In the superannuation/pension industry, ordinary investors entrust their retirement savings to the trustees of the superannuation plan. Investors rely on the trustees to ensure that ethical business and risk management practices are implemented to protect their retirement savings. Governance practices ensure the monitoring of ethical risk management (Drennan, L. T.: 2004, Journal of Business Ethics 52, 257-266). The Australian superannuation industry presents a unique scenario. Legislation requires employers to contribute a minimum of 9% of the employees wage (...) to retirement savings. However, there are no legislated governance standards, although there are standards of recommended governance practices. In this article, we examine the level of voluntary adoption of governance practices by the trustees of Australian public sector and industry superannuation funds. We also assess whether superannuation governance practices are associated with performance and volatility /riskiness of returns. Survey results show that the majority of superannuation plans adopt recommended governance practices supporting the concept of ethical management of the member's retirement savings. The examination of governance principles that impact returns and risk shows that board size and regular review of conflicts are positively associated with return. Superannuation plans with higher volatility in returns meet more frequently. (shrink)

Squeezed between increasing entitlement expenditures and static or declining real revenues, state-funded urban development is increasingly perceived as an unaffordable luxury. At the same time, the power and significance of the banking sector is giving way to new kinds of financial institutions that have little or no interest in community development. Not surprisingly, it is often argued that pension funds ought to be more sensitive to community needs. However, some analysts argue that pension funds are properly only the (...) agents of plan beneficiaries; any investment that took into account community needs would be, in effect, an unjustified tax on individuals' future welfare. Furthermore, analysts are very doubtful about the integrity of public pension plan investment decision-making. In this paper, I set out a morally informed justification of public pension plan investment in community development. In doing so, I develop a model of community development that stresses the reciprocal nature of the obligations embedded in the relationship between the community and pension plan beneficiaries. This approach also has significant implications for a wide variety of private sponsored plans. The paper begins with an assessment of pension fund decision-making and the practices of the investment management industry, drawing upon related research on pension fund capitalism. It goes on to issues of social obligation, referencing recent research on the nature of social contracts. To give the analysis empirical relevance I refer to the much disputed decision of the West Virginia legislature to require their public pension funds' Investment Management Board to invest in the state government's corrections authority. (shrink)

Squeezed between increasing entitlement expenditures and static or declining real revenues, state‐funded urban development is increasingly perceived as an unaffordable luxury. At the same time, the power and significance of the banking sector is giving way to new kinds of financial institutions that have little or no interest in community development. Not surprisingly, it is often argued that pension funds ought to be more sensitive to community needs. However, some analysts argue that pension funds are properly only the (...) agents of plan beneficiaries; any investment that took into account community needs would be, in effect, an unjustified tax on individuals’ future welfare. Furthermore, analysts are very doubtful about the integrity of public pension plan investment decision‐making. In this paper, I set out a morally informed justification of public pension plan investment in community development. In doing so, I develop a model of community development that stresses the reciprocal nature of the obligations embedded in the relationship between the community and pension plan beneficiaries. This approach also has significant implications for a wide variety of private sponsored plans. The paper begins with an assessment of pension fund decision‐making and the practices of the investment management industry, drawing upon related research on pension fund capitalism. It goes on to issues of social obligation, referencing recent research on the nature of social contracts. To give the analysis empirical relevance I refer to the much disputed decision of the West Virginia legislature to require their public pension funds’ Investment Management Board to invest in the state government's corrections authority. (shrink)

The Myners Review of the pension fund industry has started a debate on pension fund governance and the fund industry itself. This paper provides a review of pension fund trusteeship in the UK, its role, operating models and impact. It argues that deficiencies in the systems uncovered by the Myners Review stem from a tension between conflicting philosophies - that of trusteeship built on stakeholder principles but operating in shareholder markets.

This paper sets out a framework for understanding the impacts of the financial crisis and its aftermath that is based on the idea of three interacting spheres: finance, production and reproduction. All of these spheres are gendered and globalised. The gendered impact of the current crisis is discussed in terms of the impact on unemployment, employment protection and security, public sector services, social security benefits, pensions, and the real value of wages and living standards. Drawing on the analysis of the (...) UK Women's Budget Group, the paper demonstrates that the biggest falls in disposable income as the result of austerity policies by the Conservative-led government since 2010 have been borne by the most vulnerable women—lone mothers, single women pensioners and single women without children. Working-age couples without children have been least affected. The paper then goes on to discuss what an alternative economic strategy, based on feminist political economy, might look like. It utilises the notion of the ‘reproductive bargain’, first developed to understand the transition in Cuba in the 1990s. It sets out a possible feminist economic strategy that insists on the incorporation of reproductive and care work into the analysis of alternative economic policies and links employment, wages and social security payments to public provisioning of trans-generational reproductive services. It suggests feasible strategies to finance the proposed Plan F—a feminist economic strategy. (shrink)

