La finance éthique : entre paradigme et paradoxe

Linked with morals, with deontology and right, ethics is a reflection towards the research of the Good, a moving concept by essence.

What deserves, nowadays, such an imminent questioning on ethics?

Because of the increased pressure of the governments, increasing awareness of the organizations and press coverage, business must take into account the obligations and duties that it has towards economic, social and environmental dimensions and must have a "clean attitude". Ecology dimension turns the companies more human. Incriminated in the years 70/80, they must show today that they feel concerned about their environment.

With the assistance of driving forces, the ethical policies are thus developing formally or semi-officially within the organizations.

The internal and external actors of the company prove to be the very first driving forces of ethics in the company. If the management is generally at the origin of the establishment of an ethical policy, they must obtain the commitment of the employees so that ethics propagates and turns prosperous. The shareholders - capital providers - the customers, the suppliers and the civil society are also invited to the table of the companies. The tendency is that all participate in the decisions taken in the company and the entire speech must be perfectly coherent.

The credit rating agencies measure the efforts taken by the companies with regard to ethics. The companies receive notes and are no longer evaluated on their financial effectiveness only. The reporting modes or rating formalize and put the emphasis on the companies considered to be socially responsible. These agencies take an active part in the diffusion of the ethical merits of a company.

Internet is presented in the form of a window of ethics in the company. The sites dealing with the subject are numerous. The information sources are inexhaustible. The data become public and the light is made on the involvement of the companies
In parallel, new functions appear in the company. Managers of sustainable development or leaders accountable for ethical best practices are nominated. Young graduates are the first concerned by these new positions in the companies.

The consumers are also proactive. Because they also are the protagonists of the practical application of ethical policies within the companies. We are more and more informed and educated, and our children are very early aware of the economic problems.
However, the application of ethics in the company is seriously restrained

The corporate concept of citizenship relies on the fact that the activity of a company is linked to the community within which it is working. And this causes the sceptical smile. To speak about ethics in management is for them nonsense. The commercial world obeys only to the law of profit and is free from ethical interrogations. To make money by stressing the ethical merits is contrary to ethics itself.
Whereas the young people seem to be avid of more ethics in the company, oldest one seems a bit disillusioned. More refractory with the change, our older seems largely influenced by the corporate culture dominating at the time of their arrival. And another restriction takes shape.

Each organization has a culture. Sometimes, this culture can be fragmented and difficult to perceive. In other cases, it is very strong, cohesive and is clearly perceived in-house as it is outside the company. On one hand the company culture fills in main functions in the company, on the other hand it can also be a serious obstacle to the rise of an ethical policy. Ethics can be in the heart of the corporate culture but myths, symbols, rites and habits - seldom incriminated - which build this culture can go against ethics. Indeed, a corporate culture is rigid and crosses time whereas an ethical policy is, by definition, in evolution.

Then, to modify mentalities, it is a matter of controlling its external image among its employees but also among the shareholders and financial circle, among the public authorities, the customers, the suppliers and the general public. Publicity is correlated with the image. Regarded as purely commercial, it proves to be turned over against the awkward organization that wishes to misuse it to publicize its ethical merits openly. Caution is thus important during the implementation of the communication level ...

The concept of ethical climate is very important. An "ethically" supervised employee will probably act in an ethical way. Each individual of an organization is influenced by his environment and more specifically by the behaviors of his supervisors. Corruption within the company then becomes a true obstacle to the implementation of an ethical policy recognized by all.

The concept of ethics indicates a complete philosophical reflection on the moral life and manners. The ethical funds draw their origin in religious habits banishing the investment in shares of tobacco, alcohol Their nature evolved thereafter according to the historical and political context of the companies. Nowadays they are used for placing and investing in firms that adopt a respectful control towards the environment, the treatment of employees and the employment relationships.

"Ethical Funds" is a product made up of "socially responsible" securities, sticking for example to the citizen dimension of the firms and their contribution to sustainable development in particular. The ethical objective of the funds is thus to associate financial effectiveness and social investment.

Any investor, person or firm, or institutional investor, pension funds, provident fund, foundation, religious institution or organization with non-profit aim, can resort to practices of socially responsible investments, also known under initials SRI. Many more or less equivalent terms are usually retained to qualify this reality: responsible investment, social investment, Community investment, ethical investment, multi criterion investment, sustainable development investment, etc...