What do we owe participants in collective pension plans in terms of socially responsible investment (SRI)? This paper draws into question current conventional wisdom on SRI, which considers investor engagement a more effective strategy than divestment to change morally problematic corporate behaviour. More fundamentally, in light of reasonable disagreement about the objective of SRI, the paper argues that participants in collective pension plans are owed some kind of control over their investments. The final section considers four different institutional arrangements to respect this requirement in practice, ranging from democratic decision procedures to the availability of SRI alternatives.

中文翻译：

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退出与发言——对集体养老金计划进行社会责任投资的选择

在社会责任投资 (SRI) 方面，我们欠集体养老金计划的参与者什么？本文质疑当前关于 SRI 的传统观点，该观点认为投资者参与是一种比撤资更有效的策略，以改变有道德问题的公司行为。更根本的是，鉴于对 SRI 目标的合理分歧，本文认为集体养老金计划的参与者应该对其投资进行某种控制。最后一节考虑了四种不同的制度安排，以在实践中尊重这一要求，从民主决策程序到 SRI 替代方案的可用性。