What do we owe participants in collective pension plans in terms of socially responsible investment (SRI)? This paper draws into question current conventional wisdom on SRI, which considers investor engagement a more effective strategy than divestment to change morally problematic corporate behaviour. More fundamentally, in light of reasonable disagreement about the objective of SRI, the paper argues that participants in collective pension plans are owed some kind of control over their investments. The final section considers four different institutional (...) arrangements to respect this requirement in practice, ranging from democratic decision procedures to the availability of SRI alternatives. (shrink)

We investigate how firms adjust corporate pension plans in response to economic policy uncertainty (EPU). Using a sample of US-listed firms, we find that firms increase pension underfunding levels when facing higher EPU. The result is robust to controlling for pension portfolio returns, discount rates, plan sizes, pension liability, numbers of employees, other macroeconomic factors, difference-in-differences and instrumental variable estimation, and additional evidence of pension risk-shifting. Further analysis reveals that financial distress and information asymmetry (...) induced through EPU are the potential channels. The effect is stronger for firms having CEOs being excessively paid, using cash flow as a performance metric in CEO compensation, paying high dividends, and having short-term institutional investors, whereas the presence of unions, positive corporate culture, and social capital alleviate the effect. Notably, managers, not shareholders, appear to be the party reaping the benefits. Our findings suggest that firms may shift risk to employees in response to heightened uncertainty and institutional characteristics play a moderating role in this crucial business ethics issue. (shrink)

Risk and crisis communication (RCC) is a current ethical issue subject to controversy, mainly due to the tension between individual liberty (a core component of fairness) and effectiveness. In this paper we propose a consistent definition of the RCC process in public health emergencies (PHERCC), which comprises six key elements: evidence, initiator, channel, publics, message, and feedback. Based on these elements and on a detailed analysis of their role in PHERCC, we present an ethical framework to help design, govern and (...) evaluate PHERCC strategies. The framework aims to facilitate RCC, incorporating effectiveness, autonomy, and fairness. It comprises five operational ethical principles: openness, transparency, inclusivity, understandability, and privacy. The resulting matrix helps understanding the interplay between the PHERCC process and the principles of the framework. The paper includes suggestions and recommendations for the implementation of the PHERCC matrix. (shrink)

Our capacity for planning agency is central to our human lives. These essays aim both to deepen our understanding of basic norms that guide our plan-infused thinking and to defend their status as norms of practical rationality. This defense appeals both to forms of pragmatic support and to the ways in which these norms track conditions of a planning agent's self-governance, both at a time and over time.

The shift in the demographic structure of German society results in an ever smaller amount of workers having to support an ever increasing number of pensioners. For this reason, it is necessary to revisit the so-called »generational contract«. A review of the history of this generational contract, from the biblical commandment to respect your elders through the social laws under Bismarck on to Adenauer‘s reform of pensions shows that the flaw of the state pension plan resides in the (...) fact that the generational contract only governs the relations between those who are gainfully employed and those which are retired, without sufficiently takink into account children and the contribution made by families raising them. In this regard, it is only possible to ensure the long-term viability of the generational contract by correctly understanding the self-interest of all parties rather than by issuing calls for solidarity. (shrink)

This study attempts to examine the relationship between environment, social, and governance management and financial performance and the role of socially responsible investment in the National Pension Fund, Korea’s largest institutional investor. This study tries to provide evidence for the slack resource hypothesis by verifying whether companies with higher financial performance make more efforts to improve ESG performance. In addition, we tried to validate whether NPF is expanding its investments in corporations with high economic performance and high ESG (...) performance. Based on our analysis, Korean companies with good financial performance actively participate in ESG. When we compared the performance between 2019 and 2020, companies with high ESG performance increased regardless of financial performance level, whereas companies with high financial performance and low ESG performance decreased. This represents that the perception and attitude of Korean companies toward ESG management are evolving. NPF has a high investment ratio for firms having a high ratio in both financial and ESG performance. NPF further invested in companies with high ESG performance, even if the financial performance is not decent. This study provides evidence that Korean companies’ interest in ESG management as well as the behavior of socially responsible investment of NPF are rising. (shrink)

