...at least, that's the finding of the most recent research into charity investment funds.
What surprised me most isn't the ordering of what's most and least ethical, but the gap between them: nearly 90% avoid tobacco, while only 36% avoid alcohol.
But what are these ethical views based on? In the case of this survey, it was principally the fear of reputational risk to the charity. But other institutions base their ethical decisions on what their customers view to be the 'most' ethical from a short-list of options (for example, The Co-operative Bank).
But what should we as consumers, citizens and otherwise general influencers of the world at large be then basing our ethics on?
I wrote a piece a few years ago
Then there's also the argument that its only by actually investing these 'unethical' industries that we can hope to change them for the better.