{"id":57188,"date":"2026-06-06T04:38:32","date_gmt":"2026-06-06T04:38:32","guid":{"rendered":"https:\/\/www.theconservative.online\/od-esg-ke-krestanske-etice-od-krestanske-etiky-ke-krestanske-krestanske-vire-pripad-pro-moralni-kapitalismus"},"modified":"2026-06-06T04:38:32","modified_gmt":"2026-06-06T04:38:32","slug":"od-esg-ke-krestanske-etice-od-krestanske-etiky-ke-krestanske-krestanske-vire-pripad-pro-moralni-kapitalismus","status":"publish","type":"post","link":"https:\/\/www.theconservative.online\/cs\/od-esg-ke-krestanske-etice-od-krestanske-etiky-ke-krestanske-krestanske-vire-pripad-pro-moralni-kapitalismus","title":{"rendered":"Od ESG ke k\u0159es\u0165ansk\u00e9 etice: Od k\u0159es\u0165ansk\u00e9 etiky ke k\u0159es\u0165ansk\u00e9 k\u0159es\u0165ansk\u00e9 v\u00ed\u0159e: P\u0159\u00edpad pro mor\u00e1ln\u00ed kapitalismus"},"content":{"rendered":"<p>Kapitalismus m\u011bl v\u017edy mor\u00e1ln\u00ed str\u00e1nku. To nen\u00ed nov\u00e1 my\u0161lenka, je to pravda, kterou jsme v posledn\u00ed dob\u011b p\u0159ehl\u00e9dli. Adam Smith byl nap\u0159\u00edklad profesorem mor\u00e1ln\u00ed filozofie d\u0159\u00edve, ne\u017e se proslavil jako ekonom, tak\u017ee nen\u00ed n\u00e1hoda, \u017ee <em>Teorie mravn\u00edch cit\u016f<\/em> byla vyd\u00e1na d\u0159\u00edve ne\u017e <em>Bohatstv\u00ed n\u00e1rod\u016f<\/em>. Mnoho k\u0159es\u0165ansk\u00fdch podnikatel\u016f devaten\u00e1ct\u00e9ho a dvac\u00e1t\u00e9ho stolet\u00ed, zejm\u00e9na katol\u00edk\u016f, stav\u011blo sv\u00e9 podniky na siln\u00fdch etick\u00fdch z\u00e1vazc\u00edch v\u016f\u010di sv\u00fdm zam\u011bstnanc\u016fm, komunit\u00e1m a cel\u00e9 spole\u010dnosti. Tak\u00e9 prvn\u00ed akciov\u00e9 spole\u010dnosti se op\u00edraly o d\u016fv\u011bru a dobrou pov\u011bst, co\u017e byly v podstat\u011b mor\u00e1ln\u00ed z\u00e1klady. Neviditeln\u00e1 ruka nikdy nebyla tak mor\u00e1ln\u011b nedostate\u010dn\u00e1, jak tvrd\u00ed n\u011bkte\u0159\u00ed kritici.     <\/p>\n<p>V posledn\u00edm desetilet\u00ed se v oblasti investic do \u017eivotn\u00edho prost\u0159ed\u00ed, soci\u00e1ln\u00edch v\u011bc\u00ed a spr\u00e1vy (ESG) odehr\u00e1ly pon\u011bkud odli\u0161n\u00e9 ud\u00e1losti. \u0160lo o zaveden\u00ed mor\u00e1ln\u00edho slovn\u00edku na kapit\u00e1lov\u00e9 trhy, ale mor\u00e1ln\u00edho slovn\u00edku vyp\u016fj\u010den\u00e9ho z velmi specifick\u00e9 ideologick\u00e9 tradice: z ekonomie degrowth, malthusi\u00e1nsk\u00fdch obav o lidskou populaci a z verze environmentalismu, kter\u00e1 se m\u00e9n\u011b zab\u00fdvala rozkv\u011btem p\u0159\u00edrody ne\u017e discipl\u00ednou lidsk\u00e9 \u010dinnosti. ESG se neptala, zda podnik dob\u0159e slou\u017e\u00ed lidem. Ptalo se, zda uhl\u00edkov\u00e1 stopa, ukazatele rozmanitosti a zve\u0159ej\u0148ovan\u00e9 informace o spr\u00e1v\u011b a \u0159\u00edzen\u00ed spole\u010dnosti spl\u0148uj\u00ed c\u00edle stanoven\u00e9 aktivistick\u00fdmi ratingov\u00fdmi agenturami, kter\u00e9 se nikomu konkr\u00e9tn\u00edmu nezodpov\u00eddaj\u00ed.   <\/p><div class='related_content'><span>RELATED<\/span><ul><li><a href='https:\/\/www.theconservative.online\/cs\/brexit-se-vraci-do-britske-politiky-labouriste-se-rozdeluji-kvuli-evrope'>Brexit se vrac\u00ed do britsk\u00e9 politiky, labourist\u00e9 se rozd\u011bluj\u00ed kv\u016fli Evrop\u011b<\/li><\/a><li><a href='https:\/\/www.theconservative.online\/cs\/novy-obchodni-stit-evropy-italie-tlaci-na-eu-aby-branila-prumysl-pred-cinskym-tlakem'>Nov\u00fd obchodn\u00ed \u0161t\u00edt Evropy: It\u00e1lie tla\u010d\u00ed na EU, aby br\u00e1nila pr\u016fmysl p\u0159ed \u010d\u00ednsk\u00fdm tlakem<\/li><\/a><li><a