Fiduciary Duty
Fiduciary Duty for Public Pension Funds
Why public pension funds answer to state law and the exclusive-benefit rule rather than ERISA — and how that shapes the ongoing fight over ESG and investment mandates.
Topic
Explainers
Coverage, charts, video and research on Explainers for universal owners.
Latest in Explainers
Stewardship
What Is a Voting Policy?
How institutional investors decide the millions of proxy votes they cast each year — and why the role of ISS and Glass Lewis is now shifting.
Stewardship
What Is a Stewardship Report?
What a stewardship report is, what the UK Stewardship Code 2026 expects it to contain, and how to tell a substantive report from a glossy one.
Stewardship
Engagement vs Divestment: Which Actually Works?
The evidence on whether selling or staying does more to change corporate behaviour — and why universal owners lean toward engagement backed by a credible exit threat.
Stewardship
What Is Shareholder Engagement?
How universal owners use dialogue, voting and escalation to influence the companies they hold — and what separates real engagement from box-ticking.
UAO Fiduciary
Fiduciary duty for pension funds
Fiduciary duty forms the legal and ethical foundation of pension fund management. We examine statutory obligations, trustee responsibilities, and governance implications for long-term allocators.
UAO Fiduciary
What is universal proxy?
Universal proxy consolidates shareholder proposals onto a single ballot, reshaping how institutional investors exercise voting rights and engage in stewardship. We examine the mechanics, adoption timeline, and governance implications for asset owners.
UAO Fiduciary
What is say on climate?
Say on Climate gives institutional investors a formal voice in corporate climate governance through non-binding shareholder votes. We explain how it works, adoption rates, and its role in fiduciary duty.
UAO Fiduciary
What is duty of care in investing?
Duty of care requires institutional investors to act with competence and diligence when managing capital. We examine the legal framework, practical implementation, and how major asset owners structure governance to meet this obligation.
UAO Fiduciary
What is active ownership?
Active ownership has become central to how large institutional investors—pension funds, endowments, and sovereign wealth funds—exercise influence over portfolio companies. It extends beyond voting to include direct engagement on governance, risk, and strategic direction.
UAO Fiduciary
What is a proxy advisor?
Proxy advisors research corporate governance issues and issue voting recommendations to asset owners managing trillions globally. Their influence over stewardship decisions has triggered regulatory scrutiny and asset owner backlash.
UAO Fiduciary
What is a pecuniary factor?
Pecuniary factors—monetary elements that influence investment decisions and fiduciary obligations—are central to institutional governance. Understanding their scope determines compliance with duty-of-care standards and allocation transparency.
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