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Fiduciary Duty under the Microscope: Stewardship and the spectrum of Pension Fund Engagement

Tilba, Anna; Reisberg, Arad

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Authors

Arad Reisberg



Abstract

UK pension fund trustees’ interpretations of their fiduciary duties may shape pension fund approaches to corporate stewardship and engagement envisioned by the UK Stewardship Code. Data from interviews with pension fund trustees, executives, investment intermediaries and pensions experts reveals interpretive pluralism of the concept of fiduciary duty in the area of pension funds. This article develops a model identifying the spectrum of pension fund engagement, linking interpretations of fiduciary duty to intensity and methods of engagement in practice. The findings help disambiguate the concept of ‘Fiduciary Duty’, highlighting the practical challenges of Stewardship Code application. These insights are relevant to the ongoing revisions of the Stewardship Code and policy clarifications of the nature of fiduciary duty by the UK Financial Conduct Authority. The paper encourages trustees, regulators and others to consider what role pension fund trustees should have in stewardship, which may not be directly relevant to their fiduciary duties as trustees.

Citation

Tilba, A., & Reisberg, A. (2019). Fiduciary Duty under the Microscope: Stewardship and the spectrum of Pension Fund Engagement. Modern Law Review, 82(3), 456--487. https://doi.org/10.1111/1468-2230.12413

Journal Article Type Article
Acceptance Date Jan 8, 2019
Online Publication Date Feb 25, 2019
Publication Date May 30, 2019
Deposit Date Jan 18, 2019
Publicly Available Date Mar 28, 2024
Journal Modern Law Review
Print ISSN 0026-7961
Electronic ISSN 1468-2230
Publisher Wiley
Peer Reviewed Peer Reviewed
Volume 82
Issue 3
Pages 456--487
DOI https://doi.org/10.1111/1468-2230.12413
Public URL https://durham-repository.worktribe.com/output/1339455

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Copyright Statement
This is the accepted version of the following article: Tilba, Anna & Reisberg, Arad (2019). Fiduciary Duty under the Microscope: Stewardship and the spectrum of Pension Fund Engagement. Modern Law Review 82(3): 456-487, which has been published in final form at https://doi.org/10.1111/1468-2230.12413. This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.





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