ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable development
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista de Direito Econômico e Socioambiental |
Texto Completo: | https://periodicos.pucpr.br/direitoeconomico/article/view/29305 |
Resumo: | Given the significant increase of individual investors and the multiplication of sustainable products and services, under the acronym ESG, a study is justified on the legal regulation of the investment funds market, which encompasses both service providers (managers and administrators) and consumers (individuals). The aim is to understand the relationship between democracy and the financial market, in the context of a hyper-complex society and the global market economy, analyzing specifically: (i) - the functioning of the financial market from the theories of Economic Democracy, which reflect decision-making process in business activity; (ii) - the liability of the administrator and manager of investment funds in the incorporation of ESG criteria and the fiduciary duty. The inductive method is employed with the aid of bibliographical research. It is concluded that: 1 - the ASG criteria, representative of the cooperation between State-Company to achieve the Sustainable Development Goals (SDGs), do not contribute directly to the democratization of the financial market, but indirectly, since there is an introduction of cooperation procedures that promote transparency and dialogue, such as disclosure, which publicly address environmental, social and governance issues, essential themes for democracy in the current molds; 2 - legal responsibility on the incorporation of ESG criteria and the choice of assets should not be limited to the risk-return criterion, since there is a new regulatory universe that applies to the actions of investment fund managers/administrators, such as transnational standards, which include a new ethics aimed at SDGs, which are complementary to traditional fiduciary duties. |
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ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable developmentCritérios ASG e democracia econômica: dever fiduciário de administradores e gestores de fundos de investimento para o desenvolvimento sustentávelASG; desenvolvimento sustentável; fundos de investimento; democracia econômica; direitos humanos e empresas.ESG; sustainable development; investment funds; economic democracy; human rights and business.Given the significant increase of individual investors and the multiplication of sustainable products and services, under the acronym ESG, a study is justified on the legal regulation of the investment funds market, which encompasses both service providers (managers and administrators) and consumers (individuals). The aim is to understand the relationship between democracy and the financial market, in the context of a hyper-complex society and the global market economy, analyzing specifically: (i) - the functioning of the financial market from the theories of Economic Democracy, which reflect decision-making process in business activity; (ii) - the liability of the administrator and manager of investment funds in the incorporation of ESG criteria and the fiduciary duty. The inductive method is employed with the aid of bibliographical research. It is concluded that: 1 - the ASG criteria, representative of the cooperation between State-Company to achieve the Sustainable Development Goals (SDGs), do not contribute directly to the democratization of the financial market, but indirectly, since there is an introduction of cooperation procedures that promote transparency and dialogue, such as disclosure, which publicly address environmental, social and governance issues, essential themes for democracy in the current molds; 2 - legal responsibility on the incorporation of ESG criteria and the choice of assets should not be limited to the risk-return criterion, since there is a new regulatory universe that applies to the actions of investment fund managers/administrators, such as transnational standards, which include a new ethics aimed at SDGs, which are complementary to traditional fiduciary duties.Em face do aumento significativo de investidores pessoas físicas e da multiplicação de produtos e serviços sustentáveis, sob a sigla ESG (ou ASG) em bolsa de valores brasileira, justifica-se estudo sobre regulação jurídica do mercado de fundos de investimentos, que engloba tanto prestadores de serviço (gestores e administradores), quanto consumidores (pessoas físicas). Objetiva-se compreensão sobre relação entre Democracia e Mercado Financeiro, no âmbito da sociedade hipercomplexa e da economia de mercado global, analisando-se especificamente: (i) – funcionamento do mercado financeiro a partir de teorias de Democracia Econômica, que refletem poder decisório na organização da atividade empresarial; (ii) – a responsabilidade jurídica do administrador e gestor de fundos de investimento na incorporação de critérios ASG, a partir do dever fiduciário. Emprega-se o método indutivo com auxílio de pesquisa bibliográfica. Conclui-se que: 1 – os critérios ASG, representativos da cooperação entre Estado-Empresa para consecução dos Objetivos de Desenvolvimento Sustentável (ODS), não contribuem de forma direta para a democratização do mercado financeiro, mas sim indireta, a partir da introdução de procedimentos de cooperação que promovem a transparência e diálogo, a exemplo do disclosure, que abordam publicamente questões ambientais, sociais e de governança, temas essenciais à democracia nos moldes atuais; 2 – responsabilidade jurídica sobre a incorporação de critérios ASG e a escolha de ativos não deve estar adstrita ao critério risco-retorno, pois há novo universo normativo incidente sobre a atuação dos gestores/administradores de fundos de investimento, inclusive por meio de normas transnacionais, as quais englobam uma nova ética direcionada aos ODS, complementar aos deveres fiduciários tradicionais.Editora Universitária Champagnat - PUCPRess2023-12-22info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.pucpr.br/direitoeconomico/article/view/2930510.7213/revdireconsoc.v14i2.29305Revista de Direito Econômico e Socioambiental; Vol. 14 No. 2 (2023): May/August; e244Revista de Direito Econômico e Socioambiental; Vol. 14 Núm. 2 (2023): mayo/agosto; e244Revista de Direito Econômico e Socioambiental; v. 14 n. 2 (2023): maio/agosto; e2442179-82142179-345X10.7213/rev.dir.econ.soc.v14i2reponame:Revista de Direito Econômico e Socioambientalinstname:Pontifícia Universidade Católica do Paraná (PUC-PR)instacron:PUC_PRporhttps://periodicos.pucpr.br/direitoeconomico/article/view/29305/26484Copyright (c) 2023 Daniel Jacomelli Hudler, Marcelo Benacchiohttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessHudler, Daniel JacomelliBenacchio, Marcelo2024-02-21T20:27:08Zoai:ojs.periodicos.pucpr.br:article/29305Revistahttps://periodicos.pucpr.br/direitoeconomicoONGhttps://periodicos.pucpr.br/direitoeconomico/oai||nicolasadd@outlook.com|| revista.direito@pucpr.br2179-82142179-345Xopendoar:2024-02-21T20:27:08Revista de Direito Econômico e Socioambiental - Pontifícia Universidade Católica do Paraná (PUC-PR)false |
