Net zero, lawyers, and fiduciary duty
A recent paper from the Net Zero Lawyers Alliance does little to resolve the underlying dilemmas facing fiduciaries concerned about climate change
A fiduciary argument for impact investing?
Could there be a good faith argument for fiduciaries to allocate a portion of their portfolio to climate impact investments? I argue that there could.
Why universal owners need modest objectives
By aiming for less asset owners can achieve more as universal owners.
What does stakeholder capitalism mean for investors?
Investors need to be clear why and how they are prioritising stakeholder issues and link this to client mandates and fiduciary duty
Does divestment work?
A recent paper reported as showing a causal link between divestment and carbon emissions proves nothing of the kind. It’s a case study on why to be sceptical of headlines describing complex research.
The EU needs to recognise what corporate governance can and can’t do
Good corporate governance matters. But it’s not going to solve the world’s problems. The idea that it will risks taking us in the wrong direction and could make matters worse.
Better not to vote than to vote in ignorance (short version)
ISS voting recommendations are influential. Academic evidence suggests that’s probably not a good thing. Investors should revisit how they use them.
Better not to vote than to vote in ignorance
ISS voting recommendations are influential. Academic evidence suggests that’s probably not a good thing. Investors should revisit how they use them.
Index or passive?
Index funds object to the term 'passive’, claiming their long-term holdings make them active stewards of listed firms. But a new paper from an academic heavyweight disputes this.
Misguided fears of common ownership
A new analysis suggests that fears about the competition effects of common ownership are overblown.
Workers on boards: momentum builds, but the jury's out
Putting workers on UK boards wouldn’t be as bad as its critics fear, or as good as its advocates hope. But on balance the evidence doesn’t support compulsion.
ISS: Friend or foe to stewardship?
The influence of ISS on voting outcomes in the UK is overstated, but still material
On the naughty step
The IA Public Register of low votes is a better idea than the alternatives.