In this article, I analyse the discursive construction of adolescent pregnancy and childbearing as a development ‘problem’ in Plan’s ‘Because I’m a Girl’ campaign. I draw on existing scholarship that configures teenage pregnancy prevention campaigns in the ‘developed’ world as a site of biopolitics that seeks to maximise the well-being of the population by governing adolescent girls’ reproductive and sexual behaviours. Identifying Plan’s campaign as part of a larger turn towards adolescent girls in development discourse and policy, I (...) also draw on a growing body of scholarship that examines how campaigns targeting adolescent girls reinforce neo-liberal understandings of ‘development’ as achievable through the empowerment of individuals rather than through structural change. I argue that by discursively constructing adolescent pregnancy and parenthood as risky, Plan’s campaign reinforces reproductive norms of delayed reproduction and sexual debut, according to which adolescent girls in the ‘developing’ world are expected to comply. The campaign’s goal of ‘empowerment’ thus acts as a means of constructing adolescent girls as responsible reproductive decision makers who will break the ‘cycle of poverty’ by making rational reproductive and sexual choices. Thus, although Plan’s ‘Because I’m a Girl’ campaign addressed important issues, including adolescent girls’ right to reproductive autonomy, their focus on empowerment operates as a form of biopower that pursues the project of development through the regulation of girls’ reproduction and sexuality. (shrink)

ABSTRACT These are replies to critical discussions by Chrisoula Andreou, Sergio Tenenbaum, and J. David Velleman of my Planning, Time, and Self-Governance: Essays in Practical Rationality. I explain important differences between my appeal to a grounding role of the end of diachronic self-governance and Velleman’s view that ‘intelligibility is [the] constitutive aim of action.’ And I discuss both Velleman’s Quine-inspired conception of norms of plan rationality and his comments on methodology in the philosophy of action. In response (...) to Tenenbaum, I explain how appeal to a planning agent’s self-governance over time supports basic planning norms. And I explain why my appeal to the significance of the end of one’s diachronic self-governance need not lead to unacceptable bootstrapping. In response to Andreou, I explain why, on my view of rational willpower, the agent’s general assessment in favor of a general pattern of action, while common and important, need not play a fundamental role in a planning agent’s sticking with their prior resolution in the face of temptation. (shrink)

This article presents a framework intended to provide pension funds with practical guidance for the successful implementation of a sustainable investing strategy. The framework is developed with respect to the UK and US pension funds (as these share certain common legal characteristics) and focuses on the changes that pension funds adopting such a strategy should make to their investment strategies and governance (particularly through the formulation and articulation of clear investment mission and strong investment beliefs). The (...) article proceeds with a review of socially responsible investment (SRI) and more recent responsible investment (RI) literature, in the context of growing public awareness (but not necessarily understanding) of the concept of sustainability ("Literature review of SRI field: SRI, RI and sustainable investing" section). It then examines the literature on pension fund governance, arguing the need for more detailed practical guidance for funds moving towards sustainable investing, especially for those implementing a sustainable investing strategy ("Anglo-American pension fund governance" section). It presents the framework for the practical implementation of sustainable investing in the "Sustainable investing framework" section. Finally, we review the relevant Anglo-American legal backdrop, outlining how pension funds adopting our framework should approach their fiduciary obligations, and then discussing potential regulatory enablers of sustainable investment ("Legal context: barriers to and enablers of sustainable investing" section). (shrink)

National Action Plans on business and human rights are a growing phenomenon. Since 2011, 42 such plans have been adopted or are in-development worldwide. By comparison, only 39 general human rights action plans were published between 1993 and 2021. In parallel, NAPs have attracted growing scholarly interest. While some studies highlight their potential to advance national compliance with international norms, others criticise NAPs as cosmetic devices that states use to deflect attention from persisting abuses and needed regulation. In response to (...) wider critiques of international human rights norms, and their failure to exact universal state compliance, experimentalist governance theory highlights the dynamic, dialogic and iterative character of human rights implementation as well as the role of stakeholders. In this article, we apply experimentalist governance theory to evaluate the role and character of business and human rights NAPs. Rather than attempting to evaluate NAPs’ ultimate consequences for rights-holders, which appears premature, we focus on NAPs processes. Specifically, we analyse NAPs processes in twenty-five states against five experimentalist governance criteria relating to stakeholder participation; agreement on a broad problem definition; local contextualisation; monitoring and peer review and periodic revision and learning. According to our findings, NAPs on business and human rights in most states demonstrate resemblance to the traits of experimentalist governance. In particular, our analysis points to the emergence of relatively sophisticated and demanding institutional governance mechanisms within NAPs — including the institutionalisation of complex deliberative processes. Nevertheless, our paper also identifies some significant shortcomings in NAPs, related to the lack of inclusion of vulnerable groups and the lack of explicit indicators and targets. (shrink)

