Sovereigns, Socially Responsible Investing, and the Enforcement of International Law Through Portfolio Investment and Shareholder Activism: The Three Models

12 Pages Posted: 1 Nov 2014

Date Written: October 30, 2014

Abstract

The conversations surrounding corporate social responsibility ("CSR") in international investments often involve framing the discussions from the FDI lens. This Article aims to add another dimension to the discussion: the consideration of the sovereign-driven portfolio investment (in contrast to foreign investment) and how governments may pursue CSR and international law principles through shareholder activism. The paper proposes that portfolio-based sovereign enforcements consist of the following three models: (1) Ethics-Based Legislative Exclusion; (2) Nation-Centric Legislative Exclusion; and (3) Extra-Legislative Activism.

Keywords: international law, international investment law, Socially responsible investing, SRI, sovereign wealth funds, SWFs, shareholder activism, portfolio investment, corporate social responsibility, CSR, CALPERS, divestments, Government Pension Fund-Global

JEL Classification: K00, K33, K2, F21, F3, K10

Suggested Citation

Ghahramani, Salar, Sovereigns, Socially Responsible Investing, and the Enforcement of International Law Through Portfolio Investment and Shareholder Activism: The Three Models (October 30, 2014). University of Pennsylvania Journal of International Law, Vol. 35, No. 4, 2014. Available at SSRN: https://ssrn.com/abstract=2517088

Salar Ghahramani (Contact Author)

Penn State University ( email )

Minderbroedersberg 4
Maastricht
Netherlands

HOME PAGE: http://abington.psu.edu/salar-ghahramani

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