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Archive for the ‘Governance & Regulation’ Category


Proxy voting and the effective functioning of markets

While the world’s attention is focused on the US Presidential elections this week, this post addresses a different kind of voting: shareholder voting. Proxy voting In Developed equity markets, we have seen a progressive fall in individual share ownership. For instance, in the UK, the Office for National Statistics now estimates that UK individuals own

November 7, 2016 Categories: Governance & Regulation
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

Could bounded responsibility push responsible investing into the mainstream?

Responsible investing* continues to grow. But although the concept has its advocates, many large European and U.S. institutional investors have no policy with regards to responsible investing, and no intention of creating one. Bounded responsibility Among many institutional investors, responsible investing is not truly mainstream. The current situation is bifurcated: in or out. Investors in

Quantitative easing: Draghi and the ECB opt for moderate approach

So the divergence of central banks continues. On Dec. 3 the European Central Bank (ECB) took the widely anticipated step of providing more stimulus to the European economy. It’s the first move in a December pas de deux that we expect will include a hike in U.S. interest rates after the Dec. 15-16 meeting of

What do FDs think of trustees – the good the bad and the ugly part 1

So what do FDs think of trustees? Well it was certainly no easy task but we managed to pin down 261 in our first ever FD survey and gather consensus on their views of the decision-making practices of defined benefit trustees. We’ve previously surveyed trustees on the same topic and I’m going to compare and

How Good Governance makes you an investment guru

This is a blog by a guest author which was first published on Mallowstreet, a specialist site for pension professionals, on 7th October 2015 following the Russell Mallowstreet University dinner on Governance. “How Good Governance makes you an investment guru….. or how bad Governance will only ever let you get it right by sheer fluke.

Oct 30, 2015 Categories: Governance & Regulation

Saving for retirement – so what’s to smile about? Blog 2

Saving for retirement – so what’s to smile about? In my first blog of this series I talked about how saving for retirement was tough given the huge expenses we all run up. However alls well that ends well ….and if you do put away more now then the bigger your retirement smile will be

Saving for retirement – so what’s to smile about?

Saving for retirement – so what’s to smile about? Saving for retirement is hard work but well worth that smile in retirement! The little things in life such as mortgages, rents, school fees etc tend to get in the way of this important saving. When looking ahead to post retirement years, I feel it is

Win for Big Oil and a Win for the Environment

The other day, surprising many, Shell encouraged shareholders to support a shareholder resolution. The resolution is being put to Shell’s AGM in May. It seeks greater disclosure by Shell of the risks to its business model posed by climate change. Often, shareholder resolutions are viewed by companies with suspicion, even outright resistance. But not this

Are ESG tilts consistent with value creation in Europe?

Yes! Some investors are keen to incorporate environmental, social and governance (ESG) factors in their portfolios. However, others think ESG has little to do with value creation and investment returns. So, are active investment managers actually positioning their portfolios to back ESG factors? And can these ESG tilts be consistent with good performance? Whilst the

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