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

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

By: George Serafeim
  • Format:Print
  • | Language:English
  • | Pages:27
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Abstract

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.)
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About The Author

George Serafeim

Accounting and Management
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Related Work

    • April 2020
    • Faculty Research

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

    By: Rebecca Henderson
Related Work
  • Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG By: Rebecca Henderson
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