Discretionary investment managers, in the business of producing financial returns, are increasingly diverting capital for non-financial reasons. In circumstances where it is perfectly legal to invest in the rejected assets, these decisions are therefore made according to subjectively-drawn ethical standards. A sub-set of investment managers steer capital away from securities issued by companies they regard as facilitating the “illegal occupation” of territory controlled by Israel since 1967. In this article, the author examines the legal framework in England and Wales within which this boycott and divestment activity takes place. He argues that this case illustrates the flaws in current “environmental, social and governance criteria” practice, such that the investment managers are at serious risk of personal liability on multiple grounds.

中文翻译：

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投资经理、ESG 和以巴冲突

从事产生财务回报业务的全权委托投资经理越来越多地出于非财务原因转移资本。在投资被拒绝资产完全合法的情况下，这些决定因此是根据主观制定的道德标准做出的。一部分投资经理将资本从他们认为有助于“非法占领”以色列自 1967 年以来控制的领土的公司发行的证券中转移出去。在本文中，作者研究了英格兰和威尔士抵制的法律框架和撤资活动发生。他认为，本案说明了当前“环境、社会和治理标准”实践中的缺陷，以至于投资经理面临多重个人责任的严重风险。