{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff0\deff0\stshfdbch0\stshfloch0\stshfhich0\stshfbi0\deflang2057\deflangfe2057\themelang1044\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f1\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604020202020204}Arial;}
{\f2\fbidi \fmodern\fcharset0\fprq1{\*\panose 02070309020205020404}Courier New;}{\f3\fbidi \froman\fcharset2\fprq2{\*\panose 05050102010706020507}Symbol;}{\f10\fbidi \fnil\fcharset2\fprq2{\*\panose 05000000000000000000}Wingdings;}
{\f34\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria Math;}{\f38\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604030504040204}Tahoma;}{\f39\fbidi \froman\fcharset0\fprq2{\*\panose 00000000000000000000}Palatino{\*\falt Book Antiqua};}
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{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fhimajor\f31502\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f238\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\f239\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\f241\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\f242\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\f243\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\f244\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\f245\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\f246\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\f248\fbidi \fswiss\fcharset238\fprq2 Arial CE;}
{\f249\fbidi \fswiss\fcharset204\fprq2 Arial Cyr;}{\f251\fbidi \fswiss\fcharset161\fprq2 Arial Greek;}{\f252\fbidi \fswiss\fcharset162\fprq2 Arial Tur;}{\f253\fbidi \fswiss\fcharset177\fprq2 Arial (Hebrew);}
{\f254\fbidi \fswiss\fcharset178\fprq2 Arial (Arabic);}{\f255\fbidi \fswiss\fcharset186\fprq2 Arial Baltic;}{\f256\fbidi \fswiss\fcharset163\fprq2 Arial (Vietnamese);}{\f258\fbidi \fmodern\fcharset238\fprq1 Courier New CE;}
{\f259\fbidi \fmodern\fcharset204\fprq1 Courier New Cyr;}{\f261\fbidi \fmodern\fcharset161\fprq1 Courier New Greek;}{\f262\fbidi \fmodern\fcharset162\fprq1 Courier New Tur;}{\f263\fbidi \fmodern\fcharset177\fprq1 Courier New (Hebrew);}
{\f264\fbidi \fmodern\fcharset178\fprq1 Courier New (Arabic);}{\f265\fbidi \fmodern\fcharset186\fprq1 Courier New Baltic;}{\f266\fbidi \fmodern\fcharset163\fprq1 Courier New (Vietnamese);}{\f578\fbidi \froman\fcharset238\fprq2 Cambria Math CE;}
{\f579\fbidi \froman\fcharset204\fprq2 Cambria Math Cyr;}{\f581\fbidi \froman\fcharset161\fprq2 Cambria Math Greek;}{\f582\fbidi \froman\fcharset162\fprq2 Cambria Math Tur;}{\f585\fbidi \froman\fcharset186\fprq2 Cambria Math Baltic;}
{\f586\fbidi \froman\fcharset163\fprq2 Cambria Math (Vietnamese);}{\f618\fbidi \fswiss\fcharset238\fprq2 Tahoma CE;}{\f619\fbidi \fswiss\fcharset204\fprq2 Tahoma Cyr;}{\f621\fbidi \fswiss\fcharset161\fprq2 Tahoma Greek;}
{\f622\fbidi \fswiss\fcharset162\fprq2 Tahoma Tur;}{\f623\fbidi \fswiss\fcharset177\fprq2 Tahoma (Hebrew);}{\f624\fbidi \fswiss\fcharset178\fprq2 Tahoma (Arabic);}{\f625\fbidi \fswiss\fcharset186\fprq2 Tahoma Baltic;}
{\f626\fbidi \fswiss\fcharset163\fprq2 Tahoma (Vietnamese);}{\f627\fbidi \fswiss\fcharset222\fprq2 Tahoma (Thai);}{\f638\fbidi \froman\fcharset238\fprq2 Palatino Linotype CE;}{\f639\fbidi \froman\fcharset204\fprq2 Palatino Linotype Cyr;}
{\f641\fbidi \froman\fcharset161\fprq2 Palatino Linotype Greek;}{\f642\fbidi \froman\fcharset162\fprq2 Palatino Linotype Tur;}{\f645\fbidi \froman\fcharset186\fprq2 Palatino Linotype Baltic;}
{\f646\fbidi \froman\fcharset163\fprq2 Palatino Linotype (Vietnamese);}{\f1928\fbidi \fswiss\fcharset238\fprq2 Verdana CE;}{\f1929\fbidi \fswiss\fcharset204\fprq2 Verdana Cyr;}{\f1931\fbidi \fswiss\fcharset161\fprq2 Verdana Greek;}
{\f1932\fbidi \fswiss\fcharset162\fprq2 Verdana Tur;}{\f1935\fbidi \fswiss\fcharset186\fprq2 Verdana Baltic;}{\f1936\fbidi \fswiss\fcharset163\fprq2 Verdana (Vietnamese);}{\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}
{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\fhimajor\f31536\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}
{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}
{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}{\fhiminor\f31576\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}}{\colortbl;\red0\green0\blue0;\red0\green0\blue255;\red0\green255\blue255;\red0\green255\blue0;\red255\green0\blue255;\red255\green0\blue0;\red255\green255\blue0;
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\sbasedon10 \slink26 \slocked \spriority0 \styrsid9928651 Normal Indent Char;}{\s28\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0
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\sbasedon10 \slink28 \slocked \ssemihidden Endnote Text Char;}{\*\cs30 \additive \rtlch\fcs1 \af0 \ltrch\fcs0 \super \sbasedon10 \ssemihidden \styrsid16604282 endnote reference;}{
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footnote text;}{\*\cs34 \additive \rtlch\fcs1 \af0 \ltrch\fcs0 \f40\lang1044\langfe1044\langnp1044\langfenp1044 \sbasedon10 \slink33 \slocked \ssemihidden Footnote Text Char;}{\*\cs35 \additive \rtlch\fcs1 \af0 \ltrch\fcs0 \super
\sbasedon10 \ssemihidden \styrsid1867167 footnote reference;}{\*\cs36 \additive \rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2 \sbasedon10 \styrsid11669006 Hyperlink;}{\s37\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0
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HTML Preformatted Char;}}{\*\listtable{\list\listtemplateid-1717789084\listsimple{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\'02\'00.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0
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\f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0 \ltrch\fcs0 \fs18\insrsid9190620 ____________________________________________________________________________________________________
\par Orreveien 10 \tab andreas.follesdal.phd91@post.harvard.edu
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \fs18\lang2057\langfe1044\langnp2057\insrsid9190620\charrsid5446290 N-0789 Oslo, Norway (+47) 99 23 50 02 (mob)\tab \tab }{\rtlch\fcs1 \af0 \ltrch\fcs0 \fs18\lang2057\langfe1044\langnp2057\insrsid9190620 }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \fs18\lang2057\langfe1044\langnp2057\insrsid9190620\charrsid5446290 http://}{\rtlch\fcs1 \af0 \ltrch\fcs0 \fs18\lang2057\langfe1044\langnp2057\insrsid9190620 www.follesdal.net}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9190620\charrsid5446290
\par }}{\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2\pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}
{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8
\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \ltrpar
\s1\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel0\adjustright\rin0\lin0\itap0\pararsid15012215 \rtlch\fcs1 \ab\af1\afs32\alang1025 \ltrch\fcs0
\b\f40\fs32\lang1044\langfe1044\kerning32\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 Cosmopolitianism in P}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8344587
ractice? }{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 \endash the C}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8344587 ase of the Norwegian Government Pension Fund
\par }\pard\plain \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8344587 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8344587
\par }\pard \ltrpar\s26\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10365315 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388 Globalisation }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid15488401 \endash the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388 increasing territorial reach of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128
the impact of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid15488401 a wide range of actors }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388 \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid15488401 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388 fuels various calls for a Cosmopolitan Justice.}{\rtlch\fcs1 \af0 \ltrch\fcs0
\cs35\lang2057\langfe1044\super\langnp2057\insrsid1867167 \chftn {\footnote \ltrpar \pard\plain \ltrpar\s33\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0
\f40\fs20\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cs35\super\insrsid9190620 \chftn }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620\charrsid1867167 }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9190620 Published in Cecilia M. Baillet and Katja Frank Aas, eds., }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid9190620 Cosmopolitan Justice and its Discontents }{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620 Routledge 2011: 205-217.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620\charrsid1867167 The present chapter benefited from discussions at the conference on Cosmopolitan justice October 16, 2009}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9190620 , and at a conference hosted by the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620\charrsid14432820 Conference h}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9190620\charrsid10365315 osted by the Norwegian Royal Ministry of Finance: \'93Investing for the Future\'94 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620 January 16, 2008. }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620\charrsid1867167 I am grateful }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620
for the editors for comments. The chapter in part draws together arguments from Follesdal 2004 }{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620
ADDIN EN.CITE Follesdal200435230F
OLLESDAL, A. 2004. Political consumerism as chance and challenge. MICHELETTI, M., FOLLESDAL, A. & STOLLE, D. (eds.) 25 420-433.479104791017Follesdal, AndreasEthical Investment and Human Rights: A Norwegian CaseNordic Journal on Human Rights420-433254AF, WEB-PUBLFRIDA200747910}}{\fldrslt {
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid9190620 FOLLESDAL, A. 2007. Ethical Investment and Human Rights: A Norwegian Case. }{\rtlch\fcs1 \af0 \ltrch\fcs0
\i\lang1024\langfe1024\noproof\langnp2057\insrsid9190620\charrsid1656632 Nordic Journal on Human Rights,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid9190620 25}{\rtlch\fcs1 \af0 \ltrch\fcs0
\b\lang1024\langfe1024\noproof\langnp2057\insrsid9190620\charrsid1656632 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid9190620 420-433.}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620 as noted.}}}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid10365315 One area where calls for reform of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388 global regimes and }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid10365315 of the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388 actors within them are}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315
very vocal and visible }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388 concern}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 s}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9526388 the responsibilities of corpora}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 tions and investors. The normative constraints on }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9526388 the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 investments of the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388