This study empirically analyses the exclusion of companies from investors’ investment universe due to a company’s business model or due to a company’s violations of international norms. We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway’s Government Pension Fund-Global and Sweden’s AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark index. While the exclusion portfolios show higher risk than (...) the respective benchmark, this difference is only statistically significant for the case of GPFG. These findings suggest that the exclusion of the companies generally does not harm funds’ performance. We interpret these findings as indicative that with exclusionary screening, as practiced by the sample funds, asset owners can meet the ethical objectives of their beneficiaries without compromising financial returns. (shrink)

__Modernising School Governance__ examines the impact of recent market-based reforms on the role of governors in the English state education system. A focus of the book concerns how government and non-government demands for ‘strong governance’ have been translated to mean improved performance management of senior school leaders and greater monitoring and disciplining of governors. This book addresses fundamental questions about the neoliberal logic underpinning these reforms and how governors are being trained and responsibilised in new ways to enhance the (...) integrity of these developments. Drawing on large-scale research conducted over three years, the book examines the impact of these reforms on the day to day practices of governors and the diminished role of democracy in these contexts. Wilkins also captures the economic and political rationalities shaping the conduct of governors at this time and traces these expressions to wider structural developments linked to depoliticisation, decentralisation and disintermediation. This book addresses timely and original issues concerning the role of corporate planning and expert handling to state education at a time of increased school autonomy, shrinking local government support/oversight, and tight, centralised accountability. It will appeal to researchers and postgraduate students in disciplines of education, sociology, political science, public policy and management. It will also be of interest to researchers and policy makers from countries with similar or emerging quasi-market education systems. (shrink)

This study explores the underlying drivers of US public pension funds’ tendency to tilt their portfolios towards companies with stronger corporate social responsibility. Studying the equity holdings of large, internally managed US state pension funds, we find evidence that the political leaning of their beneficiaries and political pressures by state politicians affect funds’ investment decisions. State pension funds from states with Democratic-leaning beneficiaries tilt their portfolios more strongly towards companies that perform well on CSR issues, and this (...) tendency is intensified when the state government is dominated by Democratic state politicians. Moreover, we find that funds which tilt their portfolios towards companies with superior CSR scores generate a slightly higher return compared with their counterparts. Overall, our findings indicate that funds align their investment choices with the financial and non-financial interests of their beneficiaries when deciding whether to incorporate CSR into their equity allocations. (shrink)

We present a research on smart city planning and community governance using dynamic game methods, analyze the current status and problems of the current smart community service system, and put forward countermeasures and suggestions based on the global smart community development experience. Through smart city planning and construction, the game model of government governance and information sharing between communities and decision making is obtained, and the two-dimensional replication dynamic system equations of smart city planning and construction agencies and (...) communities are obtained from smart city planning and construction. The evolutionary stability strategy and a united front are analyzed. The strategy achieves the ideal stable conditions. We define the relevant definition of a smart community and discuss the purpose and significance of the research, especially the importance and necessity of the construction of the smart community. Based on the current situation of the construction of smart communities, we conduct specific research, discuss the deficiencies and shortcomings in the current construction of smart communities, and find out the causes of these problems. Finally, based on learning from the relevant work experience, corresponding improvement measures are proposed for the existing problems from the united front, top-level design, social participation, platform construction, and talent training. (shrink)

In this paper, we study the structural optimization of community governance in smart cities and optimize the structure based on the game analysis of dynamic planning evolution. Theoretically, the connotation and extension of the concept of “self-organization” are cleared, and the environment and conditions of community self-organization formation, the formation process of community self-organization, and the types of community self-organization are discussed. The so-called “self-organization” is a process of spontaneously moving from disorder to order, and the environment and conditions (...) of community self-organization are mainly the openness, nonequilibrium state, and nonlinearity of the system. The key parameters of the contract with the change of the values of each factor make up for the inability to collect data for the empirical study in this paper; then, it presents four linear stages along with the cause such as self-creation, self-expansion, self-maintenance, and self-degeneration, respectively. The types of community self-organization mainly include community self-organization with random aggregation, socialized community self-organization, and stable community self-organization with autonomy orientation. By systematically sorting out the relationship between community self-organization and government, while confirming the positive significance of community self-organization to community cultural governance, various complex conflicts and game relationships will deeply affect the actual effectiveness of cultural governance and provide useful knowledge reference for future community cultural governance. (shrink)

