The actors on financial markets are becoming increasingly interested and involved in issues relating to sustainable development. This is firstly due to the impact of environmental and social aspects on the economic performance of financial investments and, secondly, because of the impact of financial decisions on sustainable development. This article shows how environmental and social aspects have been considered in the research for and the design and promotion of socially responsible investments (SRI) in the past. Whereas the consideration of ecological issues has shifted from an isolated investigation to an integrated efficiency-oriented analysis, the analysis of social issues is still isolated and geared towards the maximization of social claims. If sustainable development is to cover the integration of economic, social and environmental aspects and to overcome potential conflicts between these dimensions, the research and design of sustainable investment products has to be oriented towards efficiency. In consequence there will be no really sustainable investment product as long as social efficiency and stakeholder value are not measured and integrated with eco-efficiency to measure sustainability efficiency.