In an investment world trumpeting new-found ethical and sustainability guidelines, the seeming indifference of markets to democratic credentials still remains stark. As the BRICS grouping of developing economies this week planned expansion, a perennial question about whether democracy really matters in the choice of portfolio investment destination returns to the dashboard of global asset managers. Although three of the current five BRICS – Brazil, Russia, India, China and South Africa – are functioning democracies, China dominates the coagulating bloc and the list of planned new members – Saudi Arabia, Iran, UAE, Egypt and Argentina – show democracy is low on…