The 2021 Pension Research Council Symposium on Sustainable Investment in Retirement Plans: Challenges and Opportunities responded to rising global interest in environmental, social, governance (ESG), and impact investing to generate positive impact while generating financial return. Speakers explored the pros and cons of pension ESG investments; findings will interest researchers, management/advisory firms, financial advisors, asset owners, and policymakers. Plan sponsors and analysts also discussed case studies from the US and around the world. Our April 29-30, 2021 Wharton online conference was by invitation only.
Conference Agenda
Please find the conference speakers’ bios here.
Thursday, April 29, 2021
Introductory Remarks: Olivia S. Mitchell, The Wharton School
9:55 a.m. ET
Session I. ESG Objectives and Outcomes
Moderator: Olivia S. Mitchell, The Wharton School
10:00 a.m. ET
- Brett Hammond, Capital Group, and Amy O’Brien, Nuveen, a TIAA Company: “Pensions and ESG: Institutional and Historical Perspective” (paper available here, video available here)
- Linda-Eling Lee, MSCI Inc., “What Does ESG Investing Really Mean? Measuring Materiality” (paper available here, video available here)
Discussant: Witold Henisz, The Wharton School (video available here)
10:45-11:00 a.m. ET: Session Break
Session II. Evolution of ESG Investing in the Pension Arena
Moderator: Joel Dickson, The Vanguard Group
11:00 a.m. ET
- Chris Geczy, The Wharton School, and John Guerard, McKinley Capital Management LLC: “Would ESG Investment Enhance Pension Performance? An Expectations Perspective” (paper available here, video available here)
- Roberto Rigobon, MIT Sloan School of Management: “ESG Confusion and Stock Returns: Tackling the Problem of Noise” (video available here)
Discussant: Stephen Zeldes, Columbia University (video available here)
- Stéphanie Lachance, PSP Investments, and Judith Stroehle, Saïd Business School, University of Oxford: “The Origins of ESG in Pensions: Strategies and Outcomes” (paper available here, video available here)
- Laura Starks, University of Texas at Austin McCombs School of Business, and Zacharias Sautner, Frankfurt School of Finance & Management: “ESG and Downside Risks: Implications for Pension Funds” (paper available here, video available here)
Discussant: Jennifer Bender, State Street Global Advisors (video available here)
12:15-12:25 p.m. ET: Session Break
Keynote Presentation
Moderator: Brett Hammond, Capital Group
12:25 p.m. ET
- Tetsuya Oishi, Government Investment Pension Fund (Japan): “The Role of Green Finance in Pension Investment” (video available here)
Friday, April 30, 2021
Keynote Presentation
Moderator: Michael Orszag, Willis Towers Watson
9:30 a.m. ET
- Billy Nauman, Moral Money/Financial Times: “Integrating Sustainability into Investment Analytics: What the Market is Telling Us” (video available here)
Session III. ESG Impacts on Pension Governance, Investments, Structures, and Reporting
Moderator: Julia Coronado, MacroPolicy Perspectives
10:10 a.m. ET
- Rob Bauer, Maastricht University and the International Centre for Pension Management, and Paul M.A. Smeets, Maastricht University: “Eliciting Pension Beneficiaries’ Sustainability Preferences: Why and How?” (paper available here, video available here)
- Luba Nikulina, Willis Towers Watson: “Global Pensions and ESG: Is There a Better Way?” (paper available here, video available here)
- Gerben de Zwart, APG: “Redefining Performance for Sustainable Pension Investing” (video available here)
- Susan Gary, University of Oregon School of Law: “Conflicts and Opportunities for Pension Fiduciaries in the ESG Environment”
Discussant: John Sabelhaus, The Brookings Institution (video available here)
11:15-11:30 a.m. ET: Session Break
Session IV. Roundtable/Case Studies
Moderator: Raimond Maurer, Goethe University Frankfurt
11:30 a.m. ET
- Nathan Fabian, Principles for Responsible Investment (paper available here, video available here)
- Mike Garland, NYC Comptroller Employees’ Retirement System (video available here)
- Anita Margrethe Halvorssen, Global Legal Solutions, LLC: “How the Norwegian SWF Balances Ethics, ESG Risks, and Returns” (paper available here, video available here)
Closing remarks: Olivia S. Mitchell, The Wharton School
12:15 p.m. ET