Cambridge Handbook of Institutional Investment and Fiduciary Duty

James P. Hawley is Professor and Director of the Elfenworks Center for the Study of Fiduciary Capitalism at Saint Mary's College, California. He is the author (or co-author) of well over thirty scholarly articles, as well as four books, on a variety of topics, including corporate governance, responsible investment, the international monetary and financial system, and environmental issues. Andreas G. F. Hoepner is an Associate Professor of Finance at the ICMA Centre of Henley Business School at the University of Reading, where he directs the i-finance laboratory. He is also currently serving as the Senior Academic Fellow to the United Nations supported Principles for Responsible Investment and as Senior Associate to the University of Cambridge's Programme for Sustainability Leadership. Keith L. Johnson represents pension funds and institutional investors globally on fiduciary, investment, corporate governance and related litigation matters. He chairs the Institutional Investor Services Group at Reinhart Boerner Van Deuren, s.c. Mr Johnson is also co-chair of the Fiduciary Duty Working Group for the Network for Sustainable Financial Markets, an international think-tank. Joakim Sandberg is Associate Professor of Practical Philosophy at the University of Gothenburg, Sweden. He is an internationally acclaimed expert on ethical issues in finance in general and also in pension management. His PhD work (from 2008) was the first ever comprehensive philosophical treatment of the concept of socially responsible investment. Edward J. Waitzer is a Professor and the Jarislowsky Dimma Mooney Chair in Corporate Governance at Osgoode Hall and the Schulich School of Business at York University. He was Chair of Stikeman Elliott LLP from 1999 to 2006 and remains a senior partner whose practice focuses on complex business transactions. He also advises on a range of public policy and governance matters.

'When people agree to become members of boards of pension organizations, what duties do they take on? This new book on fiduciary duty makes clear there is no simple answer to this question. It examines the subject not just from a legal perspective, but also from its implications for board behaviour, investment policy, and the consideration of societal issues beyond the immediate confines of the pension plan. … [It is] a valuable new tool for trustees.' Keith Ambachtsheer, Director of the International Centre for Pension Management at the Rotman School of Management, University of Toronto

• 1. Introduction; Part I. Fiduciary Duty: A Global Outlook: 2. The public fiduciary - a Canadian perspective; 3. The basis of fiduciary duty in investment in the United States; 4. Governance and accountability in UK pension schemes; 5. Institutional investment and fiduciary duty in Australia; 6. The regulation of institutional investment in Sweden: a role-model for the promotion of responsible investment?; 7. The Dutch pension system; Part II. Fiduciary Duty and the Landscape of Institutional Investment: 8. The philanthropic fiduciary; 9. Paradigm lost: employment-based defined benefit plans and the current understanding of fiduciary duty; 10. Economically targeted investing: changing of the guard; 11. Institutional investment in the European Union Emissions Trading Scheme; 12. Have institutional fiduciaries improved securities class actions? A review of the empirical literature on the PSLRA's Lead Plaintiff Provision; 13. The future of fiduciary obligation for institutional investors; Part III. Challenging Conventional Wisdom on Fiduciary Duty: 14. Is the search for excessive alpha a breach of fiduciary duty?; 15. Fiduciary duty and sin stocks: is vice really nice?; 16. Whose risk counts?; 17. Sustainability, financial markets and systemic risk; 18. Uncertain times, plural rationalities and the pension fiduciary; 19. Emotional finance and the fiduciary responsibility of asset managers; Part IV. Towards a Broader Interpretation of Fiduciary Duty: 20. Fiduciary duty and the search for a shared conception of sustainable investment; 21. Pension fund fiduciary duty and its impacts on sustainable investing; 22. Reason, rationality and fiduciary duty; 23. Socially responsible investment and the conceptual limits of fiduciary duty; 24. Fiduciary duty at the intersection of business and society; 25. Challenging conventional wisdom: the role of investment tools, investment beliefs and industry conventions in changing our interpretation of fiduciary duty; Part V. Beneficiaries' Roles and Viewpoints: 26. The voice of the beneficiary; 27. Understanding the attitudes of beneficiaries: should fiduciary duty include social, ethical and environmental concerns?; 28. Operationalizing socially responsible investment: a non-financial fiduciary duty problem; 29. The preferences of beneficiaries: what can we learn from research on retail investors?; Part VI. Fiduciary Duty and Governance: 30. Investors and global governance frameworks: broadening the multi-stakeholder paradigm; 31. Investment fiduciaries, the role of the public corporation, and greater commitments to sustainability: signals from the corporate board; 32. Reporting and standards: tools for stewardship; 33. US corporate governance, fiduciary success and stable economic growth; 34. Fulfilling fiduciary duties in an imperfect world - governance recommendations from the Stanford Institutional Investor Forum; 35. Addressing the participation gap in institutional investment: an assessment framework and preliminary results; 36. The costs of fiduciary failure - and an agenda for remedy; Index.