Session 2 | Public pension funds in corporate governance

The 2025 IESE-ECGI Corporate Governance Conference was held on March 31, 2025, at IESE Business School’s Madrid campus, co-hosted by IESE and ECGI.

Session 2, “Public Pension Funds in Corporate Governance,” examined the unique position of public pension funds as influential, long-term investors at the intersection of finance, politics, and social accountability. Moderated by Miguel Antón (IESE Business School), the session featured a presentation by Jill Fisch (University of Pennsylvania and ECGI) and commentary by Amir Licht (Reichman University and ECGI). Drawing on a co-authored paper with Jeff Schwartz, Fisch argued that public pension funds should not be constrained by traditional fiduciary norms but recognized as public actors capable of pursuing values-based investment strategies. Licht responded by probing the political and legal implications of such a shift, questioning the limits of fiduciary duty and underscoring the practical consequences of underfunding, political capture, and long-term governance. 

Click to access the presentation slides from the speaker and the discussant.