Arguments in Favor of Fiduciary Divestment of "South African" Securities

I. Introduction II. Initial Considerations ... A. Divestment Defined ... B. Why Divestment? ... C. Basic Trust Law ... 1. Pension Trusts ... 2. Charities ... 3. Universities III. Arguments That Transcend the Law ... A. Moral Considerations in Trust Law ... B. Moral Considerations in South African Investment IV. Legal Arguments ... A. The Analogy of Real Property Law ... 1. Changing Public Values ... 2. Why We Recognize Trusts ... 3. Redefining Property Rights for Social Purposes … 4. Property Rights, Especially Pension Rights, As a Function of the Political Process ... B. Pension Trusts As Quasi-Public Entities ... C. The Ability of a Trustee to Sell South African Securities ... 1. The Attorney's Problem with Divestment ... 2. No Investment Duty to Maximize Profit ... D. Problem: The Costs of Divestment ... 1. Minimizing and Accepting Divestment Costs ... 2. Divestment in Pursuit of Trust Purposes … 3. Implied Consent of Beneficiary V. The Financial Aspects of Divestment ... A. Introduction ... B. Financial Arguments in Favor of Divestment VI. Conclusion