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Interpretations of fiduciary duty have recently undergone rapid evolution. It is now widely accepted that investors need to take account of ESG or sustainability issues in their investment practices. This chapter analyses the changes in the interpretation of fiduciary duty and the implications for investment practice. It discusses of the traditional definition of fiduciary duty (in particular, the duties of loyalty and care). It then identifies 4 factors – the work of the UNEP and the Principles for Responsible Investment (PRI), the changing legal and policy landscape for responsible investment, the understanding of the financial significance of ESG issues to investment performance, and changes in investment practice – that have challenged and led to change in this traditional definition of fiduciary duty. The chapter then proposes a modern definition of fiduciary duty, a definition where ESG issues are at the heart of the duties owed by investors to their beneficiaries. The chapter concludes with some reflections on whether this modern definition of fiduciary duty is a sufficient response to the social and environmental challenges faced by society today.
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