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Universal Owners and ESG: leaving money on the table?

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  • Matthew J. Kiernan

Abstract

ESG (environmental, social and governance) issues represent both a “tragedy of the commons” and a golden opportunity for a positive system change. Universal Owners should recognise both their power and their responsibilities, and then to leverage their investment strategies to catalyse ESG improvements in their investee companies. This can be done through both stock selection and direct engagement with companies. To date, unfortunately, a myriad of largely cognitive barriers have prevented Universal Owners from mobilising their considerable investment power in this way to any significant extent. There is, however, some encouraging evidence that this is beginning to change.

Suggested Citation

  • Matthew J. Kiernan, 2007. "Universal Owners and ESG: leaving money on the table?," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(3), pages 478-485, May.
    • Handle: RePEc:bla:corgov:v:15:y:2007:i:3:p:478-485
    DOI: 10.1111/j.1467-8683.2007.00580.x
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    Cited by:

    1. Andreas G. F. Hoepner & Arleta A. A. Majoch & Xiao Y. Zhou, 2021. "Does an Asset Owner’s Institutional Setting Influence Its Decision to Sign the Principles for Responsible Investment?," Journal of Business Ethics, Springer, vol. 168(2), pages 389-414, January.
    2. Gunnar Friede, 2019. "Why don't we see more action? A metasynthesis of the investor impediments to integrate environmental, social, and governance factors," Business Strategy and the Environment, Wiley Blackwell, vol. 28(6), pages 1260-1282, September.
    3. Justyna Przychodzen & Fernando Gómez-Bezares & Wojciech Przychodzen & Mikel Larreina, 2016. "ESG Issues among Fund Managers—Factors and Motives," Sustainability, MDPI, vol. 8(10), pages 1-19, October.
    4. Leonard-Călin Abrudan & Mirabela-Constanța Matei & Maria-Madela Abrudan, 2021. "Towards Sustainable Finance: Conceptualizing Future Generations as Stakeholders," Sustainability, MDPI, vol. 13(24), pages 1-21, December.
    5. Kazuhiro Okuma, 2019. "Potential mechanisms for the social regulation of economies on global and local scales: an institutional analysis of ESG investment and community renewables," Evolutionary and Institutional Economics Review, Springer, vol. 16(2), pages 523-541, December.
    6. Ook Lee & Hanseon Joo & Hayoung Choi & Minjong Cheon, 2022. "Proposing an Integrated Approach to Analyzing ESG Data via Machine Learning and Deep Learning Algorithms," Sustainability, MDPI, vol. 14(14), pages 1-14, July.
    7. repec:ehu:cuader:24426 is not listed on IDEAS
    8. Gaurav Talan & Gagan Deep Sharma, 2019. "Doing Well by Doing Good: A Systematic Review and Research Agenda for Sustainable Investment," Sustainability, MDPI, vol. 11(2), pages 1-16, January.
    9. Andreas Hoepner & Arleta Majoch, 2016. "Pension Funds and the Principles for Responsible Investment: Multiplying Stakeholder Salience?," ICMA Centre Discussion Papers in Finance icma-dp2016-07, Henley Business School, University of Reading.
    10. Nguyen Minh Ha & Pham Anh Nguyen & Nguyen Vinh Luan & Nguyen Minh Tam, 2024. "Impact of green innovation on environmental performance and financial performance," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(7), pages 17083-17104, July.
    11. Ann Susan Thomas & Ambili Jayachandran & Ajithakumari Vijayappan Nair Biju, 2024. "Strategic mapping of the environmental social governance landscape in finance – A bibliometric exploration through concepts and themes," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4428-4453, September.
    12. Jeremy Galbreath, 2013. "ESG in Focus: The Australian Evidence," Journal of Business Ethics, Springer, vol. 118(3), pages 529-541, December.
    13. Rui Coelho & Shital Jayantilal & Joao J. Ferreira, 2023. "The impact of social responsibility on corporate financial performance: A systematic literature review," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(4), pages 1535-1560, July.
    14. Arleta A Majoch & Andreas G F Hoepner & Tessa Hebb, 2014. "Sources of Stakeholder Salience in the Responsible Investment Movement: Why Do Investors Sign the Principles for Responsible Investment?," ICMA Centre Discussion Papers in Finance icma-dp2014-13, Henley Business School, University of Reading.

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