Divestment

    ESG & Governance

    Selling, or refusing to buy, a company's securities for ESG reasons.

    Divestment aligns a portfolio with an investor's values or risk view and can send a public signal. But research by Berk and van Binsbergen estimated that, at current levels, ESG divestment changes a company's cost of capital by only about 0.44 basis points. Refusing to fund new bonds or share issues usually matters more than selling existing shares.

    Related terms

    Negative screeningExclusion strategyEngagement

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    From the research

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