This report examines current legal frameworks for institutional investors in 11 countries, including the EU, UK, US, Canada, Japan, and Australia and how they link financial returns with sustainability. It finds that in many cases, investors are legally required to consider sustainability if it aligns with financial goals. The report also recommends policy changes to clarify fiduciary duties and make it easier for investors to prioritize sustainability by fostering clearer guidelines and collaboration 

This seminal report from Freshfields Bruckhaus Deringer, addresses the question of whether institutional investors such as pension funds and insurance companies are legally permitted to integrate environmental, social and governance issues into their investment decision-making and ownership practices. The study describes the legal framework for institutions in Australia, Canada, France, Germany, Italy, Japan, Spain, the UK and the US.

This chapter introduces a “market failures” approach to business ethics, arguing that while profit is a core obligation, businesses also have a duty to avoid exploiting legal or structural gaps in the market in order to preserve trust, fair competition, and long-term legitimacy.

Recognizing that climate-related risks are complicated, this brief disaggregates climate risks into three categories (planetary, economic, and financial) to then map those risks to which stakeholders are best positioned to address them. The article explains the importance of this disaggregation to facilitate intended outcomes and avoid unintended consequence. 

This article advocates for and examines the role of managers in weighing corporate political responsibility with traditional shareholder primacy when lobbying. Builds a strong case and suggests that companies consider whether the public is informed or has the necessary expertise.

Researchers describe the “double legitimacy” problem. American workers need to invest portions of their income into mutual funds to have economic security, thus becoming Worker Investors. Corporations are unconstrained and can dip into these funds to support their political spending. This paper outlines the Big 4’s political power in resolving the double legitimacy problem, and how their refusal is supporting policies that go against the Worker Investor.

This report explores the financial impacts of growing political instability in the U.S., emphasizing how shifts in policy and governance affect corporate decision-making, risk assessment, and long-term value. It outlines the importance of aligning business strategies with evolving political landscapes to protect financial interests. 

This paper reflects on Friedman’s famous claim that American business should solely be driven to increase profits. Oxford Professor Karthik Ramanna homes in on the qualifying clause of Friedman’s argument—that markets need non-market institutions to safeguard the conditions for competition—and that if corporations have influence in shaping the market, then it is not free. The report argues that corporate influence on the political landscape has tilted in their favor, often at the expense of the public sphere.

As a company’s engagement in social and political issues becomes increasingly fraught, this article lays out decision-making principles companies can use to determine whether and when to engage in social and political issues.

As investors increasingly focus on systemic risks, few risks are as consequential as the weakening of democratic institutions and the rule of law -- or today’s once-in-a-generation operational and strategic challenges from AI, an increasingly chaotic political environment, and more.  Yet, as an investor, it can be difficult to translate these systemic risks into concrete actions. Focusing on public affairs governance – how companies make decisions about whether and when to engage in the public sphere, can be one helpful lens.

This new tool from Third Side Strategies helps investors to ask sharper questions—of companies and of themselves. It introduces the concept of CPR Governance (a set of best practices for whether and when to engage in the public sphere) which helps investors in two ways: (i) prompting companies to think more concretely about their public affairs practices and strengthen any areas of weakness highlighted by the questions, and (ii) providing investors the information needed to more effectively manage this systemic risk across their portfolio.

Dominic Barton, Mark Wiseman, Laurence Fink, Richard Edelman, Henry M. Paulson Jr., Lynn Forester de Rothschild, Nicholas Carr, Nitin Nohria, Paul Polman, Whitney MacMillan, Greg Page, Chanda Kochhar, Kathleen McLaughlin, Doug McMillon, Adrian Orr, John D. Rogers, Lim Chow Kiat, Euan Munro, Charles Tilley, Lei Zhang, Michael Sabia, James P. Gorman, David Walker, Angel Gurría, Ronald P. O’Hanley, Donald Kaberuka, Julie Hembrock Daum, Edward Speed, Angelien Kemna

This report compiles insights from CEOs, investors, and regulators emphasizing how quarterly earnings pressure and misaligned incentives restrict long-term strategic thinking, and it proposes governance reforms to realign business purpose with sustainable, multi-stakeholder value creation.

Urges corporate leaders to stay the course on climate action, integrating sustainability into core governance and fiduciary duties. Strine offers a critique of anti-ESG backlash as inconsistent with capitalism and argues that long-term climate leadership protects workers, investors, and the economy.

Comments from business leaders, academics, civil society organizations and others commenting how the Erb Principles for Corporate Political Responsibility can help with managing risk, sustaining market economies, strengthening civic institutions and enabling long-term value for business and society. 

An introduction to Third Side Strategies, including the rationale for focusing on CPR Governance to enable long-term value for business and society. Outlines the main motivations -- including Risk Management, Long-term Value Creation, and Supporting Business Purpose and Fiduciary Duty. Includes the main services offered and how to get involved