'When people agree to become members of boards of pension organizations, what duties do they take on? This new book on fiduciary duty makes clear there is no simple answer to this question. It examines the subject not just from a legal perspective, but also from its implications for board behaviour, investment policy, and the consideration of societal issues beyond the immediate confines of the pension plan. … [It is] a valuable new tool for trustees.'
Keith Ambachtsheer - Director of the International Centre for Pension Management at the Rotman School of Management, University of Toronto
'Eight years after the Freshfields report, this handbook is a much needed in-depth analysis of the fiduciary duty of institutional investors. It is sharp, thoughtful and inspiring, and takes an interdisciplinary approach, ranging from finance, investment and law to philosophy and psychology. It is a must read for institutional investors wishing to understand and fulfil their fiduciary duties in a modern era.'
James Gifford - Executive Director of the United Nations backed Principles for Responsible Investment
'A focus on fiduciary standards in the investment chain is critical to the reform of the financial services sector to meet more effectively the needs of the non-financial economy. This book places the issue where it needs to be - on the centre of the stage.'
John Kay - Professor at the London School of Economics, Journalist, and author of The Kay Review of UK Equity Markets and Long-Term Decision Making
'This book is a thrice-blessed treasure: it meets society’s needs to understand how the eclipse of fiduciary precepts has impoverished our commercial life; it meets the needs of governance professionals in providing a single repository of scholarly analysis of the various aspects of fiduciary duty; and it meets the needs of everyday citizens in describing a world in which their expectations can reasonably be met. It is the right book at the right time by the right people. Congratulations to the Cambridge University Press and the Editors for timely bringing to the public such an essential contribution to public discourse - this book is instantly the must have for all who are interested in corporate governance or who invest money on behalf of others. The authors of the 36 component articles are such a luminous lot that one should not single out individual contributions. In brief, this is an instant classic - no finance or governance library should be without it.'
Robert A. G. Monks - Author, Entrepreneur, Governance Expert and former US Pension and Welfare Benefits Regulator
'Fiduciary principles are under enormous pressure to narrow their reach; at the same moment in history forces shifting the ownership of assets from individuals to institutions argue for greater fiduciary scrutiny of investment decisions. By any measure, the importance of fiduciary principles has never been greater [than now]. The essays set forth in the Handbook are timely and deserving of becoming the intellectual North Star as the discussion of this centuries-old doctrine proceeds.'
Knut A. Rostad - Founder and President, Institute for the Fiduciary Standard
'This groundbreaking Handbook is an insightful look into the real-world challenges of an investment industry navigating the ever-changing waters of the global economy. It shines a light on the risks that fiduciaries may face if they don't understand how the world is changing around them. The Handbook is a must read for any investment fiduciary interested in a comprehensive interdisciplinary perspective.'
Anne Stausboll - Chief Executive Officer of the California Public Employees’ Retirement System (CalPERS)