Trusts and Equity

Watt, Gary

doi:10.1093/he/9780199644360.001.0001

Cited by 3 publications

(5 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…As a rough and general background to our present discussion, we may say that the fiduciary duties imposed on pension funds in most countries consist in two parts (Pearce & Stevens, 2006;Watt, 2006;Whitfield, 2005). First, an idea about adequate aims, namely that trustees are to manage their funds in the interests of the ultimate beneficiaries and not in their own self-interest -this is sometimes called the "duty of loyalty," and may be stated more generally as the duty to act in accordance with the purpose of the underlying trust arrangement; and second, an idea about adequate means, namely that trustees are to exercise due care and prudence when managing their funds -this is sometimes referred to as the "prudent man rule," and is typically taken to imply that trustees should, for example, seek adequate information before making investment decisions, consult with expertise if they are not financial experts themselves, and carefully weigh the expected returns of particular investments against both expected risk and how they fit in with the rest of the portfolio.…”

Section: The Legal Backgroundmentioning

confidence: 99%

“…The issue of the financial relevance of social and environmental considerations has been the subject of a large number of academic studies over the last couple of decades (for some overviews, see Orlitzky, Schmidt, & Rynes, 2003;UNEP FI, 2004, 2006UNEP FI & Mercer, 2007). In a recent metaanalysis, probably the most ambitious one to date, Margolis, Elfenbein, and Walsh (2007) compared a total of 192 statements in as many as 167 previous studies on the link between what they call corporate social performance (CSP) and corporate financial performance (CFP).…”

Section: The Potential Of the Traditional Viewmentioning

confidence: 99%

“…For example, it may be noted that many of the studies included in Margolis et al's (2007) meta-analysis above concern exactly the long-term correlation between CSP and CFP, and yet the analysis showed no stable results. Similarly, none of the summaries published by UNEP FI itself show that there always -or even most often -is a connection between CSP and CFP over the long term (see UNEP FI, 2004, 2006UNEP FI & Mercer, 2007).…”

Section: Reinterpreting the Traditional Viewmentioning

confidence: 99%

See 2 more Smart Citations

(Re‐)Interpreting Fiduciary Duty to Justify Socially Responsible Investment for Pension Funds?

Sandberg¹

2013

Corporate Governance

View full text Add to dashboard Cite

Manuscript Type: ConceptualResearch Issue: A critical issue for the future growth of socially responsible investment (SRI) is to what extent institutional investors such as pension funds can be persuaded to engage in it. This paper considers attempts at justifying such engagement stemming from a range of (re-)interpretations of the fiduciary duties owed by pension funds to their beneficiaries, and thereby develops a hypothesis concerning the most effective political or legal remedy. Research Findings: Previous commentary suggests that fiduciary duty either already mandates SRI for pension funds, or at least can be made to do so rather easily. In contrast with this, however, this paper finds that none of the considered interpretations is able to justify engagement on social and environmental issues across the board. Indeed, the problem to some extent seems rooted in the very concept of fiduciary duty. Theoretical Implications: The paper is relevant to current attempts at justifying SRI through reinterpretations of fiduciary duty, provided mainly by legal scholars and practitioners. By addressing the more philosophical issue of how far the concept of fiduciary duty can be "stretched" to accommodate SRI (a project of conceptual rather than legal clarification), it provides an evaluation of the contemporary debate which is independent of squabbles about existing law. Policy Implications: The paper shows that there are conceptual limits to attempts at redefining fiduciary duty. But this does not mean that pension funds' engagement in SRI is unjustified or unjustifiable more generally. A more promising way to legally mandate SRI may be through what is dubbed independent social and environmental obligations.

show abstract

Section: The Legal Backgroundmentioning

confidence: 99%

Section: The Potential Of the Traditional Viewmentioning

confidence: 99%

Section: Reinterpreting the Traditional Viewmentioning

confidence: 99%

See 1 more Smart Citation

(Re‐)Interpreting Fiduciary Duty to Justify Socially Responsible Investment for Pension Funds?

Sandberg¹

2013

Corporate Governance

View full text Add to dashboard Cite

show abstract

“…Initially, the separation between legal ownership and beneficial ownership under English law could be deemed to go back to the seventh and eighth centuries in England (Watt, 2003;in Engku Ali et al, 2015). The separation was apparent in a system known as the "use."…”

Section: Beneficial Right In Common Law Traditionmentioning

confidence: 99%

“…If A, for instance, had received an asset for the benefit (use) of B, under common law, A was obligated to hold the asset on B's behalf. Later, the concept is adopted by the Statute of Uses enacted by Henry VIII in the fifteenth century (Watt, 2003;in Engku Ali et al, 2015).…”

Section: Beneficial Right In Common Law Traditionmentioning

confidence: 99%

Enabling beneficial right for sovereign ṣukūk issuance in Indonesia: challenges and analysis

Armen

Ali

Dewi

2023

IJLMA

View full text Add to dashboard Cite

Purpose This study aims to investigate beneficial right as a new legal concept and term accepted by the Indonesian legal system. The new concept was ratified to endorse government decision to use ṣukūk (as an Islamic financial instrument) in the financing of state budget deficit. Some legal issues emerged after the ratification such as the necessity to synchronize the beneficial right with other property rights in Indonesia and the disharmony between laws related to sovereign ṣukūk issuance. Design/methodology/approach The study uses a qualitative method with library study and interviews with relevant legal experts in Indonesia as the data collection techniques. Findings The findings show that the passage of Sovereign Ṣukūk Law 2008 that ratified beneficial right deemed as a concession point by the government to solve conflicts between legal restriction and employment of state-owned assets as the underlying asset of sovereign ṣukūk. The study deemed the necessity to improve the use of beneficial right in the Indonesian legal system which by the concept is not exercised for the issuance of sovereign ṣukūk only. There is the need to harmonize the administration of this right with other property rights in Indonesia. Research limitations/implications The scope of study will be limited to the Indonesian regulation related to the use of beneficial right concept in the issuance of sovereign ṣukūk in Indonesia. The regulation as mentioned will be in the form of statutes, presidential or ministerial regulations, and also opinions of Indonesian legal and sharīʿah scholars regarding the matter. Originality/value This study may explore significantly the use of beneficial right for the issuance of sovereign ṣukūk by the Government of Indonesia. Specifically, the study reveals and addresses the issues that are following the ratification of beneficial rights originated from the common law system into the Indonesian civil law system.

show abstract

Field, fusion and the 1850s

McMahon¹,

Turner²

2016

Equity and Administration

View full text Add to dashboard Cite

Trusts and Equity

Cited by 3 publications

References 0 publications

(Re‐)Interpreting Fiduciary Duty to Justify Socially Responsible Investment for Pension Funds?

(Re‐)Interpreting Fiduciary Duty to Justify Socially Responsible Investment for Pension Funds?

Enabling beneficial right for sovereign ṣukūk issuance in Indonesia: challenges and analysis

Field, fusion and the 1850s

Contact Info

Product

Resources

About