Please use this identifier to cite or link to this item:
Title: Fiduciary Duty under the Microscope: Stewardship and the Spectrum of Pension Fund Engagement
Authors: Tilba, A
Reisberg, A
Keywords: Fiduciary Duty;Institutional Investor;Pension Fund Ownership;Investor Stewardship;Kay Report
Issue Date: 2019
Publisher: Wiley
Citation: Modern Law Review
Abstract: This study examines how UK pension fund trustees interpret the concept of their fiduciary duties in practice and how these interpretations may shape pension fund approaches to corporate stewardship and engagement as envisioned by the UK Stewardship Code. Using the data from 35 in-depth, semi-structured interviews with pension fund trustees, executives, investment intermediaries and a series of round-table discussions with pensions experts, the study uncovers interpretive pluralism of the concept of Fiduciary Duty in the area of pension funds. A model identifying the spectrum of pension fund engagement is developed, showing how different interpretations of fiduciary duty may be linked to various intensity and methods of engagement in practice. The findings help disambiguate the concept of ‘fiduciary duty’, highlighting the challenges of Stewardship Code application in practice. These insights are very relevant to the ongoing revisions of the Stewardship Code and further policy clarifications of the nature of fiduciary duty by the UK Financial Conduct Authority. This paper encourages trustees, regulators and others to consider closely what role pension fund trustees should have in stewardship, which may not be directly relevant to their fiduciary duties as trustees.
ISSN: 0026-7961
Appears in Collections:Dept of Politics, History and Law Embargoed Research Papers

Files in This Item:
File Description SizeFormat 
Fulltext.docxEmbargoed until 01 Jan 2030546.52 kBMicrosoft Word XMLView/Open    Request a copy

Items in BURA are protected by copyright, with all rights reserved, unless otherwise indicated.