”I slutändan handlar det om avkastning” - En intervjustudie om hur EU-taxonomin påverkar fondförvaltares investeringsbeslut

Abstract

The EU taxonomy is gradually being implemented by companies and fund managers. The taxonomy aims to provide a clear description of the concept of "sustainability" and thus counteract false sustainability marketing, otherwise known as greenwashing. This study has been established for the purpose of presenting how fund managers' decisions are affected by the introduction of the EU-taxonomy. This study responds to the question: How is the investment process of fund managers affected by the introduction of the EU Taxonomy? This study has been carried out on a qualitative basis since the taxonomy has not yet been fully introduced. Semi-structured interviews have been designed and conducted with 17 respondents that have a prime role in fund management. The interviews have been transcribed in order to execute a complete analysis. The interpretation of the result has been made through a thematic method. A majority of the respondents have stated that the taxonomy is unclear. Concluded, the taxonomy regulation today is too immature for fund managers to choose to structure their investments according to its framework. When comparing generally sustainable investments and investments that are considered to be EU taxonomy aligned, respondents state to the greatest extent that return is the most central factor according to the collective of investors. Therefore, investment decisions will be adapted to the customers' desire according to the idea of legitimacy.