Norwegian Government Pension Fund may be explained and assessed by such trends and standards. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9526388 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388
The following reflections first comment on globalisation and moral cosmopolitanism. Section 2 lays out a \lquote standard\rquote case for why corporations may legitimately restrict their objectives to value creation for their owners \endash }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13240791 within domestic settings \endash and why }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388
this argument fails to hold under circumstances of globalisation.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315
Section 3 presents some of the most salient normative objectives and standards for investors, concerning shareholder activism and exclusion. Sections 4 and 5 prese
nt the Norwegian Pension Fund Global and how its Council on Ethics brings certain normative standards to bear. Section 6 considers potential conflicts and benefits of coordination between two activities: those of shareholder activism and exclusion, arguin
g for certain ways to address the conflicts from a cosmopolitan perspective. Section 7 concludes by drawing some lessons from this case.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388
\par }\pard\plain \ltrpar\s2\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel1\adjustright\rin0\lin0\itap0\pararsid1463128 \rtlch\fcs1 \ab\ai\af1\afs28\alang1025 \ltrch\fcs0
\b\i\f40\fs28\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 1 }{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128\charrsid1463128 Globalisation}{
\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13240791 and Cosmopolitan Justice}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128\charrsid1463128
\par }\pard\plain \ltrpar\s26\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4748080 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 I}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463128 nternational corporations and those who invest in them have a }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 large }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid1463128 impact}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 ac}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791 ross state borders. This impact}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463128
combined with}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791 other factors has}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 reduced the capacity}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463128 of governments and civil society}{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid4748080 . In earlier times}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463128 sovereign states}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 could}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463128
respond to global economic liberalization by a domestic \lquote grand social bargain\rquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid4748080 avoid dismantlin
g their social protection schemes. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1143775 They could}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1143775 \lquote embed\rquote economic liberalism by }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid1463128 buffer}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1143775 ing}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463128 the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 adjustment }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463128 costs }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 of liberalization }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1463128 by ta}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4748080 xation, tariffs and non-tariff trade barriers, exchange rates and}{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid1463128 other means}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 (}{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 QUOTE "Ruggie 1982" }
{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid1463128\charrsid12086388 ADDIN PROCITE \'ff\\11\\05\lquote \\19\\02\\00\\00\\00\\0BRuggie 1982\\01\\03\\00\\06\\00\\00\\00\\0C\\00\\00\\05\lquote |\'ff\'ff
\'ff\'ffm\\05\lquote |\'de\'c2\'c2w\\00\\00\\01\\00\\07\\00\\00\\00\\18\'e4\\12\\008\\00\\00\\00\\01\\00\'e0\'e0\\0C\\00\\00\'c3\'c2w\\00\\007\\00\\00\\00\\00\\00\'ce\'c3\'c2w\\00\\00\\00\\00\'ff\'ff\'ff\'ff\\07\'c4\'c2w8\\00\\00\\00\\04\\00\\00\\00\\0C\\
00\\00\\00\\00\\00\\00\\007\\00\\00\\007\\00}{\rtlch\fcs1 \af40 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid1463128\charrsid12086388 \u144\'90}{\rtlch\fcs1 \af0 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid1463128\charrsid12086388 \'e5\\
12\\00\'94\\5C\'c3w\'88 \'c1w\'ff\'ff\'ff\'ff8\\00\\01\\00\\15\\12\\00\\00eC:\\5CDocuments and Settings\\5Candreasfloc\\5CDesktop\\5CTo-From Memory Stick\\5CDoc-skal overf\'f8res\\5CAF-Main-PC5.pdt\\12Ruggie 1982 #47360\\00\\12\\00 }}{\fldrslt }}
\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj }{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 Ruggie 1982}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 ).
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1143775 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775
The new forms of economic globalization have rendered developed states less able to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 protect }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775 their }
{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 citizens }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775 \endash not to mention the governments of developing countries. Many }{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128\charrsid359026 states }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775
have shifted from being policy makers to being policy peddlers, partly because they have chosen to refrain from some of the instruments of yore, such as reduction of tariffs and exchange rate flexibility (}{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775 QUOTE "Ruggie 2003" }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid1143775\charrsid12086388 ADDIN PROCITE \'ff\\11\\05\lquote \\19\\02\\00\\
00\\00\\0BRuggie 2003\\01\\02\\00\\07\\00\'e0\'e0\\0C\\00\\00\\05\lquote |\'ff\'ff\'ff\'ffm\\05\lquote |\'de\'c2\'c2w\\00\\00\\01\\00\\0C\\00\\00\\00\\18\'e4\\12\\008\\00\\00\\00\\04\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\\007\\00\\00\\007\\00}{
\rtlch\fcs1 \af40 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid1143775\charrsid12086388 \u144\'90}{\rtlch\fcs1 \af0 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid1143775\charrsid12086388 \'e5\\12\\00\'94\\5C\'c3w\'88 \'c1w\'ff\'ff\'ff\'ff8
\\00\\01\\00\'e0\\11\\00\\00eC:\\5CDocuments and Settings\\5Candreasfloc\\5CDesktop\\5CTo-From Memory Stick\\5CDoc-skal overf\'f8res\\5CAF-Main-PC5.pdt\\12Ruggie 2003 #46790\\01\\02\\00\\06\\00\'e0\'e0\\00\\00\\00\'bfH\\00H7\\14\\00\\14\\00\\00\\00\\01\\
00\\00\\00\\00\\00\\00\\00\\00\\00\\00\\00\\10\\00\\00\\00\\00\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\'baI_P\\11\'d1\\00\\01\\00\\00\\00\\01\\00\\00\\00\\00\\00\\00\\00t\'f2\\12\\000\'acW\\00\'ff\'ff\'ff\'ff }}{\fldrslt }}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj }{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775 Ruggie 2003}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775 ). M}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128
ultinational corporations }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128\charrsid359026 are}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775 visible and powerful}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1463128\charrsid359026 policy }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775 \'93}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128\charrsid359026 shoppers}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775 \'94 in the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 global competition for capital and corporations}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1143775 . Some argue that the shift of power is not as stark as critics paint the picture \endash at least regarding developed welfare states}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1463128 (}{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 QUOTE "Pierson 2001" }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0
\v\lang2057\langfe1044\langnp2057\insrsid1463128\charrsid12086388 ADDIN PROCITE \'ff\\11\\05\lquote \\19\\02\\00\\00\\00\\0CPierson 2001\\01\\02\\00\\08\\00\'e0\'e0\\0C\\00\\00\\05\lquote |\'ff\'ff\'ff\'ffm\\05\lquote |\'de\'c2\'c2w\\00\\00\\01\\00\\07\\
00\\00\\00\\18\'e4\\12\\008\\00\\00\\00\\04\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\\007\\00\\00\\007\\00}{\rtlch\fcs1 \af40 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid1463128\charrsid12086388 \u144\'90}{\rtlch\fcs1 \af0 \ltrch\fcs0
\v\lang2057\langfe1044\langnp2057\insrsid1463128\charrsid12086388 \'e5\\12\\00\'94\\5C\'c3w\'88 \'c1w\'ff\'ff\'ff\'ff8\\00\\01\\00V\\0C\\00\\00eC:\\5CDocuments and Settings\\5Candreasfloc\\5CDesktop\\5CTo-From Memory Stick\\5CDoc-skal overf\'f8res\\
5CAF-Main-PC5.pdt\\13Pierson 2001 #32380\\01\\02\\00\\07\\00\'e0\'e0\\00\\00\\00\'bfH\\00H7\\14\\00\\14\\00\\00\\00\\01\\00\\00\\00\\00\\00\\00\\00\\00\\00\\00\\00\\10\\00\\00\\00\\00\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\'baI_H\'d7\'d2\\00\\01\\00\\00
\\00\\01\\00\\00\\00\\00\\00\\00\\00t\'f2\\12\\000\'acW\\00\'ff\'ff\'ff\'ff }}{\fldrslt }}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj }{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1463128 Pierson 2001}}}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 )
. But economically }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1143775 weaker}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 states }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1143775 often }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 face }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid5316345
several new challenges under these forms of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 globalisation. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128\charrsid1578676 Sometimes}{\rtlch\fcs1
\af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid5316345 conventions or regional cooperation help}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128\charrsid1578676 states }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid5316345 maintain}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128\charrsid1578676 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid5316345
control, but many poor or weak states may be }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 unable to uphold strict labour and human rights standards against corporations}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid5316345 . \endash especially multinationals who can }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 credibly threaten to move }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid5316345 to other, more friendly jurisdictions}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1463128 .
