The day after the Inauguration, the Wall Street Journal marshaled an impressive array of leaders – from Newt Gingrich to Al Sharpton to The Nation's Katrina vanden Heuvel – to give advice to the new President. The sustainable and socially responsible investing (SRI) community has also recently offered its counsel on investing, corporate governance, and health care policy.

The Social Investment Forum called for "New American Leadership" on many of these issues in a comprehensive January 14 letter to the incoming Administration. For a concise summary of the six-page letter, see this article in Financial Advisor.

SIF calls for better corporate reporting of financial and environmental risks, strengthening of shareholder proxy rights, executive compensation reform, and more. The letter also urged the rejection of recent SEC guidance that sought to prevent fiduciaries from pursuing "economically targeted investing," which includes the consideration of environmental, social and governance (ESG) factors.

While SIF's efforts focus on the financial system, other investors are seeking even bigger changes in the American social contract. The Interfaith Center on Corporate Responsibility (ICCR) has declared 2009 "The Year of Health Care Reform," and plans to more than double its health care-related shareholder resolutions. These efforts are not aimed directly at the Administration, but ICCR has drawn an explicit link between corporate and government policy. Its release quotes SRI consultant Cathy Rowan:

"Shareholder interests and the public's interests are aligned on the need for comprehensive health care reform. We hope to see corporations present on the day when President Obama signs into law a bill that resolves the lack of access, affordability, quality and accountability in our current health system – and are recognized for the positive role they have played in the public debate."

The WSJ's Jacob Goldstein said that ICCR's pitch emphasizes that reform "could help the bottom line and be good for shareholders, given the high burden health costs place on employers." This argument is valid no matter who's President, but note that Cathy Rowan spoke of the day "when," not if, President Obama signs a sweeping reform bill.

This subtle shift in language understates a dramatic change in investors' expectations.