SRI—SHIBBOLETH OR CANARD (SOCIALLY RESPONSIBLE INVESTING, THAT IS) Joel C
SRI—SHIBBOLETH OR CANARD (SOCIALLY RESPONSIBLE INVESTING, THAT IS) Joel C. Dobris* Editors’ Synopsis: This Article takes a look at the new and increasingly popular phenomenon of socially responsible investing. A topic that has garnered a lot of attention recently, the Article focuses on the intersection of socially responsible investing and trust law. The author’s research includes an eclectic array of interesting and socially relevant sources that culminates in a stimulating analysis of how this new philosophy of investing is likely to affect traditional notions of fiduciary duties in trust investing. I. “THE BUSINESS OF BUSINESS IS BUSINESS.” .........756 II. WHY DO PEOPLE DO SRI? .........................757 III. WHY NOW? .......................................757 IV. LOOKING AHEAD ..................................771 V. SOME THINGS NEVER CHANGE .....................780 VI. IF I WERE AN SRI GUY ............................782 VII. CONCLUSION ......................................797 *Professor of Law, School of Law, University of California, Davis. No one is responsible for the thoughts expressed here (especially the people with whom I have been privileged to meet and the entities with which I have been associated), except for me. I got help I didn’t deserve from Jack Ayer, Evelyn Brody, Carolyn Clark, Holly Doremus, Chris Elmendorf, Katherine Florey, Jim Garland, John Hunt, Nancy Jacobs, Paul Jacobs, Tom Joo, David Levine, Al Lin, Rob Sitkoff, and Dick Wydick. I got good research assistance from Nicholas Godlove, James Hazlehurst, and James Yi and financial support from Deans Rex Perschbacher and Kevin Johnson of the University of California, Davis School of Law. Some of these ideas emerged in my preparations for a mini-conference sponsored by the National Center on Philanthropy and the Law, New York University School of Law and The Investment Fund for Foundations.
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