ABSTRACT Précis of Michael E. Bratman, Planning, Time, and Self-Governance: Essays in Practical Rationality. The planning theory highlights our capacity to settle on future courses of action in ways that Philosophy Department, shape on-going thought and action. Given our resource limits, our prior plans exhibit a characteristic partiality. Given this partiality, pressures for means-end coherence lead to problems of means. In solving these problems, one is constrained by pressures of consistency and intention stability, pressures that induce a filter of (...) admissibility on solutions. Such plan-infused functioning involves guidance of practical thinking by norms of intention rationality, including norms of consistency, agglomerativity, means-end coherence, and stability over time. These essays focus on questions about the nature of and support for these norms. The essays aim to incorporate but go beyond a two-tier pragmatic rationale for these norms. They seek a view between a skeptical ‘myth theory’ and a cognitivist view that sees these norms as a matter of theoretical rationality. The essays argue that these norms track conditions of a planning agent’s self-governance, both at a time and over time; and the essays explain the reflective significance of this tracking in part by appeal to our entrenched, though contingent, end of our diachronic self-governance. (shrink)

This article identifies and critically examines three differentaspects of investor responsibility. First, investors haveresponsibilities toward their clients. Second, investors are responsible for taking steps toreduce the risk that an investment directly or indirectlycontributes to harm. Finally, investorsshould take into consideration the symbolic and signallingeffects of an investment decision. This article discusses howthese responsibilities should be interpreted and also howthey play out in practice. Norway’s Government PensionFund is used as a case in point.

At present, Hong Kong does not have a publicly-managed mandatory contributory retirement protection scheme. The Hong Kong Government launched a consultation on the universal pension scheme in 2015. The Government’s plan provoked many controversies and eventually failed. This paper will examine the problem of the welfare ideology and system in Hong Kong from a historical perspective, taking the universal pension scheme as an example. This paper argues that the reason for the failure of the universal pension (...) scheme was that Hong Kong people do not have a complete sense of citizenship and hold a distorted welfare ideology for historical reasons. This paper is one of the first to offer some reflections on the question of poverty and lack of social justice from a historical perspective. (shrink)

Despite the increase in the acceptance of responsible investing in general, the global community is still witnessing unprecedented levels of practices that can only be categorized as “unsustainable”. It appears, then, that either the inroads made by the RI community have not kept up with the increase in unsustainable practices, or, that the RI process itself has been ineffective at producing meaningful change. The current study aims to investigate the practices used by pension plan sponsors to determine how (...) they may enable, or interfere with, the adoption of implementation of RI. We adopt Framing Theory, specifically the idea that particular frames find alignment when they resonate with their targets, by either bridging, extending, amplifying or transforming a domain. We extend research to include understudied practices by performing an analysis of 60 public pension funds in Canada. We find evidence of disconnect between the financial frame which dominates practices for compliance and evaluation, and the social frame of RI as a source of change. If the aim of RI is to produce long-term change, then a consideration of whether it aligns with extant practices is critical. We discover a variety of frame alignment tactics already employed in practice. We also find that, even within the dominant financial frame, opportunities for frame extension, amplification and transformation do exist, and examine how these are more possible depending on how the asset management structure is designed. (shrink)

Summary The occasional (and belated) concern of the British Government with science in the nineteenth century is a matter of potential interest to historians of science, yet many previous studies have tended to range over a variety of different aspects of the question. There have been too many vague allusions to financial support as ‘money for science’ in general. It is time that particular parts of the problem were unpacked. For example, the award of money (from the 1820s) to pay (...) a few people of independent means for apparatus was quite distinct from the provision (from the 1830s) of an occasional pension. Even then, to speak of ‘pensions’ uncovers unfortunate ambiguities. For too long science in Britain was regarded as no more than a private hobby for the well-to-do. As late as 1856 an official government statement seemed to make this attitude official. The English attitude to pensions differed remarkably from the French, who established a precedent in the reward of savants, sometimes quoted enviously by British men of science. In 1837 Robert Peel virtually admitted that, in awarding pensions to ‘cultivators of science’, he was following the French practice. It may also be useful to emphasise the contrast between the English (often led by Cambridge professors) and the Scots, mostly from Edinburgh, mainly represented here by Whewell and Brewster, respectively. Babbage had a different role in this story from that usually told. A large part in supporting men of science of modest means could have been played by the British Association for the Advancement of Science but it consistently refused to do so, although it supported an elite among its own members. (shrink)

