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• Case | HBS Case Collection | January 2019 (Revised February 2020)

  Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG

  Rebecca Henderson, George Serafeim, Josh Lerner and Naoko Jinjo

  In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged from constructing new stock market indices based on ESG data, changing the compensation and incentives of active investment managers and passive funds, pushing for more corporate sustainability reporting and integrated reporting, and establishing collaborations with other asset owners to drive systems level change. He was convinced that the only way to meet his responsibilities to his beneficiaries was to improve the performance of the entire economy through a focus on improving corporate governance, increasing inclusion in the workplace and gender diversity and reducing environmental damage and progress towards tackling climate change. The early results from his efforts were promising, but was there more he could do?

  Keywords: pension funds; ESG (environmental, social, governance) performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan;

  Citation:

  Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.)  View Details

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• Book | 2020

  Innovation Policy and the Economy, Volume 20

  Josh Lerner and Scott Stern

  Citation:

  Lerner, Josh, and Scott Stern, eds. Innovation Policy and the Economy, Volume 20. Chicago, IL: University of Chicago Press, 2020.  View Details

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• Case | HBS Case Collection | January 2020

  Blackstone at 35: Performance, Innovation, and the Next Generation

  Josh Lerner

  Keywords: finance; private equity; Investing; succession planning; leadership; fund management; fund raising;

  Citation:

  Lerner, Josh. "Blackstone at 35: Performance, Innovation, and the Next Generation." Harvard Business School Case 220-051, January 2020.  View Details

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