ABSTRACT
All investment in financial markets is pursued under some set or other of investment criteria. Investment criteria in this sense are the decision-making principles, rules and guidelines in light of which investors and professional investment managers on their behalf conduct themselves in the market. The current conceptual opacity and confusion surrounding the concepts of ethics and morality reflects widespread ignorance of their intertwined but distinct philosophical pedigree. The Social Affairs Unit had in its sights the ethical investment' industry, and what they view as its unjustified ethical claims. Under the typical UK model of ethical investment' that Digby Anderson criticises, investment organizations engage research groups such as Ethical Investment Research Service (EIRIS) to investigate companies their policies and practices with regard to the investment criteria to which they adhere. The philosophical core of the Social Affairs Unit's challenge to ethical investment criteria remains a deeply serious and important one for the sector.
