I doubt it's about backing beliefs and principles with money. It's probably more about admitting increased risks of losing money as a result of public shaming campaigns (sometimes reasonable, sometimes not) by vocal minority.
And of course, the corporate PR disguises such dumping stocks as a virtue.
I dont quite agree. While this is certainly a secondary factor, which a portfolio manager will worry about (i.e. a stock tanking due to bad press or negative ESG ranking), investment committees which develop responsible investing policies are guided by guenuine principles. It’s a multi-dimensional problem and the challenge is of course that these dimensions sometimes counter each-other and result in feedback loops. The is what makes a market, however, the sheer size of large institutional (and sovereign) investment funds will, in the long run, run over marginal players in terms of impact.
And of course, the corporate PR disguises such dumping stocks as a virtue.