href='https:\/\/www.theconservative.online\/cs\/italie-vede-evropsky-zavod-o-skladovani-plynu-protoze-energeticka-strategie-se-vyplaci'>It\u00e1lie vede evropsk\u00fd z\u00e1vod o skladov\u00e1n\u00ed plynu, proto\u017ee energetick\u00e1 strategie se vypl\u00e1c\u00ed<\/li><\/a><\/ul><\/div>\n<p>Lidsk\u00e9 n\u00e1klady tohoto p\u0159\u00edstupu byly \u010dasto ignorov\u00e1ny. Investov\u00e1n\u00ed do ESG bylo zalo\u017eeno na my\u0161lence, \u017ee investo\u0159i by m\u011bli akceptovat ni\u017e\u0161\u00ed v\u00fdnosy, aby podpo\u0159ili ideologick\u00e9 c\u00edle, kter\u00e9 si ve\u0159ejnost nevybrala. P\u0159edpokl\u00e1d\u00e1 se, \u017ee etika a zisk jsou v rozporu a \u017ee eti\u010dt\u00ed investo\u0159i by m\u011bli b\u00fdt ochotni vzd\u00e1t se zisku ve prosp\u011bch sv\u00fdch hodnot. V d\u016fsledku toho byly spole\u010dnosti postihov\u00e1ny za to, \u017ee poskytuj\u00ed cenov\u011b dostupn\u00e9 potraviny, efektivn\u00ed energii a hospod\u00e1\u0159sk\u00fd r\u016fst, kter\u00fd pom\u00e1h\u00e1 rodin\u00e1m uniknout chudob\u011b.   <\/p>\n<p>Proto je osv\u011b\u017euj\u00edc\u00ed vid\u011bt ve stejn\u00e9m t\u00fddnu, kdy pape\u017e Lev XIV. nav\u0161t\u00edvil \u0160pan\u011blsko, nov\u00fd p\u0159\u00edstup k etick\u00fdm investic\u00edm. Tento nov\u00fd r\u00e1mec nen\u00ed zalo\u017een na sou\u010dasn\u00fdch trendech, ale na 2000 let star\u00e9m filozofick\u00e9m a teologick\u00e9m my\u0161len\u00ed o lidech, spravedlnosti a spole\u010dn\u00e9m dobru. <\/p>\n<h3>Magnifica Humanitas a obnova tradice<\/h3>\n<p>25. kv\u011btna 2026, v den 135. v\u00fdro\u010d\u00ed vyd\u00e1n\u00ed encykliky <em>Rerum novarum<\/em> Lva XIII., vydal pape\u017e Lev XIV. svou prvn\u00ed encykliku, <a href=\"https:\/\/www.vatican.va\/content\/leo-xiv\/en\/encyclicals\/documents\/20260515-magnifica-humanitas.html\"><em>Magnifica Humanitas<\/em><\/a>. V\u00fdb\u011br data nebyl n\u00e1hodn\u00fd. Lev XIV. se v\u00fdslovn\u011b za\u0159adil do linie sv\u00e9ho stejnojmenn\u00e9ho p\u0159edch\u016fdce, jeho\u017e dokument z roku 1891 polo\u017eil z\u00e1klady katolick\u00e9ho soci\u00e1ln\u00edho u\u010den\u00ed o pr\u00e1ci, kapit\u00e1lu a povinnostech hospod\u00e1\u0159sk\u00fdch subjekt\u016f v\u016f\u010di spole\u010dn\u00e9mu dobru. Tam, kde Lev XIII. reagoval na soci\u00e1ln\u00ed rozvraty prvn\u00ed pr\u016fmyslov\u00e9 revoluce, obrac\u00ed Lev XIV. sv\u016fj pohled k druh\u00e9 a pravd\u011bpodobn\u011b hlub\u0161\u00ed transformaci: revoluci um\u011bl\u00e9 inteligence.   <\/p>\n<p>Hlavn\u00ed my\u0161lenka encykliky se objevuje hned na za\u010d\u00e1tku: lidstvo se mus\u00ed rozhodnout mezi &#8222;stavbou nov\u00e9 babylonsk\u00e9 v\u011b\u017ee&#8220; nebo, jak popisuje svat\u00fd Augustin, &#8222;stavbou m\u011bsta, kde budou spole\u010dn\u011b p\u0159eb\u00fdvat B\u016fh a lidstvo&#8220;. Dokument se stav\u00ed proti redukci lid\u00ed na \u010d\u00edsla nebo m\u011b\u0159\u00edtka produktivity a m\u00edsto toho potvrzuje nem\u011bnnou d\u016fstojnost ka\u017ed\u00e9ho \u010dlov\u011bka. To je to, co katolick\u00e1 tradice naz\u00fdv\u00e1 imago Dei, obraz Boha p\u0159\u00edtomn\u00fd v ka\u017ed\u00e9m \u010dlov\u011bku bez ohledu na jeho p\u016fvod, produktivitu nebo uhl\u00edkovou stopu.  <\/p>\n<p>To je d\u016fle\u017eit\u00e9 pro investov\u00e1n\u00ed, proto\u017ee kapit\u00e1l nen\u00ed nikdy neutr\u00e1ln\u00ed. Ka\u017ed\u00e9 investi\u010dn\u00ed rozhodnut\u00ed utv\u00e1\u0159\u00ed sv\u011bt, ve kter\u00e9m chceme \u017e\u00edt. Teoretici ESG si to uv\u011bdomovali, ale dosp\u011bli k nespr\u00e1vn\u00fdm z\u00e1v\u011br\u016fm. Jejich r\u00e1mec p\u0159edpokl\u00e1dal, \u017ee lidsk\u00e1 ekonomick\u00e1 \u010dinnost je v\u011bt\u0161inou probl\u00e9m, kter\u00fd je t\u0159eba kontrolovat, \u017ee spot\u0159eba je n\u011bco, za co je t\u0159eba se c\u00edtit provinile, a \u017ee pr\u016fmyslov\u00e1 civilizace je sp\u00ed\u0161e chybou ne\u017e \u00fasp\u011bchem. Magnifica Humanitas nab\u00edz\u00ed zcela jinou p\u0159edstavu: ekonomiku, kter\u00e1 slou\u017e\u00ed lidem, posuzovanou podle toho, jak podporuje skute\u010dn\u00fd lidsk\u00fd rozvoj, a zalo\u017eenou na principech spole\u010dn\u00e9ho dobra, solidarity, subsidiarity a soci\u00e1ln\u00ed spravedlnosti.    <\/p>\n<h3>Fale\u0161n\u00e1 s\u00e1zka na ESG<\/h3>\n<p>R\u00e1mec ESG vych\u00e1zel ze z\u00e1kladn\u00edho filozofick\u00e9ho omylu a je d\u016fle\u017eit\u00e9 na n\u011bj upozornit. P\u0159edpokl\u00e1d\u00e1 se, \u017ee investovat eticky v\u017edy znamen\u00e1 vzd\u00e1t se finan\u010dn\u00edch v\u00fdnos\u016f nebo \u017ee d\u011blat dobro s pen\u011bzi znamen\u00e1 vyd\u011bl\u00e1vat m\u00e9n\u011b. Tato my\u0161lenka byla zabudov\u00e1na do hodnocen\u00ed ESG, kter\u00e9 \u010dasto znev\u00fdhod\u0148ovalo energetick\u00e9 spole\u010dnosti, kter\u00e9 poskytovaly cenov\u011b dostupnou energii, farmaceutick\u00e9 spole\u010dnosti, kter\u00e9 vytv\u00e1\u0159ely l\u00e9\u010dbu b\u011b\u017en\u00fdch nemoc\u00ed, a v\u00fdrobce, kte\u0159\u00ed nab\u00edzeli pracovn\u00ed m\u00edsta v oblastech s mal\u00fdmi mo\u017enostmi.  <\/p>\n<p>D\u016fsledky nebyly pouze finan\u010dn\u00ed. Krit\u00e9ria ESG byla formov\u00e1na prioritami \u00fazk\u00e9 ideologick\u00e9 t\u0159\u00eddy: Z\u00e1padn\u00ed, postmaterialistick\u00e1, v drtiv\u00e9 v\u011bt\u0161in\u011b soust\u0159ed\u011bn\u00e1 na univerzit\u00e1ch a v nevl\u00e1dn\u00edm sektoru a do zna\u010dn\u00e9 m\u00edry izolovan\u00e1 od ekonomick\u00fdch tlak\u016f, kter\u00fdm \u010del\u00ed b\u011b\u017en\u00e9 pracuj\u00edc\u00ed rodiny. Na r\u00e1mce p\u0159ijat\u00e9 agenturami ESG m\u011blo nep\u0159im\u011b\u0159en\u00fd vliv malthusi\u00e1nsk\u00e9 k\u0159\u00eddlo environment\u00e1ln\u00edho hnut\u00ed, kter\u00e9 pova\u017euje r\u016fst lidsk\u00e9 populace sp\u00ed\u0161e za probl\u00e9m ne\u017e za zdroj tvo\u0159ivosti a dynamiky. Stejn\u011b tak environmentalismus, kter\u00fd pova\u017eoval sni\u017eov\u00e1n\u00ed emis\u00ed uhl\u00edku za absolutn\u00ed prioritu bez ohledu na n\u00e1klady na rozvoj rozv\u00edjej\u00edc\u00edch se ekonomik a n\u00e1klady na energii pro nejchud\u0161\u00ed dom\u00e1cnosti v bohat\u00fdch ekonomik\u00e1ch.   <\/p>\n<p>V\u00fdsledkem byl z\u00e1vod ke dnu: spole\u010dnosti se p\u0159edh\u00e1n\u011bly, aby vyhov\u011bly ideologick\u00fdm po\u017eadavk\u016fm ratingov\u00fdch agentur, co\u017e je \u010dasto \u010dinilo m\u00e9n\u011b u\u017eite\u010dn\u00fdmi pro lidi, m\u00e9n\u011b produktivn\u00edmi z ekonomick\u00e9ho hlediska a m\u00e9n\u011b poctiv\u00fdmi, pokud jde o kompromisy. Mor\u00e1ln\u00ed jazyk ESG slou\u017eil v mnoha p\u0159\u00edpadech jako z\u00e1st\u011brka pro sofistikovan\u00fd p\u0159esun investic z produktivn\u00edch spole\u010dnost\u00ed do spole\u010dnost\u00ed zv\u00fdhod\u0148ovan\u00fdch aktivisty, p\u0159i\u010dem\u017e institucion\u00e1ln\u00ed investo\u0159i nesli n\u00e1klady na v\u00fdnosy a jejich klienti &#8211; \u010dasto b\u011b\u017en\u00ed dr\u017eitel\u00e9 penz\u00ed &#8211; je nakonec nesli. <\/p>\n<h3>B\u00fdt dobr\u00fd je ziskov\u00e9: Jin\u00e1 s\u00e1zka<\/h3>\n<p>Nov\u011b vznikaj\u00edc\u00ed r\u00e1mec k\u0159es\u0165ansk\u00e9ho etick\u00e9ho investov\u00e1n\u00ed tvrd\u00ed n\u011bco \u00fapln\u011b jin\u00e9ho: \u017ee kon\u00e1n\u00ed dobra a kon\u00e1n\u00ed dobra nejsou v z\u00e1sadn\u00edm rozporu. Investice do spole\u010dnost\u00ed, kter\u00e9 respektuj\u00ed lidskou d\u016fstojnost, buduj\u00ed spole\u010denstv\u00ed, udr\u017euj\u00ed rodiny a jednaj\u00ed \u010destn\u011b a transparentn\u011b, nejsou ob\u011bt\u00ed v\u00fdnos\u016f, ale cestou k nim. To nen\u00ed naivn\u00ed idealismus. Je to p\u0159esn\u00fd popis toho, jak se vytv\u00e1\u0159\u00ed trval\u00e1 hodnota.   <\/p>\n<p>Spole\u010dnosti, kter\u00e9 se dob\u0159e chovaj\u00ed ke sv\u00fdm zam\u011bstnanc\u016fm, si udr\u017euj\u00ed talentovan\u00e9 lidi a sni\u017euj\u00ed n\u00e1kladnou fluktuaci. Spole\u010dnosti, kter\u00e9 jednaj\u00ed se z\u00e1kazn\u00edky poctiv\u011b, si vytv\u00e1\u0159ej\u00ed dlouhodobou loajalitu, kterou nelze koupit za pen\u00edze na reklamu. Spole\u010dnosti, kter\u00e9 funguj\u00ed v ucelen\u00fdch etick\u00fdch r\u00e1mc\u00edch, jsou m\u00e9n\u011b vystaveny pr\u00e1vn\u00edm a regula\u010dn\u00edm rizik\u016fm a rizik\u016fm po\u0161kozen\u00ed pov\u011bsti, kter\u00e1 ni\u010d\u00ed hodnotu pro akcion\u00e1\u0159e. Katolick\u00e1 soci\u00e1ln\u00ed tradice v\u017edy ch\u00e1pala, \u017ee ctnostn\u00e9 chov\u00e1n\u00ed a skute\u010dn\u00e1 prosperita spolu souvisej\u00ed &#8211; ne n\u00e1hodn\u011b, ale struktur\u00e1ln\u011b. Tomistick\u00e1 tradice, z n\u00ed\u017e soci\u00e1ln\u00ed u\u010den\u00ed c\u00edrkve vych\u00e1z\u00ed, ch\u00e1pe dob\u0159e uspo\u0159\u00e1danou spole\u010dnost jako spole\u010dnost, v n\u00ed\u017e ctnosti jednotlivc\u016f a instituc\u00ed vytv\u00e1\u0159ej\u00ed podm\u00ednky pro skute\u010dn\u00fd rozkv\u011bt v\u0161ech. Aristotelsk\u00e1 eudaimonia, p\u0159elo\u017een\u00e1 do jazyka investic, se ukazuje jako pom\u011brn\u011b dobr\u00e1 pro v\u00fdnosy s ohledem na riziko.     <\/p>\n<p>K\u0159es\u0165ansk\u00e9 etick\u00e9 investov\u00e1n\u00ed nep\u0159edst\u00edr\u00e1, \u017ee ka\u017ed\u00e1 ctnostn\u00e1 spole\u010dnost bude ka\u017ed\u00e9 \u010dtvrtlet\u00ed dosahovat lep\u0161\u00edch v\u00fdsledk\u016f. Tvrd\u00ed v\u0161ak &#8211; a data to st\u00e1le v\u00edce potvrzuj\u00ed -, \u017ee systematick\u00e9 vylu\u010dov\u00e1n\u00ed eticky problematick\u00fdch investic v kombinaci s aktivn\u00edm v\u00fdb\u011brem t\u011bch, kter\u00e9 skute\u010dn\u011b slou\u017e\u00ed lidsk\u00e9mu blahu, je slu\u010diteln\u00e9 s konkurenceschopn\u00fdmi v\u00fdnosy. Etika nevy\u017eaduje ob\u011bti. A to v\u0161echno m\u011bn\u00ed.   <\/p>\n<h3>Mutuactivos a tr\u017en\u00ed sign\u00e1l z Madridu<\/h3>\n<p>To nen\u00ed jen teorie. Skute\u010dn\u00fd p\u0159\u00edklad se stal tento t\u00fdden v Madridu b\u011bhem pape\u017esk\u00e9 n\u00e1v\u0161t\u011bvy. Mutuactivos, pobo\u010dka spole\u010dnosti Mutua Madrile\u00f1a spravuj\u00edc\u00ed aktiva &#8211; jedn\u00e9 z nejv\u011bt\u0161\u00edch \u0161pan\u011blsk\u00fdch poji\u0161\u0165ovac\u00edch skupin &#8211; ozn\u00e1mila dva nov\u00e9 investi\u010dn\u00ed fondy zalo\u017een\u00e9 na k\u0159es\u0165ansk\u00e9 etice: Mutuafondo Goodway Renta Fija Flexible a ETS Goodway Renta Variable Global. Jedn\u00e1 se ji\u017e o t\u0159et\u00ed takov\u00e9 fondy spole\u010dnosti Mutuactivos, kter\u00e9 ukazuj\u00ed, \u017ee k\u0159es\u0165ansk\u00e9 etick\u00e9 investice jsou ve \u0160pan\u011blsku nyn\u00ed br\u00e1ny v\u00e1\u017en\u011b na institucion\u00e1ln\u00ed \u00farovni.   <\/p>\n<p>Oba fondy jsou ur\u010deny investor\u016fm, jako jsou n\u00e1bo\u017eensk\u00e9 skupiny, instituce a rodiny, kte\u0159\u00ed cht\u011bj\u00ed investovat v souladu se soci\u00e1ln\u00edm u\u010den\u00edm c\u00edrkve, ani\u017e by se vzdali finan\u010dn\u00edch v\u00fdnos\u016f. Fondy jsou spravov\u00e1ny v souladu se z\u00e1sadami Doctrina Social de la Iglesia a r\u00e1mcem <em>Mensuram Bonam<\/em>, co\u017e jsou pokyny Pape\u017esk\u00e9 akademie soci\u00e1ln\u00edch v\u011bd pro etick\u00e9 investov\u00e1n\u00ed. D\u016fle\u017eit\u00e9 je, \u017ee tyto fondy se zavazuj\u00ed vyrovnat v\u00fdnos\u016fm b\u011b\u017en\u00fdch fond\u016f, nikoliv je ob\u011btovat, a to prost\u0159ednictv\u00edm etick\u00fdch investi\u010dn\u00edch rozhodnut\u00ed.  <\/p>\n<p>Na podporu \u0161ir\u0161\u00edho soci\u00e1ln\u00edho posl\u00e1n\u00ed t\u011bchto fond\u016f bude Mutuactivos ka\u017edoro\u010dn\u011b v\u011bnovat 0,10 % spravovan\u00fdch aktiv instituc\u00edm spojen\u00fdm s katolickou c\u00edrkv\u00ed, kter\u00e9 podporuj\u00ed obecn\u00e9 dobro, lidskou d\u016fstojnost, soci\u00e1ln\u00ed za\u010dlen\u011bn\u00ed a charitu. Nejedn\u00e1 se pouze o marketing. Ukazuje, \u017ee investov\u00e1n\u00ed m\u016f\u017ee b\u00fdt zp\u016fsobem, jak se pod\u00edlet na \u017eivot\u011b spole\u010dnosti, a ne jen zp\u016fsobem, jak budovat osobn\u00ed bohatstv\u00ed.  <\/p>\n<h3>Hodnocen\u00ed GoodWay: Kde se 2000 let k\u0159es\u0165ansk\u00e9 etiky setk\u00e1v\u00e1 s kvantitativn\u00edmi financemi<\/h3>\n<p>Oba fondy Mutuactivos vyu\u017e\u00edvaj\u00ed n\u00e1stroj, kter\u00fd by m\u011bl b\u00fdt mimo \u0160pan\u011blsko zn\u00e1m\u011bj\u0161\u00ed: <a href=\"https:\/\/goodwayratings.com\">GoodWay Ratings<\/a>. GoodWay, vyvinut\u00fd spole\u010dnost\u00ed ETS Asset Management Factory s pomoc\u00ed spole\u010dnost\u00ed Alveus Investing a Virtus Universitas, je nejlep\u0161\u00edm evropsk\u00fdm syst\u00e9mem hodnocen\u00ed etick\u00fdch investic k\u0159es\u0165an\u016f a je mo\u017en\u00e1 nejpokro\u010dilej\u0161\u00edm syst\u00e9mem sv\u00e9ho druhu na sv\u011bt\u011b. <\/p>\n<p>GoodWay hodnot\u00ed v\u00edce ne\u017e 13 000 spole\u010dnost\u00ed podle standard\u016f k\u0159es\u0165ansk\u00e9 soci\u00e1ln\u00ed nauky, kter\u00e1 vych\u00e1z\u00ed z aristotelsk\u00e9ho p\u0159irozen\u00e9ho pr\u00e1va a v\u00edce ne\u017e 135 let pape\u017esk\u00e9ho soci\u00e1ln\u00edho u\u010den\u00ed od Rerum Novarum po Laudato Si&#8216; a dal\u0161\u00ed. Syst\u00e9m neud\u011bluje pouze sk\u00f3re shody s p\u0159edpisy. Funguje jako plnohodnotn\u00fd diagnostick\u00fd n\u00e1stroj: zjist\u00ed, kde portfolio neodpov\u00edd\u00e1 krit\u00e9ri\u00edm CST, vysv\u011btl\u00ed, pro\u010d je ka\u017ed\u00fd probl\u00e9m d\u016fle\u017eit\u00fd a o jak\u00fd etick\u00fd nebo teologick\u00fd princip se jedn\u00e1, a navrhne jednu nebo v\u00edce alternativn\u00edch investic ve stejn\u00e9m odv\u011btv\u00ed s podobn\u00fdm nebo lep\u0161\u00edm v\u00fdnosem s ohledem na riziko.  <\/p>\n<p>Tato t\u0159\u00edstup\u0148ov\u00e1 architektura &#8211; hodnocen\u00ed, diagnostika a alternativy &#8211; odli\u0161uje GoodWay od jednodu\u0161\u0161\u00edch screeningov\u00fdch n\u00e1stroj\u016f zalo\u017een\u00fdch na vylou\u010den\u00ed. Neodstra\u0148uje z portfolia pouze rizikov\u00e9 pod\u00edly. Aktivn\u011b p\u0159ebudov\u00e1v\u00e1 portfolio na z\u00e1klad\u011b etick\u00fdch alternativ s v\u00fdslovnou z\u00e1rukou, \u017ee etika nebude st\u00e1t v\u00fdkonnost. Z vlastn\u00edho v\u00fdzkumu spole\u010dnosti GoodWay vypl\u00fdv\u00e1, \u017ee p\u0159ibli\u017en\u011b 30 % pod\u00edl\u016f v hlavn\u00edch glob\u00e1ln\u00edch indexech &#8211; v\u010detn\u011b MSCI World, S&#038;P 500 a STOXX Europe 600 &#8211; nespl\u0148uje krit\u00e9ria CST. Pro k\u0159es\u0165ansk\u00e9 institucion\u00e1ln\u00ed investory, kte\u0159\u00ed byli pasivn\u011b vystaveni t\u011bmto index\u016fm prost\u0159ednictv\u00edm standardn\u00edch penzijn\u00edch alokac\u00ed nebo indexovan\u00fdch n\u00e1stroj\u016f, to znamen\u00e1, \u017ee zna\u010dn\u00e1 \u010d\u00e1st jejich kapit\u00e1lu nev\u011bdomky a nedobrovoln\u011b financovala aktivity, kter\u00e9 jsou v rozporu s jejich nejz\u00e1kladn\u011bj\u0161\u00edm p\u0159esv\u011bd\u010den\u00edm.    <\/p>\n<p>Technologick\u00e1 architektura GoodWay je skute\u010dn\u011b pozoruhodn\u00e1 d\u00edky integraci um\u011bl\u00e9 inteligence do procesu etick\u00e9 anal\u00fdzy. V pozoruhodn\u00e9 shod\u011b se z\u00e1jmy samotn\u00e9 spole\u010dnosti Magnifica Humanitas vyu\u017e\u00edv\u00e1 GoodWay um\u011blou inteligenci nikoliv k nahrazen\u00ed etick\u00e9ho uva\u017eov\u00e1n\u00ed, ale k jeho roz\u0161\u00ed\u0159en\u00ed: k systematick\u00e9mu uplat\u0148ov\u00e1n\u00ed p\u0159\u00edsn\u00fdch krit\u00e9ri\u00ed CST v r\u00e1mci tis\u00edc\u016f cenn\u00fdch pap\u00edr\u016f s takovou hloubkou a d\u016fslednost\u00ed, jakou by \u017e\u00e1dn\u00fd lidsk\u00fd t\u00fdm jak\u00e9koli velikosti nedok\u00e1zal udr\u017eet ru\u010dn\u011b. Syst\u00e9m je ov\u011b\u0159ov\u00e1n nez\u00e1vislou etickou komis\u00ed a \u0161ir\u0161\u00ed ETS Asset Management Factory spravuje aktiva v hodnot\u011b 3,4 miliardy eur v r\u00e1mci k\u0159es\u0165ansk\u00fdch etick\u00fdch r\u00e1mc\u016f. Nejedn\u00e1 se o pilotn\u00ed program. Je to funguj\u00edc\u00ed odv\u011btv\u00ed.    <\/p>\n<p>Jorge Bol\u00edvar, zakladatel a v\u00fdkonn\u00fd \u0159editel spole\u010dnosti Alveus Investing, popsal GoodWay jako &#8222;nejen vysoce hodnotnou nab\u00eddku pro ka\u017ed\u00e9ho investora, kter\u00fd je citliv\u00fd na z\u00e1sady k\u0159es\u0165ansk\u00e9 etiky, ale tak\u00e9 jako inovativn\u00ed \u0159e\u0161en\u00ed dilematu mezi etikou a ziskovost\u00ed&#8220;. Zd\u00e1 se, \u017ee spr\u00e1vn\u00e9 jedn\u00e1n\u00ed a dobr\u00e9 hospoda\u0159en\u00ed nakonec nejsou nep\u0159\u00e1tel\u00e9. <\/p>\n<h3>Z\u00e1vod na vrchol, ne na dno<\/h3>\n<p>\u00c9ra ESG p\u0159inesla to, co ekonomov\u00e9 naz\u00fdvaj\u00ed z\u00e1vodem ke dnu v podnikov\u00e9 etice: sout\u011b\u017e mezi spole\u010dnostmi, kter\u00e9 se sna\u017e\u00ed vyhov\u011bt ideologick\u00fdm po\u017eadavk\u016fm aktivistick\u00fdch ratingov\u00fdch agentur zp\u016fsobem, kter\u00fd m\u00e1 jen mal\u00fd vztah ke skute\u010dn\u00e9mu lidsk\u00e9mu blahu. Spole\u010dnosti zjistily, \u017ee signalizace ctnosti je levn\u011bj\u0161\u00ed ne\u017e ctnost, \u017ee zad\u00e1n\u00ed zpr\u00e1vy o rozmanitosti stoj\u00ed m\u00e9n\u011b ne\u017e budov\u00e1n\u00ed skute\u010dn\u011b spravedliv\u00e9 kultury a \u017ee n\u00e1kup uhl\u00edkov\u00fdch kompenzac\u00ed vy\u017eaduje m\u00e9n\u011b provozn\u00edch zm\u011bn ne\u017e sni\u017eov\u00e1n\u00ed skute\u010dn\u00fdch emis\u00ed. Mor\u00e1ln\u00ed slovn\u00edk ESG byl skute\u010dn\u00fd, ale podstata p\u0159\u00edli\u0161 \u010dasto nikoli.  <\/p>\n<p>K\u0159es\u0165ansk\u00e9 etick\u00e9 investi\u010dn\u00ed r\u00e1mce maj\u00ed potenci\u00e1l tuto dynamiku zcela obr\u00e1tit a zah\u00e1jit n\u011bco, co bychom mohli nazvat z\u00e1vodem k vrcholu. Pokud institucion\u00e1ln\u00ed investo\u0159i &#8211; penzijn\u00ed fondy, n\u00e1bo\u017eensk\u00e9 nadace, rodinn\u00e9 fondy a poji\u0161\u0165ovny, kter\u00e9 dohromady rozd\u011bluj\u00ed obrovsk\u00e9 mno\u017estv\u00ed kapit\u00e1lu &#8211; za\u010dnou sm\u011b\u0159ovat sv\u00e9 alokace do spole\u010dnost\u00ed, kter\u00e9 skute\u010dn\u011b slou\u017e\u00ed lidem, chovaj\u00ed se ke sv\u00fdm zam\u011bstnanc\u016fm d\u016fstojn\u011b, funguj\u00ed