Abstract:Over the last two decades, institutional investing has rocked the world of corporate governance in a transformation that has begun to be reflected in the finance, legal, and management literatures. Traditional players have seen their roles change and bases of power shift, and new actors have entered the governance equation. These transitions have entailed an ethical upheaval that is only beginning to be addressed in the business ethics literature.This paper attempts to facilitate research in this area by integrating (...) various literatures into an examination of a series of business ethics issues related to pension fund activism and portfolio management, fund staffing, and employee compensation. The primary intent of this project is to encourage increased business ethics research in the area of institutional investing in general and pension fund management in particular. (shrink)

One of Bratman’s aims in Planning, Time, and Self-Governance is to develop his insights regarding planning to shed light on temptation. I focus on the main case of temptation Bratman appeals to in supporting his conclusion that it can be rational for an agent facing temptation to stick to her prior plan even if she finds herself with an evaluative judgment that favors deviating. Bratman’s reasoning is meant to be consistent with the priority of present evaluation, and to (...) be sensitive to Smart’s insight that, as Bratman puts it, ‘inference from the advantages of the general habit [of non-reconsideration] directly to a specific conclusion about what to do on the present occasion, once the question of what to do on the present occasion is raised, is fraught.’ My reasoning suggests that, interpreted in one way, the case Bratman uses to make his argument is not clearly a case of giving in to temptation (or else not a case that requires the sort of novel contribution Bratman thinks is needed); and interpreted otherwise, the case does not raise exactly the challenges Bratman suggests it does, and the challenges it does raise are not directly addressed by the solution Bratman provides. (shrink)

Designing a pension system is both a complex endeavor and a long lasting legacy. Complexity stems from the many trade-offs that conceiving a pension system entail and from how these initial decisions affect the social and economic behavioral responses of workers and retirees. Policy-makers planning a pension system have to evaluate its internal economic consistency, but also these feedbacks. Economic and demographic models that allow a quantitative evaluation of these costs and benefits are required. More than ever (...) at the initial stage of design, since pension systems are persistent. Yet, pension systems are not monolith, but living entities that change over time. Some of these modifications are produced by individuals’ reactions to incentives built in the system, and need to be foreseen during the initial planning. Other changes are induced by reform measures and constitute the policy responses to unpredicted exogenous shocks – such as population aging. Re-designing the pension system to cope with new demands, while being limited by existing constraints, is a difficult task. Recent reforms of the Italian pension system are discussed in detail to highlight the policy trade-offs and the economic motivations behind the decision of the reform policies. (shrink)

ABSTRACT One of Bratman’s aims in Planning, Time, and Self-Governance is to develop his insights regarding planning to shed light on temptation. I focus on the main case of temptation Bratman appeals to in supporting his conclusion that it can be rational for an agent facing temptation to stick to her prior plan even if she finds herself with an evaluative judgment that favors deviating. Bratman’s reasoning is meant to be consistent with the priority of present evaluation, and (...) to be sensitive to Smart’s insight that, as Bratman puts it, ‘inference from the advantages of the general habit [of non-reconsideration] directly to a specific conclusion about what to do on the present occasion, once the question of what to do on the present occasion is raised, is fraught.’ My reasoning suggests that, interpreted in one way, the case Bratman uses to make his argument is not clearly a case of giving in to temptation ; and interpreted otherwise, the case does not raise exactly the challenges Bratman suggests it does, and the challenges it does raise are not directly addressed by the solution Bratman provides. (shrink)

Abstract:Over the last two decades, institutional investing has rocked the world of corporate governance in a transformation that has begun to be reflected in the finance, legal, and management literatures. Traditional players have seen their roles change and bases of power shift, and new actors have entered the governance equation. These transitions have entailed an ethical upheaval that is only beginning to be addressed in the business ethics literature.This paper attempts to facilitate research in this area by integrating (...) various literatures into an examination of a series of business ethics issues related to pension fund activism and portfolio management, fund staffing, and employee compensation. The primary intent of this project is to encourage increased business ethics research in the area of institutional investing in general and pension fund management in particular. (shrink)

