The Fiduciary Brief
The evolving legal and ethical definition of an asset owner's duty — prudent-investor standards, the ERISA fight, the UK Stewardship Code 2026, and the live question of whether managing systemic risk is permitted, required, or prohibited.
Read the latest Full archiveWhat are we required to do?
The evolving legal and ethical definition of an asset owner's duty — prudent-investor standards, the ERISA fight, the UK Stewardship Code 2026, and the live question of whether managing systemic risk is permitted, required, or prohibited.
- The Duty Docketa running tracker of the live legislation, rules and cases redefining fiduciary duty across the US, UK, EU and Gulf.
- Counsel's Viewa monthly Q&A with a fiduciary-law specialist or fund general counsel.
- The Pecuniary Testa recurring explainer that pressure-tests one stewardship decision against a strict pecuniary-only standard.
Inside UAO Fiduciary
The Fiduciary Brief is one of seven sections in the weekly UAO Fiduciary briefing — the home for what the world’s largest owners owe their beneficiaries, their economies and the future. Every section ships inside one master newsletter.
Latest reporting.
The new duty: what the UK Stewardship Code 2026 changes for asset owners
The Code that took effect on 1 January redefines the job itself — and resets the bar every large owner is measured against.
Pecuniary only? How H.R. 2988 would reshape what US pensions can weigh
A bill that passed the House by ten votes would narrow the lens through which American retirement fiduciaries are allowed to see risk.
When protecting beta becomes a fiduciary obligation, not a choice
The universal-ownership thesis has an uncomfortable implication: for the largest funds, ignoring systemic risk may itself be a breach of duty.
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It lands inside UAO Fiduciary, alongside all seven sections.
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