What would you suggest in place of boycotts when people are upset with a company?
No question about it - values driven investment. The lefties have been playing with it for 10-15 years now, and it has started to pan out for them. They've gotten some policies related to gays, benefits, minorities, the environment and charitable direction put in place at many major companies, all while cranking out a generally satisfactory return on capital investment. These funds don't invest in tobacco, weapons, liquor, etc., and churn out a steady supply of lefty, business savvy folks to plant around.
Corporate directors take that more seriously than a boycott - because if the ownership chunk is large enough, the people expecting the action are sharing in the risk.