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Author Archive for Michael Thomas


Governance checklist for today’s fiduciaries

Corporations are delegating more of their asset management responsibilities than ever. How does increased delegation affect fiduciary oversight?     Delegation   Defined benefit plans, defined contribution plans, endowments and foundations are delegating more of their asset management responsibilities than ever. Tasks that were once the purview of an investment committee (e.g., manager selection and

Is the social responsibility of business making money?

Is the social responsibility of business simply to increase its profits?

The title of this post echoes a famous Milton Friedman article written in 1970. Peter Drucker, however, argued that while profit is the first responsibility of a corporation, it is not the only one. Forty–plus years later, this exchange is still relevant in the arena of ESG investment. The first responsibility—or the only responsibility? Milton

Oct 19, 2016 Categories: Governance & Regulation

Investors: Are you a return seeker or a risk manager?

Investing, at its most basic level, is a delicate trade-off between return seeking and risk management. For many investors, the factor that dominates their decision making shifts over time with somewhat predictable, and more often than not negative, results. From fear to greed I don’t believe that one approach is necessarily always better than the

Jun 8, 2016 Categories: Markets

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