na z\u00e1klad\u011b poctiv\u00e9ho \u0159\u00edzen\u00ed a zdr\u017euj\u00ed se \u010dinnost\u00ed, kter\u00e9 lidskou osobu instrumentalizuj\u00ed nebo sni\u017euj\u00ed, pak budou m\u00edt spole\u010dnosti silnou motivaci se takov\u00fdmi spole\u010dnostmi skute\u010dn\u011b st\u00e1t a ne je pouze p\u0159edst\u00edrat. <\/p>\n<p>Z\u00e1sadn\u00ed rozd\u00edl spo\u010d\u00edv\u00e1 ve slad\u011bn\u00ed pob\u00eddek. ESG vy\u017eaduje, aby investo\u0159i ob\u011btovali v\u00fdnosy za ideologick\u00fd soulad. K\u0159es\u0165ansk\u00e9 etick\u00e9 investov\u00e1n\u00ed trv\u00e1 na tom, \u017ee \u017e\u00e1dn\u00e1 takov\u00e1 ob\u011b\u0165 nen\u00ed nutn\u00e1 &#8211; \u017ee etick\u00e9 spole\u010dnosti, spr\u00e1vn\u011b identifikovan\u00e9 a p\u0159\u00edsn\u011b posuzovan\u00e9, jsou nejen mor\u00e1ln\u011b lep\u0161\u00edmi investicemi, ale tak\u00e9 finan\u010dn\u011b konkurenceschopn\u00fdmi. T\u00edm se m\u011bn\u00ed cel\u00e1 logika hry. Mana\u017ee\u0159i, kte\u0159\u00ed cht\u011bli p\u0159il\u00e1kat ESG kapit\u00e1l, museli splnit po\u017eadavky ratingov\u00fdch agentur. Mana\u017ee\u0159i, kte\u0159\u00ed cht\u011bj\u00ed p\u0159il\u00e1kat k\u0159es\u0165ansk\u00fd etick\u00fd kapit\u00e1l, budou muset b\u00fdt skute\u010dn\u011b dob\u0159\u00ed: dob\u0159e slou\u017eit sv\u00fdm zam\u011bstnanc\u016fm, komunit\u00e1m a z\u00e1kazn\u00edk\u016fm, proto\u017ee pr\u00e1v\u011b to r\u00e1mec odm\u011b\u0148uje.     <\/p>\n<h3>Star\u00e1 tradice a nov\u00e1 nal\u00e9havost<\/h3>\n<p>Bylo by snadn\u00e9 odm\u00edtnout spu\u0161t\u011bn\u00ed dvou nov\u00fdch \u0161pan\u011blsk\u00fdch investi\u010dn\u00edch fond\u016f a vyd\u00e1n\u00ed pape\u017esk\u00e9 encykliky jako okrajov\u00e9 ud\u00e1losti v hlavn\u00edm proudu sv\u011btov\u00fdch financ\u00ed. To by byla chyba. Ozn\u00e1men\u00ed fondu Mutuactivos se shoduje s \u0161ir\u0161\u00edmi a st\u00e1le rychlej\u0161\u00edmi zm\u011bnami v oblasti institucion\u00e1ln\u00edch investic: rostouc\u00edm roz\u010darov\u00e1n\u00edm z paradigmatu ESG, obnoven\u00fdm z\u00e1jmem o investi\u010dn\u00ed r\u00e1mce, kter\u00e9 snesou filozofickou kontrolu, a uzn\u00e1n\u00edm v\u00fdznamn\u00e9 &#8211; a st\u00e1le rostouc\u00ed &#8211; \u010d\u00e1sti glob\u00e1ln\u00edho kapit\u00e1lu, \u017ee ot\u00e1zky lidsk\u00e9 d\u016fstojnosti, rodinn\u00e9 stability a skute\u010dn\u00e9ho soci\u00e1ln\u00edho rozkv\u011btu nejsou vedlej\u0161\u00edmi ot\u00e1zkami, kter\u00e9 by se m\u011bly \u0159e\u0161it v dodatc\u00edch o udr\u017eitelnosti, ale \u00fast\u0159edn\u00edm bodem ka\u017ed\u00e9 seri\u00f3zn\u00ed teorie vytv\u00e1\u0159en\u00ed dlouhodob\u00e9 hodnoty.  <\/p>\n<p><em>Magnifica Humanitas<\/em> pape\u017ee Lva XIV. p\u0159ich\u00e1z\u00ed ve chv\u00edli, kdy tento posun nab\u00edr\u00e1 na obr\u00e1tk\u00e1ch. Nezab\u00fdv\u00e1 se p\u0159\u00edmo investicemi &#8211; jej\u00edm hlavn\u00edm t\u00e9matem je v\u00fdzva um\u011bl\u00e9 inteligence pro lidskou d\u016fstojnost a pr\u00e1ci &#8211; ale jej\u00ed o\u017eivuj\u00edc\u00ed r\u00e1mec, nal\u00e9h\u00e1n\u00ed, \u017ee ekonomick\u00e1 \u010dinnost mus\u00ed b\u00fdt hodnocena podle slu\u017eby cel\u00e9mu \u010dlov\u011bku a spole\u010dn\u00e9mu dobru, a nikoli podle technokratick\u00fdch m\u011b\u0159\u00edtek, je p\u0159esn\u011b t\u00edm filozofick\u00fdm z\u00e1kladem, kter\u00fd k\u0159es\u0165ansk\u00e9 etick\u00e9 investice vy\u017eaduj\u00ed. Encyklika mimo jin\u00e9 p\u0159ipom\u00edn\u00e1, \u017ee katolick\u00e1 intelektu\u00e1ln\u00ed tradice ji\u017e velmi dlouho vyv\u00edj\u00ed koncep\u010dn\u00ed n\u00e1stroje pro ekonomii zam\u011b\u0159enou na \u010dlov\u011bka. Novinkou je spojen\u00ed t\u00e9to tradice s v\u00fdpo\u010detn\u00ed silou a kvantitativn\u00ed p\u0159\u00edsnost\u00ed platformy, jako je GoodWay Ratings.   <\/p>\n<p>Kapitalismus m\u011bl v\u017edy mor\u00e1ln\u00ed rozm\u011br. P\u0159\u00edli\u0161 dlouho mu v\u0161ak chyb\u011bl mor\u00e1ln\u00ed r\u00e1mec hodn\u00fd tohoto jm\u00e9na: takov\u00fd, kter\u00fd by vych\u00e1zel z opravdov\u00e9ho pojet\u00ed lidsk\u00e9ho rozkv\u011btu, a nikoli z ideologick\u00e9ho, kter\u00fd by sladil etick\u00e9 a finan\u010dn\u00ed pob\u00eddky, a nikoli je stav\u011bl proti sob\u011b, a kter\u00fd by byl dostate\u010dn\u011b p\u0159\u00edsn\u00fd, aby obst\u00e1l p\u0159i seri\u00f3zn\u00edm zkoum\u00e1n\u00ed. <\/p>\n<p>To je skute\u010dn\u011b dobr\u00e1 zpr\u00e1va. Nejen pro v\u011b\u0159\u00edc\u00ed investory, ale pro ka\u017ed\u00e9ho v\u00e1\u017en\u00e9ho pozorovatele &#8211; a v\u011b\u0159\u00edc\u00edho &#8211; v rozkv\u011bt lidstva a spole\u010dnosti, kter\u00fd vy\u017eaduje konkurenceschopnost p\u0159i zachov\u00e1n\u00ed a r\u016fstu siln\u00e9ho mor\u00e1ln\u00edho z\u00e1vazku. <\/p>\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Kapitalismus m\u011bl v\u017edy mor\u00e1ln\u00ed str\u00e1nku. To nen\u00ed nov\u00e1 my\u0161lenka, je to pravda, kterou jsme v posledn\u00ed dob\u011b p\u0159ehl\u00e9dli. Adam Smith byl nap\u0159\u00edklad profesorem mor\u00e1ln\u00ed filozofie d\u0159\u00edve, ne\u017e se proslavil jako ekonom, tak\u017ee nen\u00ed n\u00e1hoda, \u017ee Teorie mravn\u00edch cit\u016f byla vyd\u00e1na d\u0159\u00edve ne\u017e Bohatstv\u00ed n\u00e1rod\u016f. Mnoho k\u0159es\u0165ansk\u00fdch podnikatel\u016f devaten\u00e1ct\u00e9ho a dvac\u00e1t\u00e9ho stolet\u00ed, zejm\u00e9na katol\u00edk\u016f, stav\u011blo sv\u00e9 [&hellip;]<\/p>\n","protected":false},"author":76,"featured_media":57101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[181,150],"tags":[2207,2118,593,960,1568,917,146],"editorial-positions":[],"regions":[364,404],"types":[415,449],"class_list":["post-57188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kultura-cs","category-obchod-a-ekonomika","tag-pope","tag-religion","tag-christianity","tag-economics","tag-ethics","tag-finance","tag-politics","regions-western-europe-cs","regions-world-cs","types-news-cs","types-opinion-cs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Od ESG ke k\u0159es\u0165ansk\u00e9 etice: Od k\u0159es\u0165ansk\u00e9 etiky ke k\u0159es\u0165ansk\u00e9 k\u0159es\u0165ansk\u00e9 v\u00ed\u0159e: P\u0159\u00edpad pro mor\u00e1ln\u00ed kapitalismus - The Conservative<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theconservative.online\/cs\/od-esg-ke-krestanske-etice-od-krestanske-etiky-ke-krestanske-krestanske-vire-pripad-pro-moralni-kapitalismus\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Od ESG ke k\u0159es\u0165ansk\u00e9 etice: Od k\u0159es\u0165ansk\u00e9 etiky ke k\u0159es\u0165ansk\u00e9 k\u0159es\u0165ansk\u00e9 v\u00ed\u0159e: P\u0159\u00edpad pro mor\u00e1ln\u00ed kapitalismus - The Conservative\" \/>\n<meta property=\"og:description\" content=\"Kapitalismus m\u011bl v\u017edy mor\u00e1ln\u00ed str\u00e1nku. To nen\u00ed nov\u00e1 my\u0161lenka, je to pravda, kterou jsme v posledn\u00ed dob\u011b p\u0159ehl\u00e9dli. Adam Smith byl nap\u0159\u00edklad profesorem mor\u00e1ln\u00ed filozofie d\u0159\u00edve, ne\u017e se proslavil jako ekonom, tak\u017ee nen\u00ed n\u00e1hoda, \u017ee Teorie mravn\u00edch cit\u016f byla vyd\u00e1na d\u0159\u00edve ne\u017e Bohatstv\u00ed n\u00e1rod\u016f. 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