The present financial crisis and increasing acceptance of global warming means change for investors. A new appreciation of business risk, an expanded notion of fiduciary duty and even a fundamental rewriting of the rules of capitalism are now all on the table.

But what will change look like? Will it be a tweak to the system resulting in incremental improvements or an upheaval that leads to a paradigm shift in the foundations of corporate law and capital markets?

Within the socially responsible investment movement, few organisations are better poised to answer these questions than Ceres – the Boston-based coalition of investors, environmental organisations and public-interest groups that created the Global Reporting Initiative guidelines for non-financial reporting. About 1,500 companies reported on their social and environmental impacts using the guidelines in 2008, according to GRI, 10 years after the guidelines were first introduced.

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