Risk, Return and Responsibility

About Risk, Return and Responsibility

Risk, Return and Responsibility – the monthly podcast from Asset Owner Network - aims to provide institutional asset owners with news and views shaping both the sustainable investment landscape and our wider economic, environmental and social systems. In each episode, Asset Owner Network will be joined by co-hosts to discuss the biggest recent stories, and to round up some you might have missed. We will also be conducting deeper interviews with influential asset owners and others on the practical challenges of balancing risk, return and responsibility. To wrap up each episode, we will look back at some of the bigger stories covered recently by the market, as well as looking forward to the most significant upcoming developments, again with expert input from our co-hosts.

Publisher

Asset Owner Network

Category

business

Language

en

Explicit

No

First episode

2 Oct 2025

Latest episode

16 Sept 2026

Latest episodes

13 episodes in the feed.

1. 

   16 Sept 2026

   Budget Special

   On this month’s episode, editor Julian Bovill is joined by Ben Kumar, head of strategy for investment, wealth and public policy at 7IM, and Guy Opperman, former pensions minister, to discuss the forthcoming budget. With John Healey increasingly boxed in by events, some out of his control, some within his remit, the panel discuss where he might be able to find some breathing room at next month’s fiscal event. Opperman believes that he will raise taxes, though implores him not to do so. Meanwhile, Kumar says the country is crying out for long term investment and urges patience from the government and investors. The podcast asks whether Healey is just Reeves-lite, and whether the bond markets are now too dangerous and precarious for anything drastic. With the value for money framework consultation closing, the UK’s dearth of domestic private markets investment is gone over, with Kumar arguing that the problem is as much psychological as it is fiscal. ‘People need to be told a story that they can believe in,’ he said. Guy Opperman is a former pensions minister, and now a senior adviser and consultant to multiple organisations. Ben Kumar is head of investment strategy for investment, wealth and public policy at 7IM. He regularly appears as a guest on LBC, and is an astute observer of the government’s direction on investment and fiscal affairs.

2. 

   23 Jun 2026

   Caroline Escott, Railpen: Stewardship as a Returns Question

   What does it actually take to move a system? In this episode of Risk, Return & responsibility Caroline Escott, Head of Investment Stewardship and Co-Head of Sustainable Ownership at Railpen, joins us to explain how one of the UK's largest pension schemes turns its position as a universal owner into influence, and why every bit of that work begins and ends with financial outcomes for members. We cover the trustee mandate and investment beliefs that frame Railpen's priorities; the three pillars of its Sustainable Financial Markets agenda, namely shareholder rights, board effectiveness and external audit; and the practical craft of stewardship, from picking the jurisdictions and systemically important companies where influence travels furthest, to the under appreciated discipline of audit. Caroline is candid on the mechanics of investor coalitions, including the antitrust caution now shaping behaviour in the United States, and on the Investor Coalition for Equal Votes, the $4.5tn group Railpen co founded and chairs, as it engages founder led firms long before they reach the market. She closes with a generous, practical guide to public policy engagement for asset owners of every size. A conversation for trustees, heads of DC, scheme managers and provider strategists who want to understand how stewardship earns its place in the return equation. Listen now, and find the full video and our written feature at assetownernetwork.com.

3. 

   1 Jun 2026

   The US Seeks Answers

   The US Seeks Answers Guy Opperman, David Harris and Mike Ambery on Trump's pensions revolution, and what UK and European asset owners ought to do about it. Hosted by Stuart Hall. David and Mike were in Washington and Des Moines last month. They came back with a story worth hearing. In the US, ESG as a label is finished, the Department of Labor is opening 401(k) defaults to private credit and alternatives, and the administration is moving at a pace that makes the UK look, frankly, slow. Guy borrows Tony Blair's image of it: faced with a wall, the UK stops, reverses and thinks about it for two years; Trump puts his foot down and goes through it. Guy's own £25 billion of HS2 road money, bogged down in climate litigation, makes the point sting. David is sharper still on the home front. He calls the interim Pensions Commission report "light and fluffy" His warning on Middle Eastern sovereign wealth quietly going home to rebuild is the line trustees should sit with. Mike pulls it back to where the money actually goes. The US is laser-focused on one thing: returns for the member, and the courts now back that up. ESG language is out; energy security, defence and infrastructure are in. The opportunity has not gone; the framing has changed, and European asset owners need to read that correctly. Plus: the masculinity vote and the Trump base wanting Bitcoin in their 401(k). Kate Bingham's quiet observation that not one UK pension fund backed her healthcare business. A 1% EIS style allowance for pension funds that nobody is talking about, and Guy on whether Trump will really build "super, just like the Australians." His answer is worth the wait. Chapters 00:00 Boots on the ground in Washington and Des Moines 05:30 The sole purpose test and the end of ESG in US defaults 08:30 Masculinity, Bitcoin and the Trump base 12:00 Geopolitics and Middle Eastern sovereign wealth 22:00 Why the US gets on with it and the UK does not 26:30 The "light and fluffy" Pensions Commission 32:00 Energy security and defence as the new ESG 46:00 EIS for pension funds and the missing product set 55:00 Trump's Aussie super dream, and decumulation Hear all three in person at Private Markets Live 26, Stationers' Hall, London, 30 June. Asset owners attend complimentary. Link below. https://assetownernetwork.com/events/private-markets-live-26

