Dear Dafnis

I think if depends, but the manager will take them all in consideration of divestment

You might want to read these papers

http://link.springer.com/article/10.1007%2FBF02707908

http://www.jstor.org/stable/40440467?seq=1#page_scan_tab_contents

http://www.sciencedirect.com/science/article/pii/S0167268102001671

http://www.sciencedirect.com/science/article/pii/S0167718799000065

Best

Canh

I would say that environmental and ethical factors in social responsible investing are important considerations for divestment. Currently, the most important issue is the discussion on divesting from fossil fuel stocks. There is a lot discussion on this in the popular press, and some pension funds are pressured to divest.