Fiduciary Duty under the Microscope: Stewardship and the Spectrum of Pension Fund Engagement

UK pension fund trustees’ interpretations of their fiduciary duties may shape pension fund approaches to corporate stewardship and engagement envisioned by the UK Stewardship Code. Data from interviews with pension fund trustees, executives, investment intermediaries and pensions experts reveals interpretive pluralism of the concept of fiduciary duty in the area of pension funds. This article develops a model identifying the spectrum of pension fund engagement, linking interpretations of fiduciary duty to intensity and methods of engagement in practice. The findings help disambiguate the concept of ‘Fiduciary Duty’, highlighting the practical challenges of Stewardship Code application. These insights are relevant to the ongoing revisions of the Stewardship Code and policy clarifications of the nature of fiduciary duty by the UK Financial Conduct Authority. The paper encourages trustees, regulators and others to consider what role pension fund trustees should have in stewardship, which may not be directly relevant to their fiduciary duties as trustees.     

Economic Burden of Child Exposure to Intimate Partner Violence in the United States

Because the effects of children’s exposure to intimate partner violence (IPV) carry long lasting consequences for the affected children, IPV exposure may impose a significant economic burden to localities, states, and society at large, made explicit over the victim’s lifetime and over a wide range of behaviors and outcomes, including use of social services, health and healthcare utilization, educational outcomes, workforce productivity, and criminal behavior. While much research has been conducted on the effect of IPV exposure on multiple short- and long-term outcomes, no research to date has examined the economic burden associated with IPV exposure. Using an incidence-based approach, we estimated the aggregate discounted costs associated with healthcare spending, criminal behavior, and labor market productivity accrued by a 20-year-old victim in 2016 projected to the age of 65, applying a 3% discount rate. The average lifetime costs derived from childhood IPV exposure are estimated to be over $50,000 per victim (2016 U.S. dollars) due to increased healthcare costs ($11,000), increased crime costs ($14,000), and productivity losses ($26,000). Over an annual birth cohort of young adults, these costs amount to over $55 billion nationwide. IPV exposure imposes a substantial economic burden to society at large in the form of increased healthcare costs, increased crime costs, and reduced productivity. This study offers an explicit quantification of substantial lifetime costs, which should encourage policy makers to redouble efforts to reduce the incidence of IPV and successfully ameliorate its effects on IPV-exposed children.     

Privacy,trust and policy-making: Challenges and responses

The authors contend that the emerging ubiquitous Information Society (aka ambient intelligence, pervasive computing, ubiquitous networking and so on) will raise many privacy and trust issues that are context dependent. These issues will pose many challenges for policy-makers and stakeholders because people's notions of privacy and trust are different and shifting. People's attitudes towards privacy and protecting their personal data can vary significantly according to differing circumstances. In addition, notions of privacy and trust are changing over time. The authors provide numerous examples of the challenges facing policy-makers and identify some possible responses, but they see a need for improvements in the policy-making process in order to deal more effectively with varying contexts. They also identify some useful policy-making tools. They conclude that the broad brush policies of the past are not likely to be adequate to deal with the new challenges and that we are probably entering an era that will require development of “micro-policies”. While the new technologies will pose many challenges, perhaps the biggest challenge of all will be to ensure coherence of these micro-policies.     

Once a Criminal, Always a Criminal?: ‘Redeemability’ and the Psychology of Punitive Public Attitudes

Several studies have sought to link punitive public attitudes to attribution style and/or lay theories of crime. This research finds that those who believe criminal acts are the result of freely chosen and willful behavior are more likely to be punitive than those who feel crime is the result of external circumstances and constraints. These analyses focus on only one dimension of attributions: locus of control (internal/external). In this analysis, we include a second dimension, thought to be a better predictor of attitudes in social psychological research: stability/instability. In addition to measuring lay theories of crime causation, we also test for “belief in redeemability” (or beliefs about the ability of deviants to change their ways). Our hypothesis is that this other dimension of personal attributions (stability/instability) may be as critical in explaining support for highly punitive criminal justice policies as beliefs about criminal responsibility. We find evidence supportive of this model in an analysis of data from postal survey of residents of six areas in England.     

Contemporary Pluralism and Toleration

The author outlines a conception of toleration as recognition of differences which she argues to be more adequate than current liberal views in order to face issues arising from contemporary pluralism. The liberal conception of toleration as freedom from government's interference in certain areas is appropriate if pluralism is conceived of as a plurality of conflicting conceptions of the good. By contrast, if pluralism is understood as the plurality of groups and cultures, asymmetrically situated in democratic society, then the issues underlying toleration are seen as the contested claim of minorities for asserting their different identity in the public space. Public toleration of differences is thus viewed as a symbolic public gesture of inclusion of the different identities and their bearers into democratic citizenship on an equal footing as members of minority groups. The argument supporting public toleration is so founded on reason of justice.     

Gangs and delinquency

This study explores the meaning of police estimates of gang membership, by reviewing the characteristics of youth labeled as gang members in one western state, Hawaii, during 1991. Arrest patterns of these youth do not support the notion that they constitute a seriously violent subset of criminals. Indeed, nearly a third had not been arrested in the previous three years; notable too is the absence of a large number of weapon or drug arrests. These findings are amplified by data from a comparison of youth who were not labeled as gang members; these indicate that youth (in the City and County of Honolulu) who are delinquent differ little from those youth suspected of gang membership in terms of the frequency or severity of their offenses. Finally, the groups most commonly labeled by police as gang members are Filipino and Samoan males, but self-report data on gang membership indicate a somewhat different ethnic composition. The policy implications of these findings are also discussed.A previous version of this paper was presented at the Annual Meeting of the American Society of Criminology, November 1992, New Orleans, Louisiana     

Women Who Kill Their Abusive Partners: from Sameness to Gender Construction

Since the early 1990s there has been a plethora of academic commentary on the criminal law’s treatment of women who kill their abusive partners. More recently, the debate has been re-opened due to the Law Commission’s proposals on Partial Defences to Murder. This article aims to critically analyse the approach adopted by the academic commentary and to place in within a feminist theory framework. In addition the article argues that the work of queer theorist Judith Butler enables the analysis of the law’s treatment to be developed further.Law Lecturer, Liverpool John Moores University. I would like to thank Dr Jamie Murray and Dr Lorie Charlesworth for their help and support in the writing of this article.