9:30 am – 10:40 am Break out – Academic Paper Panel – Responsible Investing in Developing Countries and the Impact of Credit Ratings (Session 8) Paper A: Regulation of Sustainable and Responsible Investment in Developing Countries Tsikata, B. K., University of Ghana, Ghana Paper B: Restorative Indigenous National Goal (RING) – Federal Corrections Reform Gibbons, J.C., Cape Breton University, Canada
Session Chair: Shi Li, Sprott School of Business, Carleton University
Paper A: Regulation of Sustainable and Responsible Investment in Developing Countries
Abstract :The financial market is seeing an effective, prudent and efficient increase, seen as a demand side development as today’s stakeholders and private equity investors are continuously venturing in liquid assets done in ways deemed socially responsible. As a result, the term paper offers a comprehensive background and lay emphasis on how the market for responsible investments has evolved over the years, the urgent need to introduce a robust Regulation to regulate activities in this market and at the same time, report on the importance of Regulation and how it helps to increase investment activities particularly in developing and emerging economies. Consequently, the contribution made in this term paper evaluates the theoretical underpinnings, if any, revolving on Sustainable and Responsible Regulation with relevance to related debates, regarding prudent investment approaches, stakeholder engagement, sustainable investments, corporate social responsibilities, and public funds. The Term paper examines these variables and establish how an effective introduction of Regulation in the SRI environment will contribute positively to societal development.
Thus, Current positive developments in the SRI environment presents an opportunity to examine both the benefits and the problems that will be associated with the impact of the implementation of the proposed Regulation. This term paper presents an opportunity for policy drafters to consider strongly the introduction of Sustainable and Responsible Regulation. Finally, the Term paper identifies relevant possible future areas of interest for research to academia.
Paper B: Restorative Indigenous National Goal (RING) – Federal Corrections Reform Gibbons, J.C., Cape Breton University, Canada
Abstract: RING (Restorative Indigenous National Goal). The RING Project will research the feasibility of the indigenous community being made responsible for Indigenous Canadians in federal prison in Canada going forward, initially scoped with a 500-person RING Stage I research project. The development of alternative incarceration programs, sustainable businesses and vocations are critical to achieving the intended RING program goals.
The current cost of incarceration is C$117,000 per inmate per annum in Canada. The recidivism rate for indigenous prisoners runs much higher than for the overall prison population. Correctional Services Canada in a 2019 study found male indigenous recidivism rate (within 2 years of release) to be 38% versus 24% for the overall male inmate population. The project goal would be to see the indigenous recidivism rate drop to 20% or below (a 47% baseline reduction) within a decade.
Canada’s indigenous population is made up of First Nations, Métis & Inuit and represent 5% of the population (it is also the fastest growing population with a birth rate 3.8x the Canadian average). Canada’s federal prison population is 28% indigenous. Canada currently has 40,000 prisoners in total. The number under federal custody (prison terms > 2 years) is 14,600, making the pool of indigenous federal prisoners 3,500. With each stage of RING contemplated at 500 indigenous inmates, an eventual RING stage VII could eventually see all federal indigenous prisoners Canada-wide domiciled on Cape Breton Island, Nova Scotia, Canada.
RING, stage I research will expand the concepts of self-government and self-determination to self-correction/rehabilitation, a concept/methodology without precedent in Canada.
The marked over-representation of indigenous peoples in Canadian prisons has led some to call them the modern-day residential schools.
“Hard work never killed a man. Men die of boredom, psychological conflict, and disease. They do not die of hard work.” – David Ogilvy
Before we can answer the question if criminals can be good neighbours, we must answer the question,” Can convicted criminals make good workers?” RING Project Stage I, RING Farmed Salmon – Sustainable Protein will have the aim of helping to answer this question.