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

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  • Kira Shevchenko
  • Richard McManus
  • Janet Haddock-Fraser

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.

Suggested Citation

  • Kira Shevchenko & Richard McManus & Janet Haddock-Fraser, 2015. "UK pension sustainability and fund manager governance: agent duties to the principal," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(4), pages 205-209, October.
    • Handle: RePEc:taf:jsustf:v:5:y:2015:i:4:p:205-209
    DOI: 10.1080/20430795.2015.1106209
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    References listed on IDEAS

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    1. Levine, Ross, 2002. "Bank-Based or Market-Based Financial Systems: Which Is Better?," Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 398-428, October.
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    1. Maria Carolina Rezende de Carvalho Ferreira & Vinicius Amorim Sobreiro & Herbert Kimura & Flavio Luiz de Moraes Barboza, 2016. "A systematic review of literature about finance and sustainability," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 6(2), pages 112-147, April.

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