Relatively quietly, with limited media attention, the United Nations has over the past 18 months put together an initiative that its advocates claim to be a revolution in the investment industry.

The UN Global Compact, together with the UN Environment Programme’s Finance Initiative, has persuaded institutions representing $2,000bn to $5,000bn from institutional investors, and asset managers representing $3,000bn, to sign up to six principles demanding a new era of shareholder activism.