Where is the responsible in RI engagement?

Purpose Responsible investor (RI) engagement seeks to change corporate strategic priorities on environmental, social and governance (ESG) issues whilst balancing the financial imperative. This paper argues that attempts to change corporate strategic actions on climate change will be less effective whilst the financial performance logic provides relatively more legitimacy to investors and companies. Methodology A case of responsible investment engagement is used to illustrate multiple logics (ESG and financial) in the field of investment. Discourse of the proponent, supporters and opponents of Australia’s first climate change shareholder resolution is analysed using framing analysis. Findings Framing indicated that the proposal emphasised the dominant financial performance logic and often omitted the ESG logic. One possible explanation is that the process of shareholder proposal nomination and the financial imperative within active ownership obligations effectively institutionalised RI engagement within the field of investment.