The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Tue, 14 Apr 2026 11:31:36 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png The Law and Economics of Environmental, Social, and Governance Investing by a Fiduciary – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 The Law and Economics of Environmental, Social, and Governance Investing by a Fiduciary https://corpgov.law.harvard.edu/2018/09/20/the-law-and-economics-of-environmental-social-and-governance-investing-by-a-fiduciary/?utm_source=rss&utm_medium=rss&utm_campaign=the-law-and-economics-of-environmental-social-and-governance-investing-by-a-fiduciary https://corpgov.law.harvard.edu/2018/09/20/the-law-and-economics-of-environmental-social-and-governance-investing-by-a-fiduciary/#comments Thu, 20 Sep 2018 13:31:55 +0000 https://corpgov.law.harvard.edu/?p=111057?d=20230310123232EST Posted by Max M. Schanzenbach (Northwestern University) and Robert H. Sitkoff (Harvard Law School), on Thursday, September 20, 2018
Editor's Note:

Max M. Schanzenbach is the Seigle Family Professor of Law at the Northwestern University Pritzker School of Law and Robert H. Sitkoff is the John L. Gray Professor of Law at Harvard Law School. This post is based on their recent paper. Related research from the Program on Corporate Governance includes Social Responsibility Resolutions by Scott Hirst (discussed on the Forum here) and Socially Responsible Firms by Alan Ferrell, Hao Liang, and Luc Renneboog (discussed on the Forum here).

Trustees and other fiduciary investment managers are under increasing pressure to consider environmental, social, and governance (“ESG”) factors in their investment decisions. For example, some charitable endowment managers, including those at Harvard and Stanford, face demands to divest from fossil fuel companies. Trustees and other fiduciaries of private trusts and pension funds face similar pressures to adopt ESG strategies. In a new working paper, we consider the law and economics of ESG investing by fiduciaries of private trusts, pensions, and charities.

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