The Singular Role of Public Pension Funds in Corporate Governance
The 19th Asian Institute of International Financial Law
Distinguished Public Lecture
The Singular Role of Public Pension Funds in Corporate Governance
2 May 2025 (Friday), 6:00-7:00 PM
Academic Conference Room, 11/F Cheng Yu Tung Tower, HKU
Like private asset managers, managers of public pension funds are typically expected to serve the interests of the funds’ beneficiaries exclusively through their investing and engagement decisions, a model that we term “beneficiary primacy.” Beneficiary primacy theorizes that the best way for fund managers to serve these interests is to maximize the economic value of the fund, and the law implements beneficiary primacy through the fiduciary duties it imposes on fund managers. In my forthcoming article to be published in the Texas Law Review, co-authored with Professor Jeff Schwartz at the University of Utah, we take a different approach. We argue that, for public pension funds, beneficiary primacy is wrong, and that it unduly constrains public pension fund managers by attaching legal risk to their transformative role in corporate governance. We identify the key features that warrant treating public pension funds as principals, rather than agents. These same features uniquely position public pension funds to bring a broader vision of public interest and accountability to corporate governance and the financial markets.
About the Speaker
Professor Jill E. Fisch is the Saul A. Fox Distinguished Professor of Business Law at the University of Pennsylvania Law School where she teaches and writes on corporate law, corporate governance, civil procedure and securities regulation. Professor Fisch is the recipient of a variety of teaching awards, including the University of Pennsylvania’s Lindback Award for Distinguished Teaching.
Professor Fisch’s scholarship has appeared in top law reviews, including the Harvard Law Review, the Yale Law Journal, the Columbia Law Review, the Texas Law Review and the University of Pennsylvania Law Review. Her current research focuses on institutional investors, shareholder voting, shareholder proposals and the fiduciary obligations of controlling shareholders.
Prior to joining the University of Pennsylvania, Professor Fisch was the T.J. Maloney Professor of Business Law at Fordham Law School. She previously practiced law with the U.S. Department of Justice and at Cleary, Gottlieb, Steen & Hamilton. She holds a B.A. from Cornell University and a J.D. from Yale Law School.
Commentator:
Professor Ernest Lim, Professor of Law and Vice Dean
Faculty of Law, National University of Singapore
Chair:
Professor Emily Lee, Associate Professor & Director
Asian Institute of International Financial Law, Faculty of Law, HKU
Registration is required for this in-person event. Please register ONLINE to reserve your place.
Enquiries: Flora Leung at aiiflhku@hku.hk