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9526388 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16082590 The }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16082590\charrsid13240791
normative worries are particularly obvious for \lquote cosmopolitan\rquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 or \lquote global\rquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16082590\charrsid13240791 theories of }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 ethics }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16082590\charrsid13240791 or of justice. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 Following John }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid1656632 Rawls (}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1656632
ADDIN EN.CITE Rawls1971360Rawls, 19713603606Rawls, JohnA theory of justicedissownb[hr.
d00 - everything copied]1971Cambridge, Mass.Harvard University Press360}}{\fldrslt {
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid1656632 Rawls, 1971}}}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1656632 )}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 , I am concerned here with }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791 considerations of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791
justice for the moral assessment of social rules - laws, social conventions, institutions and the like, rather than to assess individual\rquote s or collective agents\rquote actions. The concepts of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791
\lquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 cosmopolitan}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791 \rquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 or }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid13240791 \lquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 global justice}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791 \rquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791
challenges received distinctions between intranational and international relations, and instead extends considerations of justice across these institutions. Central to this framework is one assumption of globalisation, namely that the causal impac
t of the design of the global institutional order has both direct and indirect causal impact on the living conditions of human beings worldwide}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1656632 (}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid1656632 ADDIN EN.CITE Follesdal200540530Fo
llesdal and Pogge, 2005405304053028Follesda
l
, AndreasPogge, ThomasReal World Justice: Grounds, Principles, Human Rights, and Social InstitutionsAFNCHRWEB-PUBL<
/
keyword>FRIDA2005DoordrechtSpringer40530http://www.springeronline.com/sgw/cda/frontpage/0
,11855,1-40109-22-36130598-0,00.html}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid1656632 Follesdal and Pogge, 2005}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 , 1-11). }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315
\par A central }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 normative premise of such cosmopolitan or globa}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315 l theories of justice is that }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid7749185\charrsid13240791 all h}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388\charrsid13240791 uman beings are subjects of equal moral worth}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 .}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791 One might }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid7749185\charrsid13240791 explicate this commitment in a \lquote contractualist\rquote vein}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315
familiar from John Locke, Immanuel Kant and more recently John Rawls: J}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9526388\charrsid13240791 ustification of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388\charrsid9526388
shared practices and institutions is owed t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 o every person as moral equals, that is }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9526388\charrsid9526388 as }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 parties worthy of }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9526388\charrsid9526388 equal concern and respect. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15488401 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13240791
Note that this premise is independent of substantive claims about what institutional designs are least objectionable or most justifiable. Thus whether there are good reasons in favour of \lquote }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9526388\charrsid9526388 Institutional Cosmopolitanism}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13240791 \rquote is a quite different issue \endash that is, whether }{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388\charrsid9526388 the world order should}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13240791 be one of a universal republic}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9526388\charrsid9526388 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9526388
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315 Indeed, the role of a }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791 global or cosmopolitan theory of justice }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315 is to assist us in the normative }{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid13240791 assess}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315 ment of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791 alternative allocations of responsibility among states, corporations and intergovernmental bodies \endash }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315 such as a universal republic, a world federation, a modified system of states, etc \endash also }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791
when the traditional distinctions between domestic and international relations and justice are blurred.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315
\par Space and format does not allow an elaborate justification of some normative implications of the premise of equal moral worth. But I submit that at least four normative principles requirements follow, for an acceptable global basic structure as a whole:}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13240791
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315
\par }\pard \ltrpar\s26\ql \li360\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin360\itap0\pararsid10365315 {\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\insrsid10365315\charrsid10365315 Respect vital interests}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid10365315\charrsid10365315 : No one must damage the vital interests of others
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\insrsid10365315\charrsid10365315 Protect vital interests:}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315\charrsid10365315 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315 The }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid10365315\charrsid10365315 vital interests of all }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315 must be protected }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10365315\charrsid10365315 against threats by third parties.
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid10365315\charrsid10365315 Secure }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid10365315 important }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0
\i\lang2057\langfe1044\langnp2057\insrsid10365315\charrsid10365315 \rquote Public }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid11877436\charrsid11877436 G}{\rtlch\fcs1 \ai\af0 \ltrch\fcs0
\i\lang2057\langfe1044\langnp2057\insrsid10365315\charrsid11877436 oods\rquote }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 : In}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid10365315\charrsid10365315 stitutions}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 should be in place to help individuals
create valued benefits that benefit all, yet cannot easily be obtained due to coordination problems. Such goods may include }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315\charrsid10365315 those }{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 central to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315\charrsid10365315 market}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 s}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315\charrsid10365315 : }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315 the enforcement of contracts etc.}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid10365315\charrsid10365315
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid10365315\charrsid10365315 Distribute and redistribute benefits and burdens}{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid10365315 fairly}{\rtlch\fcs1
\af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid10365315\charrsid10365315 by means of taxation, tariffs.
\par }\pard\plain \ltrpar\s2\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel1\adjustright\rin0\lin0\itap0\pararsid16604282 \rtlch\fcs1 \ab\ai\af1\afs28\alang1025 \ltrch\fcs0
\b\i\f40\fs28\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282\charrsid16604282 2 Why the business of business is business - }{\rtlch\fcs1 \af1 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid13240791\charrsid16604282 The \lquote standard case\rquote }{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282\charrsid16604282
\par }\pard\plain \ltrpar\s26\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16604282 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid16604282 Milton Friedman is among the theorists frequently cited in support of the claim that close to unbridled pursuit of profit by corporations and their investors might be justifiable. \endash
ignoring almost all normative claims of other affected parties. He held that
\par }\pard\plain \ltrpar\s31\ql \li1440\ri1440\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin1440\lin1440\itap0\pararsid16604282 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in acco
rdance with their desires, which generally will be to make as much money as possible while conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom. (}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid1656632 ADDIN EN.CITE Friedman19705920Friedman, 1970592059205Friedman, MiltonBeauchamp, Thomas L.Bowie, Norman E.The social responsibility of business is to inc
r
ease its profitsEthical Theory in Business71-83bi-91busbi-93prof1970Englewood Cliffs, N.J.Prentice-Hall5920}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid1656632
Friedman, 1970}}}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 )}{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\insrsid16604282
\par }\pard\plain \ltrpar\s26\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16604282 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid16604282 Such a defense might find its most convincing elaboration by Adam Smith, who argued that \endash at least under certain conditions - even self-motivated market agents would exchange goods in Pareto-improving ways \endash
that is, so that some will be better off without rendering any one worse off. This provides one normative defense of letting self intere}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10357534
sted actors operate in markets: voluntary exchange helps individuals secure their own vital interests.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10357534 But we should note that this}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 defense relies on an elaborate distribution of social responsibility between corporations, government, and w
hat we would think of as NGOs, and civil society. Adam Smith argued for several constraints on the market, even beyond those needed to correct \lquote imperfections.\rquote (}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1656632
ADDIN EN.CITE Follesdal200435230Follesdal, 200435230352305Fo
l
lesdal, AndreasMicheletti, MicheleFollesdal, AndreasStolle, DietlindPolitical consumerism as chance and challengePolitics, products and markets: Exploring political consumerism past and present3-20AFWEB-PUBLNCHRFRIDA2004New Brunswick, N.J.Transaction Press35230ms/Follesdal-2004-pol-consumerism-chance-challenge.pdf}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid1656632 Follesdal, 2004}}}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1656632 , }{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1656632
ADDIN EN.CITE Satz200747590Satz, 2007475904759017Satz, DebraLiberalism, economic freedom, and the limits of ma
r
ketsSocial Philosophy and PolicySocial Philosophy and PolicyHRBus2007200747590}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid1656632 Satz, 2007}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 )}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10357534
, consistent with the four norms of cosmopolitan justice mentioned above.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 Governments must regulate the market and correct market failures}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10357534 \endash th
us provide certain \lquote public goods}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10357534 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282
but must also take on further tasks. The government should tax luxury items to benefit the poor, schools should socialize all to full citizenship, and bodies must scrutinize governments and corporations. Elaborating, we m
ight say that corporations are permitted to focus on value creation for their owners, but only when other bodies secure background conditions that ensure a just distributive outcome overall}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid10357534
, - thus promoting and protecting the vital interests of all}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 . It is within such a complex division of moral labour and responsibility that Milton Friedman\rquote s claims might be justifiable.}{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid16604282\charrsid16604282
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16604282 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16131828
This justificatory strategy for the unbridled pursuit of profit by corporations and their investors fails u}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719 nder globalization}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16131828 as we know it today. }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9928651 International commerce does benefit very many participants. But t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 he distribution of moral}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719 responsibility fails}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9928651 some}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 hird parties }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719 abysmally. Many a}{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid16604282 re }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719 detrimentally }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 affected}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719 :}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282
obligations to protect workers rights and other human rights}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719 are not honoured,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9928651 nor }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid13718719 are }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 educational }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719 obligations }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 partly due to}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid9928651 goverments\rquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719 inability or unwillingness to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 tax. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid13718719
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16131828 One central reason is that t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 he }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16131828 opportunity space for different actors has }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid13718719 shifted, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 particularly striking and urgent }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13718719 in the case of}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 multinational corporations}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13718719 \endash which}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 themselves }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13718719 are part of }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 the reason why }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 many }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 governments }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13718719 are sapped of opportunities to protect and promote their citizens\rquote }{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 basic interests }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 and human rights}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 G}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026
overnments appear unable to secure a decent economic floor and a safe working environment for workers in the global economy, from fear that such requirements will lead multinationals to exit. }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16131828 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1867167 Economic}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16131828 and f}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16131828 inancial globalization reduces many states\rquote ability to protect and promote citizens\rquote social, economic, civil and political interests, whe
n they }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9928651 come into conflict with }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16131828 corporations\rquote
interests. Governments compete for mobile capital, possibly in a race to the bottom as regards wages, labour rights, or environmental and safety standards. These changes affect the moral justification of a distr
ibution of responsibilities between states and corporations.
