Independent reporting on fiduciary duty, climate, stewardship and systemic risk for the institutions that allocate the world's long-term capital.
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.
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.
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.
A fiduciary standard legally binds advisers to prioritize client interests above profit. Understanding its scope and enforcement is critical for institutional investors evaluating adviser relationships and governance frameworks.
The Financial Conduct Authority's refreshed Stewardship Code 2026 tightens governance requirements for asset owners and managers. We outline the key changes, compliance timelines, and implications for pension funds and sovereign wealth funds.
Stewardship and ESG are complementary but distinct. Stewardship emphasizes direct engagement with companies; ESG frames investment selection across environmental, social, and governance dimensions. Understanding both is essential for modern portfolio governance.
Sovereign wealth funds deploy stewardship frameworks to monitor and influence portfolio company performance. Active ownership practices, collaborative engagement, and transparent reporting define institutional accountability.
Endowments deploy stewardship to safeguard perpetual portfolios through active ownership, governance engagement, and collaborative risk management. Learn how leading institutions structure stewardship programs.
Stewardship codes establish binding and voluntary standards for institutional asset owners to demonstrate responsible capital allocation. Requirements vary significantly by region, from the UK's mandatory framework to Japan's principles-based approach.
The sole interest rule is the legal cornerstone of pension fund fiduciary duty. We examine its application across institutional asset owners and the governance tensions it creates in an era of sustainable investing.
Shareholder resolutions are the primary mechanism through which long-term institutional investors exercise stewardship. We explain mechanics, voting thresholds, and real-world outcomes affecting capital allocation.
Institutional investors face a strategic choice: engage with portfolio companies to drive change, or divest and reallocate capital. The evidence suggests most asset owners pursue engagement as the primary lever, with divestment as a secondary tool.
Research, charts, video and podcast analysis for the institutions investing at the scale of the world.
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