For many protest movements, withdrawing financial support for industries and countries that they deem to be unethical is both a moral obligation and a means to enact change. In the 1980s activists called on investors to relinquish ties with South Africa over apartheid. Since the 2010s, as climate change awareness grew, fossil fuel investments have come under fire.
Removing these global titans from portfolios would leave little upside. Ultimately, fund managers have a responsibility to manage risk and returns for clients, which limits their room for manoeuvre. After all, university endowments need to ensure they can fund future generations of upstanding students, too. Unintended consequences are another problem. Selling an asset requires a buyer.