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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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• Technical Note | HBS Case Collection | December 2019 (Revised January 2020)

  A Short Note on Fiduciary Duties

  Lena G. Goldberg, Rebecca Henderson and Amy W. Schulman

  Citation:

  Goldberg, Lena G., Rebecca Henderson, and Amy W. Schulman. "A Short Note on Fiduciary Duties." Harvard Business School Technical Note 320-079, December 2019. (Revised January 2020.)  View Details

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• Background Note | HBS Case Collection | January 2020

  Climate Change in 2020: Implications for Business

  Rebecca M. Henderson, Sophus A. Reinert and Mariana Oseguera

  This note provides general information about climate change and its implications for business. Included is an overview of climate change science and a number of its impacts, including rising sea levels, changing weather patterns and extreme weather, pressure on water and food, political and security risks, human health risks, and impact on wildlife and ecosystems. Next, responses to climate change are outlined, including improvements in energy efficiency, moving away from fossil fuels, changes in land use and agriculture practices, and geoengineering. The note concludes with the debate over how much should be spent to mitigate and adapt to climate change, who should pay, and the implications for the private sector.

  Keywords: Climate Change; Environmental Accounting; Agribusiness; Economic Growth; Energy Conservation; Energy Generation; Renewable Energy; Energy Sources; Non-Renewable Energy; Globalized Markets and Industries; National Security; Government Legislation; Operations; Corporate Social Responsibility and Impact; Problems and Challenges; Risk and Uncertainty; Natural Disasters; Natural Environment; Environmental Sustainability; Pollutants; Science-Based Business; Weather; Society; Technology;

  Citation:

  Henderson, Rebecca M., Sophus A. Reinert, and Mariana Oseguera. "Climate Change in 2020: Implications for Business." Harvard Business School Background Note 320-087, January 2020. (Click here for a complimentary copy on the Business & Environment Initiative’s site.)  View Details

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