dc.title.none.fl_str_mv |
ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable development Critérios ASG e democracia econômica: dever fiduciário de administradores e gestores de fundos de investimento para o desenvolvimento sustentável |
title |
ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable development |
spellingShingle |
ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable development Hudler, Daniel Jacomelli ASG; desenvolvimento sustentável; fundos de investimento; democracia econômica; direitos humanos e empresas. ESG; sustainable development; investment funds; economic democracy; human rights and business. |
title_short |
ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable development |
title_full |
ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable development |
title_fullStr |
ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable development |
title_full_unstemmed |
ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable development |
title_sort |
ESG criteria and economic democracy: fiduciary duty of administrators and managers of investment funds for sustainable development |
author |
Hudler, Daniel Jacomelli |
author_facet |
Hudler, Daniel Jacomelli Benacchio, Marcelo |
author_role |
author |
author2 |
Benacchio, Marcelo |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Hudler, Daniel Jacomelli Benacchio, Marcelo |
dc.subject.por.fl_str_mv |
ASG; desenvolvimento sustentável; fundos de investimento; democracia econômica; direitos humanos e empresas. ESG; sustainable development; investment funds; economic democracy; human rights and business. |
topic |
ASG; desenvolvimento sustentável; fundos de investimento; democracia econômica; direitos humanos e empresas. ESG; sustainable development; investment funds; economic democracy; human rights and business. |
description |
Given the significant increase of individual investors and the multiplication of sustainable products and services, under the acronym ESG, a study is justified on the legal regulation of the investment funds market, which encompasses both service providers (managers and administrators) and consumers (individuals). The aim is to understand the relationship between democracy and the financial market, in the context of a hyper-complex society and the global market economy, analyzing specifically: (i) - the functioning of the financial market from the theories of Economic Democracy, which reflect decision-making process in business activity; (ii) - the liability of the administrator and manager of investment funds in the incorporation of ESG criteria and the fiduciary duty. The inductive method is employed with the aid of bibliographical research. It is concluded that: 1 - the ASG criteria, representative of the cooperation between State-Company to achieve the Sustainable Development Goals (SDGs), do not contribute directly to the democratization of the financial market, but indirectly, since there is an introduction of cooperation procedures that promote transparency and dialogue, such as disclosure, which publicly address environmental, social and governance issues, essential themes for democracy in the current molds; 2 - legal responsibility on the incorporation of ESG criteria and the choice of assets should not be limited to the risk-return criterion, since there is a new regulatory universe that applies to the actions of investment fund managers/administrators, such as transnational standards, which include a new ethics aimed at SDGs, which are complementary to traditional fiduciary duties. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-12-22 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.pucpr.br/direitoeconomico/article/view/29305 10.7213/revdireconsoc.v14i2.29305 |
url |
https://periodicos.pucpr.br/direitoeconomico/article/view/29305 |
identifier_str_mv |
10.7213/revdireconsoc.v14i2.29305 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.pucpr.br/direitoeconomico/article/view/29305/26484 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Daniel Jacomelli Hudler, Marcelo Benacchio http://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Daniel Jacomelli Hudler, Marcelo Benacchio http://creativecommons.org/licenses/by-nc/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Editora Universitária Champagnat - PUCPRess |
publisher.none.fl_str_mv |
Editora Universitária Champagnat - PUCPRess |
dc.source.none.fl_str_mv |
Revista de Direito Econômico e Socioambiental; Vol. 14 No. 2 (2023): May/August; e244 Revista de Direito Econômico e Socioambiental; Vol. 14 Núm. 2 (2023): mayo/agosto; e244 Revista de Direito Econômico e Socioambiental; v. 14 n. 2 (2023): maio/agosto; e244 2179-8214 2179-345X 10.7213/rev.dir.econ.soc.v14i2 reponame:Revista de Direito Econômico e Socioambiental instname:Pontifícia Universidade Católica do Paraná (PUC-PR) instacron:PUC_PR |
instname_str |
Pontifícia Universidade Católica do Paraná (PUC-PR) |
instacron_str |
PUC_PR |
institution |
PUC_PR |
reponame_str |
Revista de Direito Econômico e Socioambiental |
collection |
Revista de Direito Econômico e Socioambiental |
repository.name.fl_str_mv |
Revista de Direito Econômico e Socioambiental - Pontifícia Universidade Católica do Paraná (PUC-PR) |
repository.mail.fl_str_mv |
||nicolasadd@outlook.com|| revista.direito@pucpr.br |
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1798321243119681536 |