UK pension sustainability and fund manager governance: agent duties to the principal

Kira Shevchenko, Richard McManus and Janet Haddock-Fraser

Journal of Sustainable Finance & Investment, 2015, vol. 5, issue 4, 205-209

Abstract: Sustainable investing includes the application of non-financial (Environmental, Social and Governance (ESG)) criteria to asset selection in institutional investor portfolios [Capelle-Blancard, G., and S. Monjon. 2011. “Trends in the Literature on Socially Responsible Investment: Looking for the Keys Under the Lamppost.” Business Ethics: A European Review 21(3): 239--250]. The article explores the implications for applying ESG screening to the institutional investors making the asset selections. Institutional investors are a heterogeneous group of investors, with fund managers specifically being some of the largest listed organisations globally [Ingley, C. B., and N. T. van der Walt. 2004. “Corporate Governance, Institutional Investors and Conflicts of Interest.” Corporate Governance 12(4): 534--553]. Whether their own corporate management duties to fiduciary governance (the G in ESG) benefiting their shareholders has any material impact on the financial returns outcomes of the pension asset management contract, and specifically whether there is a fiduciary conflict favouring of the exclusive best interest of fund management shareholders is the question addressed by the paper.

Date: 2015
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DOI: 10.1080/20430795.2015.1106209

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