Chair: Mzali B. ESG-UQAM, CAIMD-UM6P & Hmaittane A. ENCG Agadir & Marhfor A. UQAT & Bouslah K. St-Andrews University

Marginalized twenty years ago, investors who consider societal, environmental and governance issues now represent the mainstream. Several initiatives catalyzed by these same investors have made it possible to better understand the nature of corporate externalities and to consider them when evaluating their investments and placements.

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These initiatives reinforce that of the United Nations, which puts forward the principles for responsible investment crystallized in three major issues: Environmental, Social and Governance (E-S-G). Corporate social responsibility (CSR) is therefore replaced by the acronym “ESG” which is gradually permeating financial markets around the world. This transition is then tripled:

1. The various scandals are widely publicized and shared on social networks by NGOs, stakeholders, and citizens sensitive to these disasters, who do not hesitate to call for boycott and divestment.

2. The pandemic has amplified the awareness of consumers, citizens and companies regarding ESG issues.

3. States make their aid or financing to companies based upon their commitment to an environmental or social transition.

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Companies and investors not yet committed to these initiatives realize that this extra-financial risk can become significant, and therefore must be considered.

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A great deal of research is carried out to:

1. Better understand these issues,

2. "Measure" and develop indicators of these issues and the impacts of business activities at the social and environmental level,

3. Formalize the links/relationships between CSR, ESG and the Sustainable Development Goals (SDGs),

4. “Development” and convergence of reporting frameworks and sustainable development reports disclosed by companies,

5. Better understand new financial vehicles such as green bonds and social bonds,

6. Coalitions of shareholders, particularly institutional ones, to propose and support resolutions of an environmental, social or governance nature.

On the strength of the various learnings resulting from this pandemic, consumers, investors, NGOs, governments, and other stakeholders take a look at ESG issues on companies, their activities, their impacts and their profitability and risks.

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Work dealing with these themes or related themes to sustainable finance are welcome.