A fiduciary is a person or organization that holds a legal or ethical relationship that requires the prudent care of money or other assets for another person. A fiduciary is not tasked with addressing society’s problems.
On February 8, 2023, we posted a blog titled, “ESG Meet Fiduciary,” in which we discussed the issue of fiduciaries making investment decisions for non-economic reasons.
A recent article in the New York Times reported that one of New York City’s five public pensions has adopted rules that require private-equity or private real estate portfolio companies to honor tenant protections as set forth in New York’s recently developed Responsible Property Management Standards. The other four pension funds are considering these standards, which would apply to future investments.
Sigma is a fiduciary.
All comments and suggestions are welcome.
Walter J. Kirchberger CFA