Corporate social and environmental performance is all the rage in today’s investment environment. With increasing frequency, analysts are monitoring, evaluating, and ranking that performance. Corporate social responsibility (CSR) lists – ranging from Corporate Knight’s Global 100 to Ethisphere Institute’s Most Ethical Companies and Corporate Responsibility magazine’s 100 Best Corporate Citizens – grow more plentiful and visible each day. Publishers now vie to position their lists as strategic holy grails for corporations making the cut, and Wall Street has taken notice. Nearly one out of every nine dollars of professionally managed assets in the United States – valued at an estimated $2.71 trillion – has been invested in companies that perform well in CSR rankings.

“Company stakeholders from investors to customers to employees to regulators watch the 100 Best Corporate Citizens List closely, and are using it now more than ever to make important decisions,” said Corporate Responsibility magazine publisher Jay Whitehead in a recent press release. “As a result, making the List is worth millions or even billions in increased shareholder and brand value.”

This should be good news for Citigroup, Goldman Sachs, ExxonMobil, Chevron and Monsanto which, despite their notoriety, have been counted as “Best Citizens” by Corporate Responsibility numerous times. “When someone asks you to define corporate transparency, show them this list,” touts the magazine. But to an increasing number of observers, the transparency seems elusive – as does a clear indication of what the CSR industry stands for.

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