It is very easy to be cynical about the United Nations Principles for Responsible Investment. The list of the six principles includes biting conditions such as: “We will incorporate ESG [environmental, social and governance] issues into investment analysis and decision-making processes”. This no doubt worthy aspiration is open to such a broad range of interpretations – what are ESG principles? How should they be incorporated? Is there any obligation actually to make different decisions? – that it is tempting to dismiss signing up to the UNPRI as ticking a public relations box.

Moreover, all six principles are covered by the preamble: “where consistent with our fiduciary responsibilities, we commit to the following…”, a get-out clause implying asset managers can simply ignore an ESG analyst telling them the company they’re betting the farm on is making its money employing debt-bonded children to burn high-carbon cultural treasures, if they think it will offer the best return to investors.