- ホーム
- > 洋書
- > 英文書
- > Business / Economics
Full Description
This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations.
Since its green shoots first emerged around 50 years ago, acceptance of environmental, social, and governance (ESG) considerations in institutional investing-especially at pension funds-has evolved with distinct shifts in investor preferences. This Pension Research Council volume traces these shifts and their implications, leading up to the present day. The book notes that investors have diverse reasons for devoting attention to ESG criteria when deciding where to invest their money. Some had religious motives, such as Quakers who focused on values; this approach can offer some risk mitigation. Nevertheless, studies that look at whether divestment actually changes companies' behaviors show that this rarely occurs.
Accordingly, this book offers a variety of distinct viewpoints from a variety of countries, on whether, how, and when ESG criteria should, and should not, drive pension fund investments. The authors also find that policymakers should consider fund consolidation in private sector retirement systems, along with whether service-provider incentives could be better be aligned with sustainability incentives. For instance, boosting transparency in these markets would help generate better-informed policies, while providing beneficiaries with information relevant to their savings choices.
Contents
1: Brett Hammond, Raimond Maurer, and Olivia S. Mitchell: Sustainable Investment in Retirement Funds: Introduction
Part I. Defining and Measuring Sustainable Objectives and Outcomes
2: Brett Hammond and Amy O'Brien: Pensions and ESG: An Institutional and Historical Perspective
3: Stéphanie Lachance and Judith Stroehle: The Origins of ESG in Pensions: Strategies and Outcomes
4: Linda-Eling Lee: What Does ESG Investing Really Mean? Implications for Investors of Separating Financial Materiality and Social Objectives
Part II. The Evolution of Pension ESG Investing
5: Christopher Geczy and John Guerard: ESG and Expected Returns on Equities: The Case of Environmental Ratings
6: Zacharias Sautner and Laura Starks: ESG and Downside Risks: Implications for Pension Funds
7: Luba Nikulina: Global Pensions and ESG: Is There a Better Way?
Part III. Impacts of ESG on Pension Governance, Investments, Structures, and Reporting
8: Rob Bauer and Paul M.A. Smeets: Eliciting Pension Beneficiaries' Sustainability Preferences: Why and How?
9: Nathan Fabian, Mikael Homanen, Nikolaj Pedersen, and Morgan Slebos: Private Retirement Systems and Sustainability: Insights from Australia, the UK, and the US
10: Anita Margrethe Halvorssen: How the Norwegian SWF Balances Ethics, ESG Risks, and Returns: Can this Approach Work for Other Institutional Investors?
