Full Description
This book brings together thought leadership from academia and leading figures in asset management in key global jurisdictions, to pool together insights regarding the transformative visions and challenges for modern investment management, as well as best practices that realise the policy objectives in regulation and soft law.
The world of investment management is being challenged by new legal, regulatory and soft law developments to demonstrate that their practices cohere with the long-term needs of the saving population as well as public interest needs in financing global sustainability and social development. The chapters in this book uniquely bring together the views of academia and practice on the key developments that can transform the law and practice of investment management, including the EU's new sustainable finance reform package, the UK Stewardship Code 2020, and developments in the US regarding the fit between fiduciary law for investment management and modern sustainability concerns.
The book brings together the best of both worlds-critical thoughtful perspectives from academia and qualitative insight from the investment management industry. It will be of interest to researchers in law, investment management, business and management, practitioners in the investment management industry and their legal advisers, and policy-makers in the EU, UK and beyond who are grappling with the appropriate governance paradigms for bringing about more sustainable outcomes globally.
Contents
Introduction; Investment Management, Stewardship and Sustainability: Key Gaps and Challenges
Iris H-Y Chiu (University College London, UK) and Hans-Christoph Hirt (Hermes Group Pension Scheme, UK)
PART I
THE CONCEPTION, POLICY AND EXPECTATIONS OF INVESTMENT MANAGEMENT STEWARDSHIP AND SUSTAINABLE FINANCE
1. From Universal Owners to Hedge Funds and Indexers: Will Stewardship Drive Long-Termism and Sustainability
Andrew Johnston (University of Warwick, UK)
2. The Evolution of 'Engagement' as a Norm in Investment Stewardship in the UK and the Impact of Sustainability Demands
Iris H-Y Chiu (University College London, UK)
3. Institutional Investors and Sustainable Finance - Developing the Shareholder Engagement Framework in Light of the Emerging Sustainable Finance Regime in the EU
Hanne S Birkmose (University of Southern Denmark, Denmark)
4. Sustainable Investment and Asset Management: From Resistance to Retooling
Virginia Harper Ho (City University of Hong Kong, Hong Kong)
5. The EU Taxonomy: A Key Step for Sustainable Finance
Catherine Malecki (Rennes 2 University, France)
6. Direct Mandatory Corporate Social Responsibility Legislation: Lessons from China and Indonesia
Li-wen Lin (University of British Columbia, Canada) and Iris H-Y Chiu (University College London, UK)
7. The Voting Behaviour of Institutional Investors and Retail Shareholders and the Interests of Beneficiaries
Christoph van der Elst (Tilburg University, the Netherlands)
8. Common Ownership and Corporate Social Responsibility: Evidence from the BlackRock-BGI Merger
Kenneth Khoo (National University of Singapore, Singapore)
PART II
PRACTICAL REFLECTIONS ON INVESTMENT MANAGEMENT STEWARDSHIP AND SUSTAINABLE FINANCE
9. Responsible Investing: The Status Quo and Remaining Challenges
Andrew Parry (J O Hambro Capital Management, UK)
10. The Future of Stewardship: Time to Take a Step Back
Hans-Christoph Hirt (Hermes Group Pension Scheme, UK)
11. Responsible Investment
David Hickey (Lothian Pension Fund, Edinburgh)
12. Investment, Sustainability and Stewardship: Perspectives of a Sovereign Wealth Fund
Ola Peter K Gjessing (Norges Bank Investment Management, Norway)
13. Evolution of Sustainable Investing: A US Perspective
Ken Bertsch (Society of Corporate Secretaries and Governance Professionals, USA)
14. The Model Mandate: Hardwiring Stewardship into Investment Management
George Dallas (International Corporate Governance Network, UK) and Chris Hodge (Institute of Directors, UK)
15 Corporate Purpose: Narrowing the Gap between Corporates and Investors on Sustainability Issues
Brian Tomlinson
16. Targeting Net Zero: Embedding Accountability for Portfolio Decarbonisation and Resilience in the Asset Owner - Asset Manager Relationship
Faith Ward (Brunel Pension Partnership, UK)
17. Net-Zero Asset Owner Alliance Climate Voting Transparency and Benchmarking
Theodor F. Cojoianu (University of Edinburgh Business School, UK), Andreas GF Hoepner (Michael Smurfit Graduate Business School, Ireland), Yanan Lin (China Europe International Business School, China), Kate van der Merve (University College Dublin, Ireland) and Anh Vu (Queen's University Belfast, UK)