4. 

   27 Apr 2026

   The Hidden Reason US Pensions Still Back Fossil Fuels

   Risk, Return and Responsibility - Episode 10 What if doing the responsible thing with your pension wasn’t about values at all - but about returns, risk, and reality? Risk, Return and Responsibility, former UK Pensions Minister Guy Opperman and Chris Hall, Editor of Asset Owner Network, sit down with Alex Wright‑Gladstein, Founder and CEO of US fund provider Sphere, to unpack one of the most misunderstood forces in modern finance: why almost all US pensions still fund fossil fuels, and why this is a fiduciary failure, not a moral choice. Alex explains how a system designed decades ago now traps trillions of dollars into outdated assumptions, why climate‑friendly investing has been framed as “financially irresponsible”, and how lawsuits, not performance - quietly dictate where retirement money flows. This conversation goes far beyond ESG buzzwords. It’s about risk, power, incentives, and who really decides what “prudent investing” means. If you’ve ever been told you have to choose between returns and responsibility, this episode challenges that idea entirely. What You’ll Learn Why most Americans want climate‑aligned investing - but think they’re alone How pension fiduciary law in the US actively blocks innovation The lawsuit culture shaping what can and can’t appear in retirement plans Why fossil fuels have been one of the worst‑performing sectors for decades How excluding fossil fuels can actually reduce long‑term risk The uncomfortable truth about shareholder voting and conflicts of interest Why the ESG backlash wasn’t grassroots - and who funded it What a climate‑friendly index fund must do to survive regulatory scrutiny Why “doing nothing” with pensions is still an active choice Stand‑Out Quotes “You don’t have to choose between doing good and doing well - that choice was manufactured.” “Most people don’t know what ESG means - but they know they’re worried about their future.” “The default option quietly decides the fate of trillions of dollars.” “Climate risk is financial risk. The law just hasn’t caught up yet.” Why This Episode Matters Pensions are the largest pool of long‑term capital in the world - and most people never realise where their money ends up. This episode exposes: How systemic risk is ignored by design Why default funds matter more than individual choice How incentives shape markets far more than intentions It’s not a debate about politics or ideology. It’s a conversation about reality, responsibility, and the future we’re accidentally funding. Who This Episode Is For Pension trustees & asset owners Policy makers & regulators Institutional investors Anyone with a pension who’s never been asked what it supports

5. 

   30 Mar 2026

   Risk, Return and Responsibility – Episode 9: Reaching Common Ground on Natural Capital

   In this episode, Rebalance Earth’s Rob Gardner explains why institutional investors must view nature as ”living infrastructure” to mitigate systemic climate risks and secure long-term, performance-linked returns.

6. 

   26 Feb 2026

   Risk, Return and Responsibility – Episode 8: The Asset Owner's Moonshot Challenge