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16604282 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 Under }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1867167 such }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid16604282 conditions, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1867167 we must reconsider whether }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282
corporations and investors should still be excused from all other moral obligations than the pursuit of their economic self interest. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1867167 The }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 changes
in the options and capacities of corporations and domestic governments }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9928651 threaten}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1867167 and }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid9928651 sometimes }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid16604282 demolish plausible }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1867167 defenses of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 corporations\rquote and their investors\rquote license to pursue profits unbridled}{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid9928651 by concerns to respect and protect vital interests of others, or to secure a fair distribution of benefits}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282
. If global markets and their major players are to be normatively justified, they may have to shoulder the responsibility to distribute benefits and to prevent harms, together with states, international civil society and consumers}{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid1867167 \endash insofar as this is possible under other institutional arrangements}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1867167 - }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282 At least}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1867167 corporations and their investors}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1867167 have to take on these responsibilities in the medium range, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282
until such times that states, or a coalition of states }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1867167 act to close this \lquote governance gap}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282
\rquote (}{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 QUOTE "Ruggie 2007" }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0
\v\lang2057\langfe1044\langnp2057\insrsid16604282\charrsid12086388 ADDIN PROCITE \'ff\\11\\05\lquote \\19\\02\\00\\00\\00\\0BRuggie 2007\\01\\02\\00\\07\\00\'e0\'e0\\0C\\00\\00\\05\lquote |\'ff\'ff\'ff\'ffm\\05\lquote |\'de\'c2\'c2w\\00\\00\\01\\00\\07\\
00\\00\\00\\18\'e4\\12\\008\\00\\00\\00\\04\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\\007\\00\\00\\007\\00}{\rtlch\fcs1 \af40 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid16604282\charrsid12086388 \u144\'90}{\rtlch\fcs1 \af0 \ltrch\fcs0
\v\lang2057\langfe1044\langnp2057\insrsid16604282\charrsid12086388 \'e5\\12\\00\'94\\5C\'c3w\'88 \'c1w\'ff\'ff\'ff\'ff8\\00\\01\\00\'d3\\11\\00\\00eC:\\5CDocuments and Settings\\5Candreasfloc\\5CDesktop\\5CTo-From Memory Stick\\5CDoc-skal overf\'f8res\\
5CAF-Main-PC5.pdt\\12Ruggie 2007 #46660\\01\\02\\00\\06\\00\'e0\'e0\\00\\00\\00\'bfH\\00H7\\14\\00\\14\\00\\00\\00\\01\\00\\00\\00\\00\\00\\00\\00\\00\\00\\00\\00\\10\\00\\00\\00\\00\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\'baI_X\'be\'ca\\00\\01\\00\\00\\
00\\01\\00\\00\\00\\00\\00\\00\\00t\'f2\\12\\000\'acW\\00\'ff\'ff\'ff\'ff }}{\fldrslt }}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj }{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282 Ruggie 2007}}}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1867167 , \'a7
82). }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1867167 I submit that n}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 orms that prohibit individual corporations }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1867167 from moral complicity in }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 human rights violations}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1867167 ,}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 and }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 other }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1867167 norms of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 S}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282
ocially Responsible Investing (S}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282\charrsid359026 RI}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 ) may be}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1867167 interpreted as central }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 part of such requirements of }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1867167 global or cosmopolitan }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 justice. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8088571 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571
For our purposes, we may rely on the definition of SRI offered by Kinder, Lydenberg and Domini:
\par }\pard\plain \ltrpar\s31\ql \li1440\ri1440\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin1440\lin1440\itap0\pararsid8088571 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid340072 An investment that combines an investors financial objectives with his or}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid340072 her commitment to social concerns, such as peace, social justice, economic development,}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid340072 or a healthy environment; an investment, which may or may not have}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid340072 economic return as its principal goal, made with an intent to take into account the}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid340072 impact of the investment on the society in which the investment is made\'94 (}{\field\flddirty{\*\fldinst {
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 QUOTE "Kinder, Lydenberg, and Domini 1992" }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid12086388
ADDIN PROCITE \'ff\\11\\05\lquote \\19\\02\\00\\00\\00"Kinder, Lydenberg, and Domini 1992\\01\\03\\00\\1D\\00\\00\\00\\0C\\00\\00\\05\lquote |\'ff\'ff\'ff\'ffm\\05\lquote |\'de\'c2\'c2w\\00\\00\\01\\00\\07\\00\\00\\00\\18\'e4\\12\\00\\00\\00\\00\\00\\01
\\00\'e0\'e0\\0C\\00\\00\'c3\'c2w\\00\\007\\00\\00\\00\\00\\00\'ce\'c3\'c2w\\00\\00\\00\\00\'ff\'ff\'ff\'ff\\07\'c4\'c2w8\\00\\00\\00\\04\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\\007\\00\\00\\007\\00h\'e3\\12\\00\\18\'ee}{\rtlch\fcs1 \af40 \ltrch\fcs0
\v\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid12086388 \u144\'90}{\rtlch\fcs1 \af0 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid12086388 |p\\05\lquote |\'ff\'ff\'ff\'ff8\\00\\01\\00s\\12\\00\\00eC:\\5CDocuments and Sett
ings\\5Candreasfloc\\5CDesktop\\5CTo-From Memory Stick\\5CDoc-skal overf\'f8res\\5CAF-Main-PC5.pdt%Kinder, Lydenberg, et al. 1992 #48320\\00%\\00 }}{\fldrslt }}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj }{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 Kinder, Lydenberg, and Domini 1992}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid340072 :}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid340072 852}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 , as quoted in }
{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 QUOTE "Vallentin 2003" }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid12086388
ADDIN PROCITE \'ff\\11\\05\lquote \\19\\02\\00\\00\\00\\0EVallentin 2003\\01\\03\\00\\09\\00\\00\\00\\0C\\00\\00\\05\lquote |\'ff\'ff\'ff\'ffm\\05\lquote |\'de\'c2\'c2w\\00\\00\\01\\00\\07\\00\\00\\00\\18\'e4\\12\\008\\00\\00\\00\\01\\00\'e0\'e0\\0C\\00
\\00\'c3\'c2w\\00\\007\\00\\00\\00\\00\\00\'ce\'c3\'c2w\\00\\00\\00\\00\'ff\'ff\'ff\'ff\\07\'c4\'c2w8\\00\\00\\00\\04\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\\007\\00\\00\\007\\00}{\rtlch\fcs1 \af40 \ltrch\fcs0
\v\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid12086388 \u144\'90}{\rtlch\fcs1 \af0 \ltrch\fcs0 \v\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid12086388 \'e5\\12\\00\'94\\5C\'c3w\'88 \'c1w\'ff\'ff\'ff\'ff8\\00\\01\\00r\\12\\00\\00eC:\\
5CDocuments and Settings\\5Candreasfloc\\5CDesktop\\5CTo-From Memory Stick\\5CDoc-skal overf\'f8res\\5CAF-Main-PC5.pdt\\15Vallentin 2003 #48310\\00\\15\\00 }}{\fldrslt }}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj }{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 Vallentin 2003}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 , 114 }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid340072 ).}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571
\par }\pard\plain \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid16604282 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid8088571\charrsid8088571
\par }\pard \ltrpar\s26\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8088571 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 When sound SRI norms are established and generally complied with, }{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 the \lquote global basic structure\rquote as a whole may }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 be closer to }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282 satisfy the normative requirement of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9928651 respecting and }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282 protecting the vital interests of all}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9928651 , and to ensure a fair distribution of the benefits}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid16604282 - even under economic }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1867167 and financial }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid16604282 globalizati
on where legitimate political structures of governance are not yet in place.
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15488401 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 I submit that SRI and Corporate Social Responsibility }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid8088571 norms }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid16604282 may be interpreted and assessed in this light.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010
\par }\pard\plain \ltrpar\s2\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel1\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \ab\ai\af1\afs28\alang1025 \ltrch\fcs0
\b\i\f40\fs28\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af1 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12611010 {\*\bkmkstart _Toc189107972}3 Three normatively valuable objectives and standards{\*\bkmkend _Toc189107972}
for investors
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12611010 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0\afs24
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12611010 I here lay out what I regard as three normative objectives that responsible investment practices must handle in defensible ways}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid9928651 , to be consistent with cosmopolitan justice under present conditions of globalisation. In no particular order, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12611010
and most decisively not in order of mo}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid9928651 ral priority - these three are:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12611010
\par 1) to secure returns \endash indeed, possibly to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\lang1033\langfe1044\langnp1033\insrsid12611010\charrsid3549435 maximize}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12611010
returns for shareholders, - but constrained or combined with the two other normative objectives. These further concerns seek to respect the fundamental interests of all parties affected by the investment, in two distinct ways:
\par 2) Improve on the wrongs in the world that there are, including those perpetrated by corporations within the global economy. One central means is by }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\lang1033\langfe1044\langnp1033\insrsid12611010\charrsid9637860
active shareholder engagement}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12611010 , a
imed in part directly at preventing wrongs from occurring, by seeking to change unacceptable practices in each corporation and to overcome collective actions concerning such issues as environmental problems, fundamental ownership rights etc. Selection of
corporations for such engagement should be according to where the expected marginal impact of this particular shareholder\rquote s involvement will be largest \endash
both directly on management and on the willingness of other shareholders, to prevent the most outrageous bads.
\par Thus shareholder engagement can }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\lang1033\langfe1044\langnp1033\insrsid12611010\charrsid3549435 not }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12611010
justifiably be limited to those issues that maximize return in the long run.
