From Avoidance to Activism: The Responsible Investment Frameworks of the Norwegian Government Pension Fund Global, the New Zealand Superannuation Fund and California Public Employees’ Retirement System 2000 – 2016

Master thesis English OPEN
Kristensen, Maren Diesen;
(2016)

Socially responsible investing (SRI) has since the late 1990s, grown to become an important concept in the global financial industry. This growth has mainly been led by institutional investors, such as pension funds and sovereign wealth funds (SWFs) who, in the early 20... View more
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    2   Socially  Responsible  Investing  -  A  Framework  for  Understanding  Socially   Responsible  Funds. ............................................................................................................... 1 6   2.1   The  History  of  Socially  Responsible  Investing  .................................................................. 1 6   2.2   What  Does  Socially  Responsible  Investing  Entail?. .......................................................... 1 8   2.3   Socially  Responsible  Investment  Strategies. ...................................................................... 2 0   2.4   Socially  Responsible  Funds  -  Definition  and  Historical  Development  ..................... 2 2  

    3   Presenting  the  Three  Funds  and  Their  Responsible  Investment   Frameworks…... ...................................................................................................................... 2 6   3.1   The  Norwegian  Government  Pension  Fund  Global . ......................................................... 2 6   3.1.1   Establishing  Ethical  Guidelines  -  The  debate.. .......................................................................... 2 6   3.1.2   The  normative  basis  of  the  Ethical  Guidelines.. ........................................................................ 3 0   3.1.3   The  Ethical  Guidelines  from  2004  to  2016.. ............................................................................... 3 2   3.1.4   The  current  Ethical  Guidelines.  ....................................................................................................... 3 7  

    3.2   New  Zealand  Superannuation  Fund . ..................................................................................... 3 8   3.2.1   The  establishment  and  management  of  the  Fund. . ................................................................. 3 8   3.2.2   The  normative  basis  of  the  Responsible  Investment  Framework.. .................................. 4 1   3.2.3   The  Responsible  Investment  Framework  from  2003  to  2016.. ......................................... 4 2   3.2.4   The  current  Responsible  Investment  Framework. . ................................................................ 4 6  

    3.3   California  Public  Employees'  Retirement  System . ........................................................... 4 7  

    3.3.1   The  history  and  management  of  the  fund. . ................................................................................. 4 7  

    3.3.2   Why  does  CalPERS  invest  responsibly? . ...................................................................................... 5 1  

    3.3.3   The  Investment  Framework  from  2000  to  2016. . ................................................................... 5 3  

    3.3.4   The  current  Investment  Framework.. ........................................................................................... 5 9  

    4   Comparing  the  Funds'  Approach  to  Responsible  Investing . ................................... 6 2   4.1   Variations  in  the  Funds'  Rationales  and  Objectives  ........................................................ 6 2   4.2   Differences  in  the  Involvement  of  NGOs,  Politicians  and  Finance  Professionals  in   the  Development  of  the  Frameworks . .................................................................................. 6 5   4.3   Professionalism  Vs.  Political  Influence  in  the  Management . ........................................ 6 9   4.4   Same  SRI  Strategies,  Different  Screening  Criteria. ........................................................... 7 1  

    5   What  can  be  Achieved  with  Responsible  Investing?  ................................................. 7 4   5.1   Influencing  Corporations  and  Investors  by  Being  Transparent  and  Receiving   Extensive  Media  Attention  ....................................................................................................... 7 5   5.2   Standard  Setting  and  Signaling  Effects. ................................................................................ 7 8   5.3   Changing  Corporate  Behavior  Through  Engagement  and  Dialogue  .......................... 8 1   markets. Retrieved from https://www.cnu.org/sites/default/files/Angelides.pdf

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