This article explores union attempts to control pension fund investment for the debate on financial restructuring in the United States. It puts popular control of finance into comparative and historical perspective and argues that laws and politics help explain why the flow of finance is corporate controlled. First, changes in the legal regime—the Taft-Hartley Act of 1947 and the Employee Retirement Income Security Act of 1974—put constraints on labor’s ability to influence investment decisions. This is evident when comparing single- (...) and multi-employer plans, where the laws had different consequences. Second, attempts to reform these laws failed. Had they been successful, Carter’s proposed economic revitalization plan in the run-up to his failed reelection in 1980 would have created new ways for unions to control and redirect retirement investment for social purposes. The reform failure is treated as a “suppressed historical alternative” through a comparison with a successful reform in Quebec, Canada, which gave unions broad controls over the Solidarity Fund in 1983. The findings suggest, somewhat counter-intuitively, that legal restrictions need to be loosened for democratic control of finance to be possible. For pension funds, more regulations led to more corporate control, not less. (shrink)

>With assets of over US$1.0 trillion and growing, public pension funds in the United States have become a major force in the private sector through their holding of equity positions in large publicly traded corporations. More recently, these funds have been expanding their investment strategy by considering a corporations long-term risks on issues such as environmental protection, sustainability, and good corporate citizenship, and how these factors impact a companys long-term performance. Conventional wisdom argues that the fiduciary responsibility of the (...) pension funds trustees must be solely focused on their beneficiaries and, therefore, their investment criteria must be based strictly on narrowly defined financial measures. It is also asserted that well-established financial measurements of corporate performance already include long-term risk assessment through discounted present value of future flow of earnings. Consequently, all other criteria are contrary to the best interest of the pension funds beneficiaries. In this paper, we assert that, contrary to conventional wisdom, pension funds, and for that matter other mutual funds, must be concerned with the long-term survival and growth of corporations. These measures are generally referred to socially responsible investing (SRI) and when applied to corporations, it is termed socially responsible corporate conduct (SRCC). We demonstrate that current measurement of future risk assessment invariably understates, and quite often completely overlooks, these long-term risks because of the inherent bias towards short-run on the part of financial intermediaries whose compensation depends greatly on short-term results. Furthermore, there is ample evidence to suggest that these intermediaries have been engaging in self-serving practices and thus failing in their duties to serve their clients, i.e. pension funds, best interests. Because of their large holdings in the total market as well as individual companies, these funds cannot easily divest from poorly performing companies without destabilizing the companies stock and overall markets. Hence, they must opt for a strategy of emphasizing investment criteria that encourage companies to take into account long-term aspects of their operations in terms of their impact on environment, sustainability, and community welfare, to name a few. We argue that an exclusionary, and even a primary, focus on short-term financial criteria is no longer a viable option. It also calls for the pension funds to encourage greater transparency and accountability of the entire corporate sector through improved corporate governance. Thus socially responsible investing practices are not merely discretionary and desirable activities; they are a necessary imperative, which both the corporations and public pension funds, and other large institutional holders, will ignore at serious peril to themselves. Finally, the paper considers some of the recent developments where corporations have been responding to these challenges and how their actions might be strengthened through greater disclosure and transparency of corporate activities. It also makes recommendations for the pension funds to support further research in creating new measurement standards that further refine the concept of socially responsible investing as a necessary ingredient of long-term corporate survival and growth in the context of a changing economic, environmental and socio-political dynamic. (shrink)

Our planning agency contributes to our lives in fundamental ways. Prior partial plans settle practical questions about the future. They thereby pose problems of means, filter solutions to those problems, and guide action. This plan-infused background frames our practical thinking in ways that cohere with our resource limits and help organize our lives, both over time and socially. And these forms of practical thinking involve guidance by norms of plan rationality, including norms of plan consistency, means-end coherence, (...) and stability over time.But why are these norms of rationality? Would these norms be stable under a planning agent's reflection? I try to answer these questions in a way that responds to a skeptical challenge. While I highlight pragmatic reasons for being a planning agent, these need to be supplemented fully to explain the force of these norms in the particular case. I argue that the needed further rationale appeals to the idea that these norms track certain conditions of a planning agent's self-governance, both at a time and over time. With respect to diachronic plan rationality, this approach leads to a modest plan conservatism. (shrink)

We draw on the behavioral agency model to explore the ethical consequences of CEO equity incentives. We argue that CEOs are more concerned with funding pension plans when they have more to gain from their stock options yet will increasingly underfund employee pension funds as their current option wealth increases. Our findings reveal that both effects hold when the CEO has greater power (also occupying board chair) over firm decision making. Our study suggests that there is an ethical (...) dimension to equity incentives, given they are intended to align CEO interests with shareholders, yet potentially incentivize CEO behaviors with adverse consequences for employees. Insights from our findings provide boards and regulators with behavioral levers to protect employee well-being in the context of pension funding. (shrink)

In this article I review the principal arguments in favour of and against the UK government’s recent proposals to allow access to NHS patient records to life sciences companies as part of the NHS–Life Sciences partnership scheme.