\par 3) Avoid moral complicity in the wrong acts that nevertheless do occur. The main mechanism of concern here is to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\lang1033\langfe1044\langnp1033\insrsid12611010\charrsid5144037 divest}{\rtlch\fcs1 \af0\afs24
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12611010 from certain corporations, especially where gross violations of certain fundamental norms must be expected to continue \endash
e.g. where the violations are part of the business strategy and essential to give the corporation a comparative advantage.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12611010\charrsid12611010 Of course, we should not
forget that such divestment still leaves other investors to continue to urge change from within, and those parties who divest are free to pursue }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid12611010\charrsid12611010 other}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12611010\charrsid12611010 means to influence those businesses \endash e.g. by changing the regime \endash the rules and practices they operate
within. We see these possibilities already in what }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12611010 was arguably }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12611010\charrsid12611010 the }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12611010 first ever case of socially responsible investing: In 1696 a Quaker community decided to not invest in some of the earliest multinationals \endash
the companies that owned slave ships (}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1656632 ADDIN E
N.CITE Follesdal200747910Follesdal, 2007479104791017Follesdal, AndreasEthical Investment and Human Rights: A Norwegian CaseNordic Journal on Human
Rights420-433254AF, WEB-PUBLFRIDA200747910}}{\fldrslt {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp1033\insrsid1656632 Follesdal, 2007}}}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1656632 , }{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1656632
ADDIN EN.CITE Follesdal201026140Follesdal, 201026140261405Follesdal, AndreasCaney, SimonLehning, PercyLiberal Contractualism - Partial and Particularist, Impartial and CosmopolitanInternational Distributive Justice: Cosmopolitanism and its Critics
AFARENAEURCITA21FORSKDOKWEB-PUBL2010LondonRoutledge26140ms/Follesdal-2010-contractualism-partiality.rtf}}{\fldrslt {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1024\langfe1024\noproof\langnp1033\insrsid1656632 Follesdal, 2010}}}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid12611010 ).}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12611010\charrsid12611010 The Quakers continued to lobby other important actors, so that the British Parliame
nt eventually outlawed the slave trade.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9928651 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12611010\charrsid9190620
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid9190620 The Norwegian Government Pension Fund Global provides one}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12611010\charrsid9190620
interesting case of implementing such socially responsible investment norms.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid13240791\charrsid9190620
\par }\pard\plain \ltrpar\s2\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel1\adjustright\rin0\lin0\itap0\pararsid11669006 \rtlch\fcs1 \ab\ai\af1\afs28\alang1025 \ltrch\fcs0
\b\i\f40\fs28\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12611010\charrsid12611010 4 T}{\rtlch\fcs1 \af1 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid11669006\charrsid12611010 he Norwegian Government Pension Fund \endash Global}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1867167\charrsid12611010
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11669006 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 The investment practices of the Norwegian Government Pension Fund draw international attention}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006
, partly due to its mechanisms for socially responsible investing.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cs35\lang2057\langfe1044\super\langnp2057\insrsid8088571 \chftn {\footnote \ltrpar \pard\plain \ltrpar
\s33\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs20\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cs35\super\insrsid9190620
\chftn }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620\charrsid8088571 The Norwegian Ministry of Finance revises the guidelines during 2009-10; the presentation concerns the }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid9190620 practices and guidelines in place until 2009.}}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 The Fund is meant to help shoulder the future economic burdens invoked by demographic changes combined with declining oil revenues}{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 for {\*\xmlopen\xmlns2{\factoidname country-region}}{\*\xmlopen\xmlns2{\factoidname place}}Norway}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006
{\*\xmlclose}{\*\xmlclose} in the future. The Ministry of Finance has delegated responsibility for the operational management of the Fund's international assets to Norges Bank Investment Management - NBIM. NBIM achieves an impressive return, }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 in fulfilment of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 obligation to secure that }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid11669006 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 portion of petroleum wealth }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006
also }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 benefits future generation}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 s of Norwegians}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 . The market value of the Government Pension Fund - Global at }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 30 December 2009}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1847929 was}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1405899 2 640 billion kroner }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid4807377 (}{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1405899 \endash approximately }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid4807377 446 billion USD/330 billion EUR)}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid1405899 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 In 2009}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006
it yielded a total return of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1405899 25.6% (}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1405899
ADDIN EN.CITE Norges Bank Investment Management201048936Norges Bank Investment Management, 2010489364893617Norges Bank Investment Management, NBIMAnnual Report of the Norwegian Government Pension Fund Global 2009http://www.nbim.no/Global/Reports/2009/NBIM_annualreport09.pdf http://www.nbim.no/Global/Reports/
2009/NBIM_annualreport09.pdf2010}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid1405899
Norges Bank Investment Management, 2010}}}\sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1405899 )}{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid4807377 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006
\par }\pard\plain \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9928651 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid11669006 The}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11669006\charrsid11669006 Norwegian Parliament has }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11669006 also sought to ensure }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid11669006\charrsid11669006 that the Fund }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11669006 does }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11669006\charrsid11669006 not contribute to
unethical acts or omissions, such as violations of fundamental humanitarian principles, serious violations of human rights, gross corruption or severe environmental damage. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11669006 It has established t}{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid11669006\charrsid11669006 wo main mechanisms to avoid such complicity. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 These mechanisms ensure that the Fund is involved in SRI of two distinct kinds}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid8088571\charrsid7678534 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 (Vallentin 2003, 117): An activist approach and a negative approach.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11669006 The Fund must }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11669006\charrsid11669006 exercise its ownership rights }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid11669006 to}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid11669006\charrsid11669006 reflect the UN's Global Compact and the OECD's principles of corporate governance and guidelines for multinational companies.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 In addition, Parliament established a Council on Ethics }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 to assist }{\rtlch\fcs1
\af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 the Ministry of Finance and the Fund}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 , so as to }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 avoid }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 risk}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 of moral complicity in particularly problematic cases. The Council may recommend
that the Minister of Finance exclude certain corporations from the portfolio of the Fund. By the end of 200}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006 9}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 , }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid4807377 48}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006
companies had been excluded}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid4807377 (}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid4807377
ADDIN EN.CITE Etikkr\'e5det201048937Etikkr\'e5
det, 2010489374893717Etikkr\'e5det\'c5
rsrapport 2009http://www.regjeringen.no/pages/1957930/Etikkradet_N2009.pdf http://www.regjeringen.no/pages/1957930/Etikkradet_N2009.pdf
2010}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377 Etikkr\'e5det, 2010}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid4807377 , 6)}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid11669006\charrsid11669006 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 In the following we consider some details of how these filters are operationalised.
\par }\pard\plain \ltrpar\s2\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel1\adjustright\rin0\lin0\itap0\pararsid8088571 \rtlch\fcs1 \ab\ai\af1\afs28\alang1025 \ltrch\fcs0
\b\i\f40\fs28\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 5}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid8088571
How the Council on Ethics implements SRI Standards
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9928651 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid9190620
The Fund shall not invest in certain corporations, as identified by the Council on Ethics. The mandate of the Council specifies two central tasks. It shall firstly screen companies that produce weapons that vio\-late fundamental humanitarian principles. S
econdly, it shall recommend exclusion of companies that, through acts or omissions, entail an unacceptable risk that the Fund contributes to certain unethical acts:
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f3\lang2057\langfe1044\langfenp1044\insrsid8088571\charrsid8088571 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar\ql \fi-360\li720\ri0\widctlpar
\jclisttab\tx720\wrapdefault\aspalpha\aspnum\faauto\ls11\adjustright\rin0\lin720\itap0\pararsid8088571 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid8088571
Serious or systematic human rights violations, such as murder, torture, deprivation of liberty, forced labour, the worst forms of child labour and other forms of child exploitation
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f3\lang2057\langfe1044\langfenp1044\insrsid8088571\charrsid8088571 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Serious violations of individuals\rquote rights in situations of war or conflict
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f3\lang1044\langfe1044\langnp1044\langfenp1044\insrsid8088571\charrsid6579848 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid6579848
Severe environmental damages
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f3\lang1044\langfe1044\langnp1044\langfenp1044\insrsid8088571\charrsid6579848 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Gross corruption
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f3\lang2057\langfe1044\langfenp1044\insrsid8088571\charrsid8088571 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid8088571 Other particularly serious violations of fundamental ethical norms
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8088571 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid8088571
The Council may act on its own initiative or as requested by the Ministry of Finance.
\par }\pard\plain \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8088571 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid8088571 Assisted by a S}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 ecretariat }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 the Council }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 gathers }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 information as it sees fit}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 to }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid3352610 document }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 claims made for and against the corporation in question}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610
A wide range of sources have been exploited: }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 the companies\rquote own web-sites, the Norwegian People\rquote s Aid landmine division, Human Rights Watch\rquote s Arms Division, }{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid3352610\charrsid4215003 Jane\rquote s Information Group, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 the International Campaign to Ban Landmines (ICBL), and the Norwegian Ministry of Foreign Affairs.}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 The procedure }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 also includes }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 an adversarial}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 arrangement, sot that }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 c}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 ompanies }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 seriously }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003
considered for exclusion }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 are }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 invited }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 to comment }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610
and correct }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 the proposed recommendation before the Council makes its final }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 recommendation}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid8088571\charrsid4215003 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571
\par Recommendations are submitted to the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 Ministry of Finance, which }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 may }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5914841 heed the advic}{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid3352610 e and }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 instruct}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 the Norwegian Central Bank to exclude the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 company}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 . The Bank }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 has }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 usually}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid3352610 a window of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 two months}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 to sell }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 its }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid8088571 shares, before }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 the Ministry makes its }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 decision }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 public. }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid3352610 Important for assessing the impact of such recommendations is that }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 mandate, the }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid8088571\charrsid4215003 recommendations }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 and their grounds }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 are public}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 ly available }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 in Norwegian and English }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 at the Council web site }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 HYPERLINK "http://www.etikkradet.no" }
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid2370986 {\*\datafield
00d0c9ea79f9bace118c8200aa004ba90b02000000170000001900000068007400740070003a002f002f007700770077002e006500740069006b006b00720061006400650074002e006e006f000000e0c9ea79f9bace118c8200aa004ba90b3400000068007400740070003a002f002f007700770077002e00650074006900
6b006b00720061006400650074002e006e006f002f00000000000000006400000046}}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \cs36\ul\cf2\insrsid8088571\charrsid15821967 http://www.etikkradet.no}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 .
