Fiduciary duty: fantasy or fact?

In this challenging paper, Gordon Clark describes fiduciary duty as somewhat of a fantasy, because it looks to convention rather than forward to innovation in investment management.

Clark argues that the design and governance of investment management institutions is, actually, more important than honouring the principle fiduciary duty which, in the context of Anglo-American statute, is increasingly empty.

In the penultimate section of the paper he focuses on the mechanisms used to cultivate a regulatory regime that is long-term oriented and responsive to “the climate change challenge that confronts humanity”.

Fiduciary duty statute and pension fund governance