As business leaders are increasingly speaking up on a range of issues, from human rights to racial justice to environmental sustainability, the rise of the corporation as a political actor is still heavily contested. Companies are facing more pressure to take a stand, from employees, consumers and investors, but defining the social and political responsibilities of business is harder than ever in an increasingly polarized society.

The first Moral Money Forum report of 2022 explores how the powerful voices of business leaders are shaping the social, environmental and geopolitical debates of our time and sets out a timely guide to what constitutes best practice in this emerging field of corporate political responsibility.

Activists have long held that the clearest path to doing better by the environment is divesting from the businesses most responsible for greenhouse gas emissions. But others question whether exclusion really creates enough incentive to change a company’s behavior. Where do investors have the most leverage: in dumping “dirty” assets or in engaging with boards to clean up their act?

The second Moral Money Forum report of 2022 explores the complex financial, sustainability and strategic considerations behind the divest or engage conversation and whether a third approach might reshape the debate.

Capital can transform emerging markets — if there is investor will to do so. But for many investors, ESG has become about managing risk, rather than doing good, leading them to shun markets in developing countries, where concerns over corruption and political instability can increase their exposure. As these divestments starve emerging markets of much needed capital, how can the industry direct greater funding flows where they are needed most?

The third Moral Money Forum report of 2022 highlights the challenges and opportunities to investing in emerging markets — and the risk in missing out.