\par }\pard\plain \ltrpar\s39\ql \li0\ri0\widctlpar\tx916\tx1832\tx2748\tx3664\tx4580\tx5496\tx6412\tx7328\tx8244\tx9160\tx10076\tx10992\tx11908\tx12824\tx13740\tx14656\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid3368071 \rtlch\fcs1
\af2\afs20\alang1025 \ltrch\fcs0 \f169\fs20\cf1\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f40\fs24\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid9190620
To give some indications of the workload of the Council, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f40\fs24\lang2057\langfe1044\langnp2057\insrsid1847929\charrsid9190620 every month various searches reveal approximately 3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\f40\fs24\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid9190620 0 companies }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f40\fs24\lang2057\langfe1044\langnp2057\insrsid1847929\charrsid9190620
as possible violators of the guidelines. Of these, two to four are considered with greater care by the secretariat and Council. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\langnp1033\insrsid1847929\charrsid3368071 In 2009, }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\langnp1033\insrsid3368071\charrsid3368071 16 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\langnp1033\insrsid8088571\charrsid3368071
recommendations for exclusion have been made public by the Ministry by year\rquote s end}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\langnp1033\insrsid3368071\charrsid3368071 , while three companies were taken off the \lquote
excluded\rquote list}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\langnp1033\insrsid8088571\charrsid3368071 . }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f40\fs24\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid3368071
\par }\pard\plain \ltrpar\s26\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8088571 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid3352610\charrsid3368071 To}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid3368071 implement the guidelines }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610\charrsid3368071 the Council must interpret and operationalise them}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid3368071 in ways that}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 merit some comments}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8088571 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 With regard to the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003
negative screening of companies that produce weapons that violate fund}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid3352610 amental humanitarian principles, t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003
he debate in Parliament made clear that companies }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 should be excluded }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 that \'93develop and produce key components to nuclear weapons}{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid12611010 .\'94}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 This goes beyond the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003
production of nuclear warheads, to include }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 missiles that carry these warhead}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 s,}{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid12611010 and to test and maintain }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 them.
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 Parliament }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 also }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 made clear that }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010
companies that contribute to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 cluster weapons are to be excluded. The Council }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 interpreted this to include companies }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid8088571\charrsid4215003 that produce key components, such as the canisters and guide mechanisms, and the \lquote bomblets\rquote themselves.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571
Similar argument lay behind exclusion of companies involved in production of some other weapons, such as anti-personnel mines}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid4807377 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 The Council }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 has }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003
laid out several conditions that must be satisfied for a company to be }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid7345530 held }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 morally }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid8088571\charrsid7345530 complicit}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 in }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 present }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 human rights violations:
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f3\lang2057\langfe1044\langfenp1044\insrsid8088571\charrsid8088571 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard\plain \ltrpar\ql \fi-360\li720\ri0\widctlpar
\jclisttab\tx720\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8088571 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid8088571 There must be a linkage between the company\rquote s activities and the relevant human rights violations.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f3\lang2057\langfe1044\langfenp1044\insrsid8088571\charrsid8088571 \loch\af3\dbch\af0\hich\f3 \'b7\tab}The violations must be perpetrated in order to secure the company\rquote s interests.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f3\lang2057\langfe1044\langfenp1044\insrsid8088571\charrsid8088571 \loch\af3\dbch\af0\hich\f3 \'b7\tab}
The company must have contributed to the violations, or be aware of the violations yet refrain from attempts to prevent them.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f3\lang2057\langfe1044\langfenp1044\insrsid8088571\charrsid8088571 \loch\af3\dbch\af0\hich\f3 \'b7\tab}The violations must be ongoing, or there must be an
unacceptable risk that they will occur in the future, as for instance established by past conduct.
\par }\pard\plain \ltrpar\s26\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8088571 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid8088571
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 In}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 2005 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 he Council recommended }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010
to exclude Kerr-McGee Corporation }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 due to its}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 contract with the governmental Moroccan oil company ONAREP }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid12611010 exploring}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 oil }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 off shore {\*\xmlopen\xmlns2{\factoidname place}}Western Sahara{\*\xmlclose}.}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid12611010 T}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 he concern }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 was }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 whether}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid8088571 investment in the company would }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 put the Fund at risk, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 to contribute to future acts or omissions that would vio}{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid8088571 late fundamental ethical norms. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 Moroccan authorities c}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 laim sovereignty over the area, while }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid8088571\charrsid4215003 the UN}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 established }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 {\*\xmlopen\xmlns2{\factoidname
place}}Western Sahara{\*\xmlclose} }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 as }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 a Non-Self-Governing Territory }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 under the UN Charter}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 in 1963}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 . The Nor}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 wegian official position is to not }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid8088571\charrsid4215003 prejudice peace efforts by the UN. The Council f}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 ound that Kerr-McGee contributed}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 to the aim of }{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid12611010 {\*\xmlopen\xmlns2{\factoidname country-region}}{\*\xmlopen\xmlns2{\factoidname place}}Morocco{\*\xmlclose}{\*\xmlclose}. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 When Kerr-McGee later
ceased this activity, the company was re-introduced into the investment universe.
\par }\pard \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8088571 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 In comparison, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 the Council did}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 not found that the Fund\rquote s investments in Total violat}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 ed}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 the guidelines}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 , even though Total operated in }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 {\*\xmlopen\xmlns2{\factoidname country-region}}Myanmar{\*\xmlclose} ({\*\xmlopen\xmlns2{\factoidname country-region}}
{\*\xmlopen\xmlns2{\factoidname place}}Burma{\*\xmlclose}{\*\xmlclose})}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 . T}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 otal}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 was}{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 accused }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 complicit}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 y}{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid8088571\charrsid4215003 in }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 past }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 human rights violations}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 , }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid8088571\charrsid4215003 and }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 ongoing complicity}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 since Total }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 continued to }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 generate revenue to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 {\*\xmlopen\xmlns2{\factoidname country-region}}
{\*\xmlopen\xmlns2{\factoidname place}}Myanmar{\*\xmlclose}{\*\xmlclose} }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 regime. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 But }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 since }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 only risk}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\insrsid8088571 future}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 }{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid12611010 guideline }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 violations }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 merits exclusion,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\insrsid12611010\charrsid12611010 }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \i\insrsid8088571\charrsid12611010 past}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 violations are }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12611010 insufficient except as indication of future }{\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid8088571\charrsid4215003 breaches. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid15224928 The Council considered }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 it unlikely that }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid8088571\charrsid15224928 Total}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 would start}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid15224928 projects }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 that }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid8088571\charrsid15224928 would involve s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 imilar human rights violations. This was partly because of the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid15224928 very }{\rtlch\fcs1
\af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid3357594 negative }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 reputation wrought by }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid14361972 such past }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 allegations.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid3357594 }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571
\par Among}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 important}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 issues }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid14361972 to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 be resolved is the relevant kind of }{\rtlch\fcs1 \af0 \ltrch\fcs0
\i\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 moral complicity}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 in human rights violations. }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid14361972 Some of the relevant sources is }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 international case law on companies\rquote complicity in war crimes, }{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 including the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 {\*\xmlopen\xmlns2{\factoidname place}}{\*\xmlopen\xmlns2{\factoidname City}}Nuremberg}{\rtlch\fcs1
\af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid10294046 {\*\xmlclose}{\*\xmlclose} tribunal }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571 that }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid10294046 sentenced senior executives of Zyklon B gas }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 producers to the Nazi regime}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid10294046 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 John Ruggie, UN Special Representative of the Secretary-General }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid10294046 on the issue of human rights and transnational corporations and other}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid10294046 business enterprises, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 notes }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid10294046 that}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571
\par }\pard\plain \ltrpar\s31\ql \li1440\ri1440\sa120\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin1440\lin1440\itap0\pararsid8088571 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid10294046 a company trying in good faith to avoid involvement in huma
n rights abuses might have difficulty knowing what counts as moral support for legal purposes. Mere presence in a country and paying taxes are unlikely to create liability. But deriving indirect economic benefit from the wrongful conduct of others may do
so, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 \'85}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571\charrsid10294046 , it will not be absolved of liabi}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid5914841 lity if it knew, or should have }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid8088571\charrsid10294046 known, that it was providing assistance, and that the assistance would contribute to the commission of a crime}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 .}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid8088571\charrsid11300781 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 (}{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 QUOTE "Ruggie 2007" }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0
\v\insrsid8088571\charrsid12086388 ADDIN PROCITE \'ff\\11\\05\lquote \\19\\02\\00\\00\\00\\0BRuggie 2007\\01\\02\\00\\07\\00\'e0\'e0\\0C\\00\\00\\05\lquote |\'ff\'ff\'ff\'ffm\\05\lquote |\'de\'c2\'c2w\\00\\00\\01\\00\\07\\00\\00\\00\\18\'e4\\12\\008\\00
\\00\\00\\04\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\\007\\00\\00\\007\\00}{\rtlch\fcs1 \af40 \ltrch\fcs0 \v\insrsid8088571\charrsid12086388 \u144\'90}{\rtlch\fcs1 \af0 \ltrch\fcs0 \v\insrsid8088571\charrsid12086388 \'e5\\12\\00\'94\\5C\'c3w\'88 \'c1w\'ff
\'ff\'ff\'ff8\\00\\01\\00\'d3\\11\\00\\00eC:\\5CDocuments and Settings\\5Candreasfloc\\5CDesktop\\5CTo-From Memory Stick\\5CDoc-skal overf\'f8res\\5CAF-Main-PC5.pdt\\12Ruggie 2007 #46660\\01\\02\\00\\06\\00\'e0\'e0\\00\\00\\00\'bfH\\00H7\\14\\00\\14\\00\\
00\\00\\01\\00\\00\\00\\00\\00\\00\\00\\00\\00\\00\\00\\10\\00\\00\\00\\00\\00\\00\\00\\0C\\00\\00\\00\\00\\00\\00\'baI_06\'c6\\00\\01\\00\\00\\00\\01\\00\\00\\00\\00\\00\\00\\00t\'f2\\12\\000\'acW\\00\'ff\'ff\'ff\'ff }}{\fldrslt }}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj }{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 Ruggie 2007}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 , \'a7 42)
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 A }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid8088571
few comments may indicate the complexity and special features of these assessments. Firstly, we must distinguish between a risk assessment and what actually ends up occurring. Whether the assessment procedure is sound can best be
determined by considering far more cases.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 Second, for some decisions it is }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972
more important to avoid \lquote false positives}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 \rquote }{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 sometimes \lquote false negatives\rquote . That is, it}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972
might be better to exclude too many corporations rather than too few }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 \endash but sometimes }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 the other way around. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972 In }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 the judicial system}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 it is thus }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 better to err}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 in }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972
favour}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 the guilty. However, }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972 for}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972
exclusions by}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 the Norwegian Pension Fund, arguments }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972 may be stronger for }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 a risk assessment t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972
hat is as accurate as possible: Moral obligations are in favour both of maximizing}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8088571\charrsid14361972 yield and to avoid complicity in wrong doing.