Summary L. J. M. Daguerre realized it was impossible to capitalize by subscription or to patent his daguerreotype technique. In January 1839 François Arago, both scientist and Republican politician, suggested that financial support for Daguerre should be sought from the state in return for his secret. The idea made no immediate headway because of governmental breakdown. Only after a new cabinet was established in May 1839 could any procedure be set in motion to obtain the agreement of parliament. After discussing (...) attitudes towards patents and pensions during the July Monarchy, the article documents the way the Bill for a pension passed through parliament in June and July 1839. An annotated bibliography of the government Bill and Arago's Report to the Chambre des Députés are provided, as well as Arago's Lecture of 19 August 1839 by which a description of Daguerre's process was released to the world. (shrink)

The study aims to identify the reality of management of electronic documents and electronic archiving retirement in the Palestinian Pension Agency -analytical study, as well as to recognize the reality of the current document management system in the Palestinian Pension Agency. The study found the following results: that the reality of the current system for the management of documents in the agency is weak and suffers from many jams. Employee in the agency understand the importance and benefits of (...) the management of electronic documents system, where the application of electronic document management system provide important features and benefits most of which reduce the loss of documents between departments, illustrates the flow path, the speed, accuracy, transparency, and reduce the proportion of damage and destruction of files. Furthermore, the electronic documents system cost will be less than the cost of the current system and it will reduce the tasks assigned for the staff. The existence of a clear adoption of the agency for the policies and procedures established for the application of electronic documents management system. There are weak plans for training and developing of staff in the agency to raise their efficiency. The study found a set of recommendations, including: increased interest and awareness of the need to implement policies, mechanisms, and procedures to ensure the success of electronic document management system through benefiting from the experiences of other organizations and the private sector. The agency need to increase and develop its services for retirees in order to encourage the private sector, universities, and institutions to join the agency, and open the way for all segments of society in Gaza and West Bank and enhance its competitiveness between international social security institutions. The need to focus its attention on developing and publishing appropriate clear plans and specific goals about management of electronic documents and the agency should be committed to apply them. The need to focus on the establishment of a public management of archiving in the structure dealing with all technical operations and having competent and qualified employees in the field of electronic document management. The need to focus on the Palestinian National Archives and the follow-up with the international standards by the International Council Archives (ICA). (shrink)

The ageing society has profound consequences for accumulation in each state and region because pensions represent a claim on future income and output. Today's United States and United Kingdom pension crisis stems from a failing private sector with excessive costs and risk. Public provision using pay-asyou-go payroll taxes has, by contrast, proved highly cost-effective and equitable. However, aging and unequal cohorts create a need for extra resources. Retirement incomes should total 12 to 14 percent of gross domestic product if (...) older people's relative incomes are to be maintained. Raising such a sum solely from payroll taxes would generate the unemployment seen in continental Europe. The alternative is to redistribute capital to a regional network of social funds by requiring each corporation to issue shares equivalent to 10 percent of their profits annually to those funds. The share levy does not subtract from the corporation's cash flow and therefore protects employment and investment, but it does dilute the value of shareholding each year by a small amount. The social funds would not sell their shares but would keep them to generate income for future pensions. The social funds would supply a universal second pension; they could establish criteria of socially responsible governance in their use of shareholder power, and they would be subject to expert and democratic audit. (shrink)

Governing Europe is the first book to systematically link Michel Foucault's hypotheses on power and 'governmentality' with the study of European integration. Through a series of empirical encounters that spans the fifty-year history of European integration, it explores both the diverse political dreams that have framed means and ends of integration and the political technologies that have made 'Europe' a calculable, administrable domain. The book illustrates how a genealogy of European integration differs from conventional approaches. By suspending the assumption that (...) we already know what/where Europe is, it opens a space for analysis where we can ask: how did Europe come to be governed as this and not that? The themes covered by this book include: * the different constructions of Europe within discourses of modernization, democratization, insecurity and 'governance' * the imprint of modernism, liberalism, ordoliberalism, neoliberalism and crime on the identity of the European Community/European Union * the historical relationship between European government and specific technologies of power, technologies as diverse as planning, price control, transparency and benchmarking. (shrink)