Fonds souverains et fonds de pension: conceptualiser les implications pour l’« investissement responsable »

James P. Hawley, Shyam Kamath and Andrew T. Williams

Revue d'Économie Financière, 2009, vol. 9, issue 1, 395-415

Abstract: [fre] Cet article examine la croissance récente des fonds souverains, leur impact potentiel sur la gouvernance d'entreprise et leur impact sur l'investissement responsable. Ce dernier englobe les aspects pouvant affecter significativement la valorisation de l'entreprise en fonction des impacts environnementaux, sociaux et de gouvernance. L'article comble une lacune dans la littérature récente sur les fonds souverains au regard de leur signification dans le cadre de [' investissement responsable et des facteurs environnementaux, sociaux et de gouvernance. Il examine les fonds souverains dans le contexte de la croissance d'autres formes de fonds publics d'investissement, en particulier l'essor des fonds de pension souverains jusqu'à la mi-2008. Il fournit également une nouvelle typologie pour classifier les fonds souverains. . Classification JEL : F30, C23, C29 [eng] Sovereign Wealth and Pension Funds : Conceptualizing Implications for " Responsible Investment" . This paper examines the recent growth of sovereign wealth funds (SWFs), their potential impact on corporate governance, and their impact on what has come to be known as responsible investment (RI). Responsible investment encompasses aspects which may materially affect firm valuation from environmental, social and governance impacts, collectively known as ESG (environmental, social and governance) factors. The paper fills a gap in the recent literature on SWFs in terms of their significance for RI/ESG considerations. We view SWFs in the context of the growth of other forms of government investment funds, in particularly the growth of sovereign pension funds (SPFs), through mid-2008. It provides a new typology for classifying SWFs and the likely evolution of such funds based on this typology and RI/ ESG considerations. . JEL Classification : F30, G23, G29

Date: 2009
Note: DOI:10.3406/ecofi.2009.5447
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