\par }\pard\plain \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8088571 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid14361972 Finally, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 the Council }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 can }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 decide to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972
reverse its }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 recommendations \endash }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 either to start divesting, or to re-include}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571
particular companies in the investment universe again}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 . Changes}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 may }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 be due to changes of substance }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 \endash as }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 with Kerr-McGee. But }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571 indications of risks of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972
future human rights violations may also change.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid8088571
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972
\par }\pard\plain \ltrpar\s2\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel1\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \ab\ai\af1\afs28\alang1025 \ltrch\fcs0
\b\i\f40\fs28\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af1 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid5914841 {\*\bkmkstart _Toc189107973}6 Engange}{\rtlch\fcs1 \af1 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 ment or Divestment: Potential Conflicts}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid10365315 {\*\bkmkend _Toc189107973} and }{\rtlch\fcs1 \af1 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid12220892 O}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid10365315 pportunities}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0\afs24
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid5914841 Engagement}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 through exercise of ownership rights and divestment}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid12220892 , as done by the Norwegian Government Pension Fund Global,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 may }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid5914841 sometimes }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972\charrsid14361972 conflict. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892 \tab
In some cases, long term financial self interest may go hand in hand with promoting normative objectives. Some such cases may be activism to promote corporate governance issues, e.g. to
secure some of the public goods that governments should provide. But if engagement is limited to such issues, important normative concerns may be ignored. Cases may include some of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972\charrsid14361972 worst forms of child}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 labour or violations of labour rights}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid12220892 . These }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 may be su}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892
stainable by some corporations,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 and even crucial for }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892 their }{\rtlch\fcs1 \af0\afs24
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 maximal}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892 yield,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972
even over time. In these cases, we might expect that engagement aimed to maximize yield will not be pursued. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892 Indeed, w}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 e cannot expect engagement to change business procedures toward normative standards that will reduce returns. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892 Moreover, b}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 odies }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892 that only engage in shareholder activism in order to }{\rtlch\fcs1 \af0\afs24
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 promote long term profit alone may want to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\lang1033\langfe1044\langnp1033\insrsid14361972\charrsid12220892 prevent}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892 all }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 divestment }{\rtlch\fcs1
\af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892 from morally objectionable corporations that maximize investments, since such divestment }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972
will tend to reduce profits, however slightly. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892
\par }\pard\plain \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12220892 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1
\af0 \ltrch\fcs0 \insrsid12220892 A related conflict arises }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 if involvement is focused not on those corporations where }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12220892 activism is }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid14361972 most likely to reduce evil in the world - but instead mainly }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972\charrsid14361972 to prevent divestment.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid12220892 There is then a }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 high risk that the investor remains morally complicit in wrong doing, and that ills in the world remain that otherwise }{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid12220892 might have been }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 addressed by active engagement.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12220892
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 Thirdly, there are tensions if divestment - or even the mere possibility thereof - }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972\charrsid12131189 reduces the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972
impact of involvement. This might happen in }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12220892 at least two ways. The managers}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12220892 of morally objectionable }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 corporations may decide to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12220892 ignore activist calls to change their ways, in the hope that }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 the noisy and \lquote
hypersensitive\rquote investors }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12220892 will }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 pull out. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12220892
This strategy may be less attractive if the future divestment will occur with enough}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 bad}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12220892 publicity}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742
to damage the company reputation and share prices. T}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 he managers may}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 also}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972
find the criteria for disinvestment so blurry that managers will ignore th}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 e repercussions of divestment. They may prefer to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972
stick to their previous policies regardless of engagement, since no strategy will avoid the bad press wrought by divestment.
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12131189 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12220892
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 We then consider some opportunities to enhance the effects of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid10365315 shareholder activism and exclusion}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742
\par }\pard\plain \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1051742 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid14361972\charrsid7546258 Divestment may boost the }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 objective and }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972\charrsid7546258 impact of shareholder engagement}{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid14361972 , to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 promote cosmopolitan justice}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12131189 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 I submit that a}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid14361972 real, predictable threat of divestment can increase the influence of shareholder engagement, even more so if decisions about divestment are taken by another body than those involved in the dialogues with management. }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid1051742 Such a }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 division of labour }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 \endash as in the Norwegian case - }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 can
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0\afs24
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 - }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 Boost the credibility of warnings of divestment by those engaged with management
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 - }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 Increase the quality of information from management}{\rtlch\fcs1 \af0\afs24
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 and reduce the likelihood of cooptation by those engaged }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid1051742 in activism}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 , since lies or distortions are more likely to be detected}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid1051742 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 by an independent body.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 - Reduce}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 public suspicion that there has been an unacceptable sacri
fice that entails moral complicity, to achieve some marginal changes in the corporation \endash or even in order to not reduce profits.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cs35\super\insrsid14361972 \chftn {\footnote \ltrpar \pard\plain \ltrpar
\s33\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs20\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0 \ltrch\fcs0
\cs35\super\insrsid9190620 \chftn }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620\charrsid14361972 For similar criticism raised against UN \lquote Special Rapporteurs\rquote on human rights, cf. }{\rtlch\fcs1 \af41
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620\charrsid14361972 Americas Watch. 1986. }{\rtlch\fcs1 \ai\af41 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid9190620\charrsid14361972
Four failures: a Report on the U.N. Special Rapporteurs on Human Rights in {\*\xmlopen\xmlns2{\factoidname country-region}}Chile{\*\xmlclose}, {\*\xmlopen\xmlns2{\factoidname country-region}}Guatemala{\*\xmlclose}, {\*\xmlopen\xmlns2{\factoidname
country-region}}Iran{\*\xmlclose} and {\*\xmlopen\xmlns2{\factoidname country-region}}{\*\xmlopen\xmlns2{\factoidname place}}Poland}{\rtlch\fcs1 \af41 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid9190620\charrsid14361972 {\*\xmlclose}{\*\xmlclose}.
}{\rtlch\fcs1 \af41 \ltrch\fcs0 \insrsid9190620\charrsid13710927 {\*\xmlopen\xmlns2{\factoidname State}}{\*\xmlopen\xmlns2{\factoidname place}}New York{\*\xmlclose}{\*\xmlclose}.}}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid1051742
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972
\par Such opportunities }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 for mutual enhancement may }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 arise under certain conditions:
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 a)}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 When divestment imposes }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid1051742 high }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 reputational costs}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 . }{\rtlch\fcs1 \af0\afs24
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 This is not always the case: Some funds, such as the Vice Fund (VICEX) may regard exclusion as a \lquote buy\rquote
signal. Reputational costs may also vary across sectors, and depends crucially on whether the normative triggers are broadly shared. This is a reason to use divestment only for certain violations that are likely to command broad agreement}{\rtlch\fcs1
\af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 , and have well argued reasons}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 .
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12131189 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 b) }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 Publicity about }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 reasoned divestment}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 . }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 Publicity and argued decisions are necessary to maximize shaming effects, to facilitate cop
ying by other investors, to strengthen NGOs and other concerned parties, and to facilitate the corporation\rquote s strategies for improvement.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 c)}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid1051742 Trustworthy and}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 predictable threats}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 . }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 The divestment threat must be cre}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 dible. This requires publicity about past cases, and }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 about}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 the consequences of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 failed attempts at shareholder involvement.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12131189 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 d) }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 Procedures for re-inclusion in the investment universe}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 . }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 Once excluded, there should be real, predictable prospects of lifting a divestment decision, to increase the corporation\rquote s willingness to engage in dialogues with \lquote future shareholder}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 \rquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 e) }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 Procedures for dialogue with excluded companies}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 . }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 There should be ways to engage with the corporation to prompt their speedy re-inclusion into the investment universe}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 .}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12131189 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 A second way that the two mechanisms enhance }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 each others\rquote }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 objectives is that s}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 hareholder engagement may boost the objectives of divestment}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 .}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid1051742
\par }\pard\plain \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1051742 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid14361972 Recall that the objective of divestment mechanisms \endash such as}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid12131189 that addressed by the}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 Council on Ethics }{\rtlch\fcs1 \af0
\ltrch\fcs0 \insrsid12131189 - }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 is to avoid }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 risks of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 moral complicity in violations of certain norms. The aim is
}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\insrsid14361972\charrsid10565108 not}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\insrsid14361972 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 to maximize the number of divested companies}{\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid12131189 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 Rather: if corporations can credibly commit to internal changes to avoid risks of future complicity, this is }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 a way to avoid having to divest}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 . Shareholder engagement may contribute to such changes.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742
\par But recall that }{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 there is sometimes a risk that such changes reduce the profitability and the comparative}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 advantages of the corporation. If so, the investor may
}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972 nevertheless moves its investments elsewhere anyway}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1051742 \endash but now for financial reasons.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14361972
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0\afs24
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 Several conditions make}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 activism more conducive to the objectives of the divestment strategy}{\rtlch\fcs1
\af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 :
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12131189 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 a) }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 Visible }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 and credible }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 changes}{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189 . T}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 he changes must be visible for those deciding on divestment. However, it is not necessary that th
ese changes are seen as}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 the result of, or admitted to result}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 from}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid1051742 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 the engagement process itself}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 . T}{\rtlch\fcs1
\af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 hat }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 may be too difficult to discern, and would not be necessary to avoid complicity.}{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189
\par b) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 The corporation\rquote s changes must be done with all due speed. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 Otherwise
, the morally best strategy may be to divest, and let other investors be involved}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 in bringing the corporation around}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0
\lang1033\langfe1044\langnp1033\insrsid14361972 . Investments may again be permitted if the risks have been reduced.
