Stewardship and Fiduciary Duties: The Spectrum of Pension Fund Engagement

Tilba, A.

Abstract

A critical issue for the future growth of institutional investor Stewardship and engagement over investee companies is whether it is compatible with the fiduciary duties of pension fund trustees. This study examines how a range of interpretations of fiduciary duties informs approaches to corporate governance. Using the data from thirty-five in-depth interviews with key decision-makers I reveal that trustees understand their fiduciary duties in a variety of ways, which underpins the intensity and methods of engagement. Four distinct approaches emerge: Disengagement, Employer Engagement, Fund Manager Engagement and Corporate Engagement. I provide novel and empirically grounded explanations of much theorized but little understood concept of fiduciary duty in relation to corporate governance. The paper also has significant policy implications in that it raises scepticism about realising aspirations for shareowner Stewardship and fiduciary standards within the investment chain.

Citation

Tilba, A. (2014, December). Stewardship and Fiduciary Duties: The Spectrum of Pension Fund Engagement. Presented at British Academy of Management conference (BAM 2014): The Role of the Business School in Supporting Economic and Social Development, Belfast, Northern Ireland

• Presentation Conference Type: Conference Paper (published)
• Conference Name: British Academy of Management conference (BAM 2014): The Role of the Business School in Supporting Economic and Social Development
• Acceptance Date: Sep 9, 2014
• Publication Date: 2014
• Deposit Date: Jul 6, 2018
• Public URL: https://durham-repository.worktribe.com/output/1145229
• Publisher URL: https://www.bam.ac.uk/civicrm/event/info?id=1971&reset=1
• Related Public URLs: https://eprint.ncl.ac.uk/199078