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The Implications of the Universal Owner for Climate Mitigation

When:

October 22, 2019

Where:

Nashville, TN (and webinar)


Co-sponsored by Vanderbilt Energy and Environmental Law Program, Environmental Law Institute, Vanderbilt Environmental Law and Policy Annual Review, and Vanderbilt Energy and Environmental Law Society


The Implications of the Universal Owner for Climate Mitigation

This workshop explored the implications of the universal owner concept for climate mitigation. An emerging literature suggests that because many large institutional investors have diversified portfolios that mirror the market, they do not benefit from any one company profiting through negative externalities that harm other companies. If this concept survives critical scrutiny, it may explain why institutional investors are increasingly pushing for decarbonization across many sectors and may predict that this pressure will continue in the future. Climate change is a systemic investment risk that cannot be diversified away, so the universal owner concept also may become the focus of shareholder activism from institutional investors that have typically been passive overseers of corporate behavior. Drawing on insights from experts in environmental and securities law, economics, and other fields, this workshop explored the viability of the universal owner concept and the implications for climate mitigation and other environmental, social and governance issues.

Moderator: Mike Vandenbergh (Vanderbilt)

Panelists:
Madison Condon
(NYU Law School)
Rick Alexander (Shareholder Commons)
Margaret Blair (Vanderbilt Law School)
Yesha Yadav (Vanderbilt Law School)
Mark Cohen (Owen Graduate School of Management)

Materials:
This event was not recorded.