\par }\pard\plain \ltrpar\s2\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel1\adjustright\rin0\lin0\itap0\pararsid12131189 \rtlch\fcs1 \ab\ai\af1\afs28\alang1025 \ltrch\fcs0
\b\i\f40\fs28\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af1 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid10365315 {\*\bkmkstart _Toc189107975}7}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972
. Lessons/Implications{\*\bkmkend _Toc189107975}
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972 In conclusion, I summarize some of the central implications for the Norwegian system of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189
Socially Responsible Investing, in light of the norm}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid1051742 ative perspective of global or c}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid12131189
osmopolitan justice.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1033\langfe1044\langnp1033\insrsid14361972\charrsid13710927
\par }\pard\plain \ltrpar\s3\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \ab\af1\afs26\alang1025 \ltrch\fcs0
\b\f40\fs26\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \ai\af1\afs24 \ltrch\fcs0 \cs16\i\fs24\lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972 {\*\bkmkstart _Toc189107976}The role of transparency{\*\bkmkend _Toc189107976
}
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972 I have argued that there many of the processes }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1051742 should }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972 be as transparent as possible}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1051742 ,
both for reasons of fiduciary responsibility, and to maximize learning among corporations}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972 . This case is even stronger }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid12131189 in circumstances such as the Norwegian Pension Fund Global, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972
since the Pension Fund manages public funds. This adds an argument of democratic accountability for these mechanisms}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1051742 .}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972
\par }\pard\plain \ltrpar\s3\ql \li0\ri0\sb240\sa60\keepn\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\outlinelevel2\adjustright\rin0\lin0\itap0\pararsid12131189 \rtlch\fcs1 \ab\af1\afs26\alang1025 \ltrch\fcs0
\b\f40\fs26\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12131189 Clear}{\rtlch\fcs1 \af1 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972
standards and indicators
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14361972 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid1051742 The normative standards and indicators must be as clear as possible, when it comes to measure }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972
shareholder impact, to determine when }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12014426 exclusion should occur,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid14361972\charrsid14361972
and standards for re-inclusion.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12131189
These standards should be informed by considerations of global justice, with due attention to the challenges of corporations whose competitors may no}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12014426
t abide by the same rules. The }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12131189 fact of}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12014426 frequent}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid12131189 \lquote partial compliance\rquote does not yield the conclusion that corporations should not be bound by any norms, but the norms may reasonably be different. And the damages wrought by these \lquote
governance gaps\rquote that allows corporations to continue to violate the basic interests of individuals, lend further support to the calls for more just structures of global governance.}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid14361972
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12131189
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12014426 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12014426 I have argued that globalisation \endash
the cross border impact of a wide range of actors \endash increases the need for a Cosmopolitan Justice that can address the obligations of non-state actors. One important su
ch issue area concerns the responsibilities of corporations and investors. We have considered some of the normative constraints on the investments of the Norwegian Government Pension Fund in }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid4807377 light of cosmopolitan justice, }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12014426 and explored how these norms are b
rought to bear on investment strategies by means of ownership rights and divestment. I have suggested some lessons with regard to clarity of rules and transparency, drawing on normative perspectives of cosmopolitan justice that seek to ensure that all aff
ected parties are treated as moral and political equals.
\par }\pard\plain \ltrpar\s26\ql \fi709\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8344587 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \f40\fs24\lang1033\langfe1044\cgrid\langnp1033\langfenp1044 {\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid8344587\charrsid8344587
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 {\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid15731708 About the author:
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15731708 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid15731708\charrsid15731708
Andreas Follesdal is Professor of Political Philosophy and Director of Research at the Norwegian Centre for Human Rights at the {\*\xmlopen\xmlns2{\factoidname PlaceType}}{\*\xmlopen\xmlns2{\factoidname place}}University{\*\xmlclose} of
{\*\xmlopen\xmlns2{\factoidname PlaceName}}Oslo{\*\xmlclose}{\*\xmlclose}. Ph.D. 1991 in Philosophy from {\*\xmlopen\xmlns2{\factoidname place}}{\*\xmlopen\xmlns2{\factoidname PlaceName}}Harvard{\*\xmlclose} {\*\xmlopen\xmlns2{\factoidname PlaceType}}
University{\*\xmlclose}{\*\xmlclose}
. His research largely concerns political philosophy of Human Rights and of the European Union, on such topics as distributive justice, federalism, minority rights, deliberative democracy, subsidiarity, and European citizenship, in such jour
nals as Journal of Political Philosophy, Law and Philosophy, Journal of European Public Policy, Journal of Peace Research, International Journal on Minority and Group Rights, Metaphilosophy. He has edited books on democracy, the welfare state, consultancy
, and on the European constitution. He is Founding Series Editor of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid15731708\charrsid15731708 Themes in European Governance}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid15731708\charrsid15731708 , and Founding Consulting Editor of }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1044\langnp2057\insrsid15731708\charrsid15731708 Contemporary European Politics}{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid15731708\charrsid15731708 , both Cambridge University Press. He was a Fulbright \'93New Century Scholar\'94 2003, and is a repeat Visiting Scholar at the {\*\xmlopen\xmlns2{\factoidname PlaceName}}
{\*\xmlopen\xmlns2{\factoidname place}}Harvard{\*\xmlclose} {\*\xmlopen\xmlns2{\factoidname PlaceType}}Center{\*\xmlclose}{\*\xmlclose} for European Studies. He is a member of the Council on Ethics of the Norwegian Government Pension Fund.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid5446290\charrsid8344587 \page }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid12611010
\par
\par }\pard \ltrpar\ql \fi-720\li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid4807377 {\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1044\langnp2057\insrsid12611010 ADDIN EN.REFLIST }
}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377 ETIKKR\'c5DET 2010. \'c5rsrapport 2009. }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377
HYPERLINK "http://www.regjeringen.no/pages/1957930/Etikkradet_N2009.pdf" }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid2370986 {\*\datafield
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740069006b006b00720061006400650074005f004e0032003000300039002e007000640066000000795881f43b1d7f48af2c825dc485276300000000a5ab0000ff}}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0
\cs36\i\ul\cf2\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 http://www.regjeringen.no/pages/1957930/Etikkradet_N2009.pdf}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377 FOLLESDAL, A. 2004. Political consumerism as chance and challenge. }{\rtlch\fcs1 \af0 \ltrch\fcs0
\i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 In:}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377 MICHELETTI, M., FOLLESDAL, A. & STOLLE, D. (eds.) }{\rtlch\fcs1 \af0 \ltrch\fcs0
\i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 Politics, products and markets: Exploring political consumerism past and present.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377
New Brunswick, N.J.: Transaction Press.
\par FOLLESDAL, A. 2007. Ethical Investment and Human Rights: A Norwegian Case. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 Nordic Journal on Human Rights,}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1024\langfe1024\noproof\langnp2057\insrsid4807377 25}{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377
420-433.
\par FOLLESDAL, A. 2010. Liberal Contractualism - Partial and Particularist, Impartial and Cosmopolitan. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 In:}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1024\langfe1024\noproof\langnp2057\insrsid4807377 CANEY, S. & LEHNING, P. (eds.) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377
International Distributive Justice: Cosmopolitanism and its Critics.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377 London: Routledge.
\par FOLLESDAL, A. & POGGE, T. (eds.) 2005. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 Real World Justice: Grounds, Principles, Human Rights, and Social Institutions, }{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1024\langfe1024\noproof\langnp2057\insrsid4807377 Doordrecht: Springer.
\par FRIEDMAN, M. 1970. The social responsibility of business is to increase its profits. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 In:}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1024\langfe1024\noproof\langnp2057\insrsid4807377 BEAUCHAMP, T. L. & BOWIE, N. E. (eds.) }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 Ethical Theory in Business.}{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377 Englewood Cliffs, N.J.: Prentice-Hall.
\par NORGES BANK INVESTMENT MANAGEMENT, N. 2010. Annual Report of the Norwegian Government Pension Fund Global 2009. }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377
HYPERLINK "http://www.nbim.no/Global/Reports/2009/NBIM_annualreport09.pdf" }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid2370986 {\*\datafield
00d0c9ea79f9bace118c8200aa004ba90b0200000003000000e0c9ea79f9bace118c8200aa004ba90b9600000068007400740070003a002f002f007700770077002e006e00620069006d002e006e006f002f0047006c006f00620061006c002f005200650070006f007200740073002f0032003000300039002f004e004200
49004d005f0061006e006e00750061006c007200650070006f0072007400300039002e007000640066000000795881f43b1d7f48af2c825dc485276300000000a5ab000000}}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0
\cs36\i\ul\cf2\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 http://www.nbim.no/Global/Reports/2009/NBIM_annualreport09.pdf}}}\sectd \ltrsect
\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377 RAWLS, J. 1971. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 A theory of justice, }{\rtlch\fcs1 \af0
\ltrch\fcs0 \lang1024\langfe1024\noproof\langnp2057\insrsid4807377 Cambridge, Mass., Harvard University Press.
\par SATZ, D. 2007. Liberalism, economic freedom, and the limits of markets. }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang1024\langfe1024\noproof\langnp2057\insrsid4807377\charrsid4807377 Social Philosophy and Policy}{\rtlch\fcs1 \af0 \ltrch\fcs0
\lang1024\langfe1024\noproof\langnp2057\insrsid4807377 .
\par
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 }}\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af0\afs20\alang1025
\ltrch\fcs0 \f40\fs24\lang1044\langfe1044\cgrid\langnp1044\langfenp1044 \sectd \ltrsect\linex0\headery709\footery709\colsx708\endnhere\titlepg\sectdefaultcl\sectrsid5446290\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0
\lang2057\langfe1044\langnp2057\insrsid6096693\charrsid8344587
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