دانلود کتاب Investment Management, Stewardship and Sustainability: Transformation and Challenges in Law and Regulation

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Table of Contents\nList of Contributors\nAbbreviations and Acronyms\nIntroduction: Investment Management, Stewardship and Sustainability: Key Gaps and Challenges\n I. Aims and Objectives\n II. Methodologies in the Volume\n III. Is There an Expectations Gap Based on the Irreconcilability between Incentives for Investment Management and Broader Hopes for the Industry\"s Roles?\n IV. The Mapping of Different Policy Instruments on Investment Management Practice\n V. Concluding Remarks on the Three Role Perceptions for the Investment Management Industry and Where Next for the Expectations Gap\nPART I: THE CONCEPTION, POLICY AND EXPECTATIONS OF INVESTMENT MANAGEMENT STEWARDSHIP AND SUSTAINABLE FINANCE\n 1. From Universal Owners to Hedge Funds and Indexers: Will Stewardship Drive Long-Termism and Sustainability?\n I. Introduction\n II. The Long-Standing Policy of Encouraging Institutional Investor Engagement\n III. The Post-Global Financial Crisis Stewardship Agenda\n IV. The Rise of Hedge Fund Activism\n V. The Rise of Passive or Index Investors\n VI. Conclusion\n 2. The Evolution of \'Engagement\' as a Norm in Investment Stewardship in the UK and the Impact of Sustainability Demands\n I. Introduction\n II. The \'Normification\' of Institutional Shareholder Engagement and the Narratives that Led to its Re-setting\n III. Stewardship Code 2020\n IV. The Implications of the Sustainable Finance Reforms in the EU and UK\n V. Conclusion\n 3. Institutional Investors and Sustainable Finance – Developing the Shareholder Engagement Framework in Light of the Emerging Sustainable Finance Regime in the EU\n I. Introduction\n II. Institutional Engagement under SRD II\n III. The European Sustainable Finance Agenda\n IV. Sustainable Finance and the Interests of the End Investor\n V. Sustainable Finance and the Connection with SRD II\n VI. Concluding Remarks\n 4. Sustainable Investment and Asset Management: From Resistance to Retooling\n I. Introduction\n II. The Mainstreaming of Sustainable Investment\n III. The Evolving ESG Regulatory Landscape in the United States\n IV. Navigating the Sustainable Finance Transition\n 5. The EU Taxonomy: A Key Step for Sustainable Finance\n I. General Introduction\n II. Taxonomy: A Classification Tool for Environmentally Sustainable Activities, or the Novelty of an Operational Definition\n III. Application of the Taxonomy to Sustainable Finance\n IV. The Future of the Taxonomy Regulation: Focus on Two Key Areas\n V. Conclusion\n 6. Direct Mandatory Corporate Social Responsibility Legislation: Lessons from China and Indonesia\n I. Introduction\n II. Article 5 of Chinese Company Act 2006\n III. Article 74 of Indonesian Limited Liability Company Act\n IV. Assessment of the Efficacy of a General, All-Encompassing CSR Duty for Companies\n V. Conclusion\n 7. The Voting Behaviour of Institutional Investors and Retail Shareholders and the Interests of Beneficiaries\n I. Introduction\n II. The Turbulent Life of Telecom Italia\n III. Methodology\n IV. Loyalty, Voice and Exit of Retail Shareholders, Pension Funds and Mutual Funds\n V. Say on Pay Voting Behaviour of Shareholder Classes\n VI. Preferences of Retail Shareholders and Benefiaries of Funds and Funds\' Behaviour\n VII. Discussion and Conclusions\n 8. Common Ownership and Corporate Social Responsibility: Evidence from the BlackRock-BGI Merger\n I. Introduction\n II. Literature Review\n III. Profit Weights, Data Sources, and Summary Statistics\n IV. Does Common Ownership Drive E&S Performance?\n V. Common Ownership and E&S Performance\n VI. Conclusion\nPART II: PRACTICAL REFLECTIONS ON INVESTMENT MANAGEMENT STEWARDSHIP AND SUSTAINABLE FINANCE\n 9. Responsible Investing: The Status Quo and Remaining Challenges\n I. Introduction\n II. Emerging Sense of Purpose\n III. From Sustainable to Impactful\n IV. Remaining Challenges\n 10. The Future of Stewardship: Time to Take a Step Back\n I. Introduction\n II. The Stewardship Code 2020\n III. Key Concepts: Engagement Outcomes, ESG Issues, Materiality and Fiduciary Duty\n IV. FRC\'s Review of Stewardship Reporting\n V. Key Building Blocks of Impactful Engagement\n VI. The Missing Links in Current Stewardship Practice and How to Close The Gaps\n VII. Summary and Conclusion\n 11. Responsible Investment\n I. A New Specialism\n II. Lost in Translation\n III. What I Talk About When I Talk About Responsible Investment\n IV. Capital\n V. Recommendations for Being a Better Responsible Investment Professional\n 12. Investment, Sustainability and Stewardship: Perspectives of a Sovereign Wealth Fund\n I. Introduction: Rights and Responsibilities\n II. Sovereign Wealth Fund in Norway – The Investment Framework\n III. In it for Future Generations – The Value of Improving Market Practices\n IV. Return and Risk for Future Generations – The Value of Portfolio Monitoring and Adjustment\n V. Making the Best Version of the Company – The Value of Investor Stewardship\n VI. Conclusion – Understanding Our Special Role\n 13. Evolution of Sustainable Investing: A US Perspective\n I. Introduction\n II. At the Root: Legal Factors Differentiating the US on Sustainable Investing\n III. Other Factors Differentiate the US on ESG\n IV. Where Differences May Be Over-Emphasised\n V. Key Sustainable Investment Challenges for the US\n VI. Conclusion\n 14. The Model Mandate: Hardwiring Stewardship into Investment Management\n I. Introduction\n II. Historical Context\n III. Purpose of the Model Mandate\n IV. Core Concepts\n V. Before Negotiating Mandates\n VI. Mandate Design, Negotiation, Manager Selection and Manager Monitoring\n VII. Alignment between Asset Managers and Asset Owners\n VIII. Accountability\n IX. Asset Manager Reporting to the Client\n X. Conclusion\n Appendix: Sample Contract Provisions\n 15. Corporate Purpose: Narrowing the Gap between Corporates and Investors on Sustainability Issues\n I. Introduction\n II. Corporate Purpose: New Paradigm or New Label\n III. A Sample of Scepticism\n IV. Rethinking Value: The Rise of ESG\n V. Purposeful Steps – Joining the Dots with ESG\n VI. The Politics of Purpose\n VII. Parting Thoughts\n 16. Targeting Net Zero: Embedding Accountability for Portfolio Decarbonisation and Resilience in the Asset Owner – Asset Manager Relationship\n I. Introduction\n II. Climate-Related Financial Risk and the Road to Net-Zero\n III. Design and Delivery of Climate Resilient Investments\n IV. What Does it Mean to be a Net-zero Investor?\n V. Brunel Case Studies\n VI. Discussion\n VII. Conclusion\n 17. Net-Zero Asset Owner Alliance Climate Voting Transparency and Benchmarking\n I. Introduction\n II. A Quantitative Analysis of NZAOA Members\' Records\n III. Case Studies\n IV. Recommendations\n V. Conclusions\nIndex