Socially responsible investment in market downturns : implications for the fiduciary responsibilities of investment fund trustees

This paper investigates whether Socially Responsible Investment (SRI) is more or less sensitive to market downturns than conventional investment, and examines the legal implications for fund managers and trustees. Using a market model methodology, we find that over the past 15 years, the beta risk of SRI, both in Australia and internationally, increased more than that of conventional investment during economic downturns. This implies that companies acting as fund trustees, managed investment schemes and traditional institutional fund managers risk breaching their fiduciary or statutory duties if they go long - or remain long - in SRI funds during market downturns, unless perhaps relevant legislation is reformed. If reform is viewed as desirable, possible reforms could include explicitly overriding the common law to allow all traditional funds to invest in SRI; granting immunity to directors of trustee companies from potential personal liability under sections 197 or 588G et seq of the Corporations Act; allowing companies acting as trustees, managed investment schemes and traditional institutional fund managers and trustees to invest in SRI without triggering a substantial capital gains tax liability through trust resettlement; tax concessions for SRI (eg. introducing a 150% tax deduction or investment allowance for SRI); and allowing SRI sub-funds to obtain “deductible gift recipient” status or the equivalent from relevant taxation authorities. The research is important and original insofar as the assessment of risk in SRIs during market downturns is an area which has hitherto not been subjected to rigorous empirical investigation, despite its serious legal implications.

Who gets the deposit when trustees for a bankrupt buyer disclaim a real estate contract?

The decision of Henry J in Majet v Goggin and Miller (as joint and several trustees of bankrupt estate of Brett-Hall) [2015] QSC 38 dealt with the fate of a deposit that was paid under a real estate contract that did not complete in unusual circumstances.

Letter to Aaron Levy from Trustees of K.K.S.I., February 21, 1820

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Resolution of trustees regarding marriage of Jacques Judah Lyons

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Resolution of K.K.S.I. trustees regarding Irish famine

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Resolution of trustees regarding Thanksgiving Day

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Blank form of bond used by trustees of K.K.S.I. for house and lot on Mill Street (unsigned)

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Bond with list of papers belonging to trustees, Jacob Hart, Treasurer

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Letter to trustees of K.K.S.I. from James Foster, regarding his desire to become a Jew

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Moses Costello's resignation as clerk of the trustees

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Organization of the Board of Trustees

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Query on the burial of persons married to Gentiles from the trustees answered

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Report of meeting of K. K. S. I. regarding appointment of trustees

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Meeting of congregation for election of 6 trustees and to obtain a new charter

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