Table of Contents

I. Introduction

Chapter Contents

Chapter III
Chapter IV
Chapter V
Chapter VI

Limits of Inquiry

II. Literature Review

Temporal and spatial characteristics of environmental problems
Climate change over time and throughout space

Early century (2011 to 2030: the prime of life for a twenty year-old today)
Mid-century (2046 to 2065: the prime of life for a twenty year-old’s children)
Late century (2080 to 2099: the prime of life for a twenty year-old’s grandchildren)

Climate change throughout space
The trust 
Final remarks

III. Funding Climate Change: How Pension fund Fiduciary Duty Masks trustee inertia and short-termism

The potential for pension funds to address climate change

Growing power, growing responsibility?
Climate change: financial risks and opportunities

Fiduciary duty as a perceived barrier to change

Fiduciary duty in the context of pension funds
Pension fund fiduciary duty and non-financial considerations
Fiduciary duty’s paradox: incrementally flexible

Ingrained inertia, short-termism and collective inaction

IV. Putting Sustainable Investing into Practice: a Governance Framework for Pension Funds

Literature review of sri field: sri, ri and sustainable investing

Sri: a radically confused concept?
Un pri: standardising understandings of ri?
Sustainability: emphasising the long-term

Uk and us pension fund governance 

Mission clarity
Investment beliefs

Sustainable investing framework 

Investment strategies for pension fund sustainable investing
Pension fund governance for sustainable investing

Legal context: barriers to and enablers of sustainable investing 

Fiduciary duty and sustainable investing: the need to document prudence and loyalty
Potential regulatory enablers of sustainable investing


V. Nascent Jurisprudence on Intergenerational Equity

What is intergenerational equity? 

International legal sources of intergenerational equity
Domestic legislation referring to intergenerational equity

Case law on intergenerational equity 

Gray v minister for planning
Taralga landscape guardians inc v minister for planning
Walker v minister for planning


Intergenerational equity as a judge-made principle
Judges, democracy and the environment
Cumulative impact: a longer timeframe?
Intergenerational versus intra-generational equity
Administrative law as environmental governance


VI. Investing in the Future: the Story of a River

Intergenerational equity through long-term investment? 

Conceptualizing the ‘long-term’
Barriers to long-term investment

The planetary trust: a flawed instrument of intergenerational equity

The planetary trust concept
Critique of the planetary trust concept
Comparison with defined benefit pension schemes

Testing the planetary trust: ‘trustees’ of australia’s water

The murray darling basin authority: analogous to the planetary trust?
Triple bottom fantasy – political reaction to the guide


Independent thinkers
Avoiding time inconsistency in regulatory design
Choosing the right institutional structure for intergenerational equity


VII. Conclusion

Temporal and spatial challenges loom large 
Short-termism casts a long shadow 
A matter of trust
Implications and solutions 

Legislative changes
Legal and institutional reflections
Governance structures
Implications for theory

Further research 

Drafting legislative solutions
Deepening our understanding of fiduciary duty

Final remarks

VIII. Bibliography

Books and Journal Articles
Case law: Australia
Case law: United Kingdom
Case law: United States 
Case law: International & other
Legislation: Australia
Legislation: United Kingdom
Legislation: United States
International Agreements

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