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Institutional Collaborator

Does Paying Passive Managers to Engage Improve ESG Performance?

Marco BECHT, Julian FRANKS, Hideaki MIYAJIMA, Kazunori SUZUKI
The paper studies a natural experiment in responsible investment conducted by the Japanese Government Pension Investment Fund (GPIF). In 2018 GPIF gave its largest passive manager a remunerated mandate to engage with portfolio companies to improve ESG and adopted best-in-class indexes, rewarding hig...
Keywords: ESG, active ownership, investor stewardship, engagement, ESG indexes, passive managers, portfolio tilting
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