Over the years, I have criticised the use by social investors of negative screening, economic boycotts, and divestiture – litmus tests to filter investments in companies deemed “bad”.

So, why does this sceptic support the targeted boycott of investment firms with holdings in companies doing business in Sudan? And why should supporters of divestment hope those arguing for complete divestment fail?

My traditional scepticism about divestments and the like is grounded in the dark secret of social investing: it is neither art nor science, but image and impulse, based on, at best, ideologically tainted research. It is foolish to trade on social perceptions when there’s little empirical evidence about which corporate behaviours actually lead to progressive change.

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