Fiduciary Duties of Long-Term Investors

Co-Chairs:
North America -  Keith Johnson (kjohnson[at]reinhartlaw.com)

Europe -  Frank Jan de Graaf (frankjandegraaf[at]xs4all.nl)

Australia - Ann Byrne (abyrne[at]acsi.org.au) 

Objective:  The objective of this Working Group was to develop a clearer understanding of the specific fiduciary duties of agents acting for long-term investors and pension fund beneficiaries, and included a review of global statutory developments and best practice that have encouraged these fiduciaries to act as long-term investors. Following the launch of the Handbook of Institutional Investment & Fiduciary Duty in 2014 (see below), initiatives include continuing action research amongst SFM participants locally in the UK alongside work resulting from the UK Law Commission Review (see also: https://www.gov.uk/government/publications/kay-review-of-uk-equity-markets-and-long-term-decision-making-implementation-progress-report )

Recent News:

London, April 2014 - Cambridge Handbook of Institutional Investment and Fiduciary Duty

Seattle, October 2012 - A group of pension fund trustees, senior managers, advisors and academics gathered in Seattle in October, 2012 to discuss the challenges facing pension fund managers and trustees. Participants were asked to temper preoccupation with comparison to peer group practices by adopting a point of view that included balancing allegiance to the inter-generational interests of both young and old pension fund participants.

The ensuing conversation identified a wide range of pension manager concerns that revolve around risk management, prudence and the point of view required of the fiduciaries who govern pension funds.

A full report on the joint NSFM – Rotman International Centre for Pension Management Roundtable is available here.

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Boston, 11 April 2012Is It Time For A New Understanding Of What Fiduciary Duty Requires? Ethical Markets reports on Fiduciary Duty Working Group roundtable held at the conference of the Pensions and Capital Stewardship Project of the Harvard Law School, March 28-30, 2012

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London, 19 March 2012 - The Fiduciary Duty Working Group, co-sponsored by the Rotman International Centre for Pension Management at the University of Toronto, held a roundtable to identify practical steps that pension fund trustees and their advisors can implement to better integrate their fiduciary duties into pension fund investment and risk management.

The format of the event was an overview of the context and a summary by Keith Johnson of his recent Rotman International Journal of Pension Management article, written with NSFM participants Jim Hawley and Ed Waitzer, on the challenge of balancing the pension fund fiduciary obligations of preserving impartiality and loyalty to end-beneficiaries with the standard of prudence. This was followed by scenario-based group discussions with a focus on practical applications, with contributions from NSFM Directors Raj Thamotheram and Ebba Schmidt.

Download the full Summary PDF »

Download event materials

Agenda PDF »

Presentation PDF »

Rotman ICPM Paper Summary PDF »

Rotman ICPM Paper Full PDF »

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