We use cookies to ensure that we give you the best experience on our website. By continuing to browse this repository, you give consent for essential cookies to be used. You can read more about our Privacy and Cookie Policy.

Durham Research Online
You are in:

Fiduciary duty under the microscope : stewardship and the spectrum of pension fund engagement.

Tilba, Anna and Reisberg, Arad (2019) 'Fiduciary duty under the microscope : stewardship and the spectrum of pension fund engagement.', Modern law review., 82 (3). 456--487.


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.

Item Type:Article
Full text:(AM) Accepted Manuscript
Download PDF
Publisher Web site:
Publisher 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 This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.
Date accepted:08 January 2019
Date deposited:22 January 2019
Date of first online publication:25 February 2019
Date first made open access:25 February 2020

Save or Share this output

Look up in GoogleScholar