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Sovereign Wealth and Pension Funds : Conceptualizing Implications for « Responsible Investment »

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  • James P. Hawley
  • Shyam Kamath
  • Andrew T. Williams

Abstract

[eng] 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

Suggested Citation

  • James P. Hawley & Shyam Kamath & Andrew T. Williams, 2009. "Sovereign Wealth and Pension Funds : Conceptualizing Implications for « Responsible Investment »," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 363-380.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2009_hos_9_1_5521
    DOI: 10.3406/ecofi.2009.5521
    Note: DOI:10.3406/ecofi.2009.5521
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    References listed on IDEAS

    as
    1. James Hawley & Andrew Williams, 2007. "Universal Owners: challenges and opportunities," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(3), pages 415-420, May.
    2. Martin, Roderick & Casson, Peter D. & Nisar, Tahir M., 2007. "Investor Engagement: Investors and Management Practice under Shareholder Value," OUP Catalogue, Oxford University Press, number 9780199202607.
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    More about this item

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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