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Sovereign Wealth Funds and Socially Responsible Investing: An Emerging Public Fiduciary
Citation
Richardson, BJ, Sovereign Wealth Funds and Socially Responsible Investing: An Emerging Public Fiduciary, Global Journal of Comparative Law, 1 pp. 125-162. ISSN 2211-9051 (2013) [Refereed Article]
Copyright Statement
Copyright 2013 Koninklijke Brill NV
DOI: doi:10.1163/2211906X-00102001
Abstract
The purpose of this article is to investigate the governance of some SWFs with a view to assessing their capacity to contribute to environmental sustainability. As public financial institutions empowered by a broader conception of investment that takes account of social and environmental factors, SWFs have the incipient markings of ‘public fiduciaries’. SWFs could provide a novel way to interpolate the public trust environmental responsibilities of the state into the governance of the financial economy. This article focuses on the French and Norwegian SWFs, which arguably have the most comprehensive SRI practices of all SWFs. Both, however, have struggled to reconcile their ethical and financial mandates into a coherent investment philosophy. But their putative fiduciary responsibilities to society through an increasingly long-term investing perspective suggest a new normative direction to reconcile these tensions and to thereby help institutionalize the principles of intergenerational equity and sustainable development in the context of financial markets.
Item Details
Item Type: | Refereed Article |
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Keywords: | Socially Responsible Investing, Sovereign Wealth Funds, France, sustainability, environmental law, trust law, Norway, social investing |
Research Division: | Law and Legal Studies |
Research Group: | Environmental and resources law |
Research Field: | Environmental law |
Objective Division: | Law, Politics and Community Services |
Objective Group: | Community services |
Objective Field: | Community services not elsewhere classified |
UTAS Author: | Richardson, BJ (Professor Benjamin Richardson) |
ID Code: | 91820 |
Year Published: | 2013 (online first 2012) |
Deposited By: | Faculty of Law |
Deposited On: | 2014-05-30 |
Last Modified: | 2017-11-06 |
Downloads: | 0 |
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