have become aware of their social responsibility, but also other entities such as portfolio investors can direct their funds available depending not only on economic criteria, but also for reasons of environment, society and corporate governance. It emerged as a new capital market segment, namely the market for socially responsible investments.
A special role in promoting CSR is played by universities that through research programs and teaching activities conducted, they support the training of specialists in various fields such as economists, managers and sociologists who must have knowledge of corporate social responsibility and ability to implement information gathered.
At international level, we noted a variety of practices of social responsibility, which takes different forms depending on the type of organization that initiates these practices. Despite this diversity, we can distinguish two approaches:
- the voluntary approach, promoted by most companies, governments and international organizations;
- legislative or institutional approach promoted by civil society and certain states in this regard, pointing out the efforts made at EU level.
Therefore, more and more entities have a social behavior and use different methods, related to the characteristics of the activities, in order to engage in various activities RS, thus having a positive contribution to the sustainable development. We speak of the emergence of a broader concept - the social responsibility of corporations and institutions (RSCI) - which is a form of self-regulation integrated management process that seeks positive effects on their companies and institutions on the environment, consumers, employees, partners and society in general. A special role in promoting the principles of RSCI incumbent authorities, but also European and international institutions such as UN and OECD.
Acknowledgements
This paper is supported by the Sectorial Operational Programme Human Resources Development (SOP HRD), financed from the European Social Fund and by the Romanian Government under the contract number SOP HRD/89/1.5/S/62988.
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