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Conference Paper: Mutual funds' strategic voting on environmental and social issues
| Title | Mutual funds' strategic voting on environmental and social issues |
|---|---|
| Authors | |
| Keywords | Responsible investment Strategic voting Mutual funds Fiduciary duty |
| Issue Date | 2022 |
| Publisher | European Corporate Governance Institute. |
| Citation | ECGI Corporate Governance Conference, Tel-Aviv, Israel, June 7-8, 2022 How to Cite? |
| Abstract | Environmental and social (ES) funds in non-ES families must balance incorporating the stakeholder’s interests they advertise and maximizing shareholder value favored by their families. We find that these funds support ES proposals that are far from the majority threshold, while opposing them when their vote is more likely to be pivotal, consistent with greenwashing. This strategic voting is not exhibited in governance proposals, by ES funds in ES families or by non-ES funds in non-ES families, reinforcing the notion of strategic voting to accommodate family preferences while appearing to meet the fiduciaries responsibilities of the funds. |
| Description | Previous title: ES Votes that Matter European Corporate Governance Institute – Finance Working Paper No. 774/2021 |
| Persistent Identifier | http://hdl.handle.net/10722/314925 |
| SSRN |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Michaely, R | - |
| dc.contributor.author | Ordonez-Calafi, G | - |
| dc.contributor.author | Rubio, S | - |
| dc.date.accessioned | 2022-08-05T09:37:04Z | - |
| dc.date.available | 2022-08-05T09:37:04Z | - |
| dc.date.issued | 2022 | - |
| dc.identifier.citation | ECGI Corporate Governance Conference, Tel-Aviv, Israel, June 7-8, 2022 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/314925 | - |
| dc.description | Previous title: ES Votes that Matter | - |
| dc.description | European Corporate Governance Institute – Finance Working Paper No. 774/2021 | - |
| dc.description.abstract | Environmental and social (ES) funds in non-ES families must balance incorporating the stakeholder’s interests they advertise and maximizing shareholder value favored by their families. We find that these funds support ES proposals that are far from the majority threshold, while opposing them when their vote is more likely to be pivotal, consistent with greenwashing. This strategic voting is not exhibited in governance proposals, by ES funds in ES families or by non-ES funds in non-ES families, reinforcing the notion of strategic voting to accommodate family preferences while appearing to meet the fiduciaries responsibilities of the funds. | - |
| dc.language | eng | - |
| dc.publisher | European Corporate Governance Institute. | - |
| dc.relation.ispartof | ECGI Corporate Governance Conference, Tel-Aviv, Israel, June 7-8, 2022 | - |
| dc.subject | Responsible investment | - |
| dc.subject | Strategic voting | - |
| dc.subject | Mutual funds | - |
| dc.subject | Fiduciary duty | - |
| dc.title | Mutual funds' strategic voting on environmental and social issues | - |
| dc.type | Conference_Paper | - |
| dc.identifier.email | Michaely, R: ronim@hku.hk | - |
| dc.identifier.doi | 10.2139/ssrn.3884917 | - |
| dc.identifier.hkuros | 334909 | - |
| dc.publisher.place | Israel | - |
| dc.identifier.ssrn | 3884917 | - |