   Risk, Return and Responsibility—the monthly podcast from Sustainable Investor—provides institutional asset owners with the news and views shaping the sustainable investment landscape and our wider economic and social systems. In this episode, former UK pensions minister Guy Opperman and Sustainable Investor Editorial Director Chris Hall talk to Marisa Hall, Head of the Thinking Ahead Institute (TAI), about the role of asset owners in the evolving landscape of global capital. As a former actuary and now leader of a global not-for-profit investment network, she provides a unique window into how the world’s most influential asset owners are adapting to a "ruptured" global order. From the findings of the TAI’s latest Asset Owner 100 report to the "Moonshot Challenge" of systemic investing, this conversation delves into why traditional investment "buckets" are being broken down in favour of a more dynamic, holistic approach. Guests ● Marisa Hall: Head of the Thinking Ahead Institute● Guy Opperman: Former UK Pensions Minister and host● Chris Hall: Editor-in-Chief of Sustainable Investor Interview highlights The Power and Concentration of Global Capital: The TAI’s Asset Owner 100 report highlights that the top 100 asset owners control roughly US$30 trillion in capital, with the top 20 "megas" alone commanding 56% of those assets. These organisations are viewed as the "movers and shakers" of the industry, wielding the most influential capital on the planet to shape the future of the global economy. The Shift to a Total Portfolio Approach (TPA): Leading asset owners are moving away from traditional strategic asset allocation and rigid asset class "buckets" toward a TPA model where every dollar must compete for capital. This approach serves as a gateway to better sustainability practices by allowing investors to be more dynamic and use real-time information to meet their long-term goals. Navigating the Net Zero Plateau through 3D Investing: While 52% of the top 100 asset owners have set net zero targets, new commitments have plateaued. But the challenges to universal owners from interconnected and systemic risks are prompting a shift toward "systems-level investing". This includes a 3D Investing framework that helps asset owners look beyond risk and return to consider the real-world impact their investments have on the systems they rely upon for future returns. The Impact of Consolidation and Strategic Partnerships: Consolidation in markets like Australia and the UK is enabling asset owners to build greater internal capability and develop "smart partnerships" with asset managers, based on a shared view of the role of investment capital in driving sustainable growth. This scale allows large funds to be patient, selective, and act as a "critical friend" to their asset managers, ensuring deep alignment with the best long-term interests of their members. Geopolitics and AI as Systemic Determinants: Geopolitics has shifted from being a mere driver of returns to a determinant of how the entire investment system functions. Simultaneously, asset owners are building "intelligence ecosystems" to embed AI into their processes, aiming to generate "organisational alpha" by combining technology with human culture and decision-making. Embracing the Moonshot The conversation concludes with a forward-looking assessment of the "Moonshot Challenge"—the idea that investment organisations must understand and address interconnected and systemic risks at source to thrive in an increasingly complex world. Despite a "plateauing" in the announcement of explicit commitments, there is a growing sense of optimism that major asset owners are becoming smarter, more creative, and more resilient in how they integrate sustainability into their investment decisions. By focusing on stewardship, collaboration, and a reset of how we define risk, the leaders of today’s US$30 trillion capital pool are moving into a position to not just navigate the future, but

7. 

   5 Feb 2026

   Risk, Return and Responsibility – Episode 7: Beyond Cost—The New Value Frontier for UK Pensions

   In this latest episode, former UK Pensions Minister Guy Opperman and Sustainable Investor Editorial Director Chris Hall are joined by Mike Ambery, Retirement Savings Director at Standard Life, part of the Phoenix Group. Together, they explore the seismic shifts facing the UK retirement market as it transitions from a legacy of cost-containment toward a future defined by value, scale, and sustainable outcomes.

8. 

   18 Dec 2025

   The Five Issues Shaping Sustainable Investment in 2026

   From the return of Trump to the rise of AI, we review the key events and themes that have informed sustainable investment decisions over the past 12 months - and will set the tone for 2026.

9. 

   2 Dec 2025

   Why do asset owners need to rethink financial wellbeing?

   What does financial wellbeing really mean for pension members today? For the latest episode of Sustainable Investor, Stuart Hall, Managing Director of Sustainable Media Group sat down with Blake Allison, founder and CEO of LifeCents, to look beyond the slogans and into the reality of how people behave with money. Blake has spent more than twenty years working with major US employers and financial institutions on financial wellbeing programmes. What stood out in our discussion is how often the industry focuses on account balances and contribution rates, while members are dealing with day to day pressures that make long term decisions far harder than we admit. We talked about: • why financial wellbeing has moved beyond information and apps • what under 35s actually prioritise when money is tight • the growing gap in retirement readiness for over 50s • how members really think about sustainability and returns • why generic “save more” messages no longer work • and how pension funds can rebuild trust by treating people as people, not data points

10. 

    27 Nov 2025

    Will Brussels and Belém boost the nature-positive, net zero transition

    In this episode, we explore the likely impacts on asset owners’ climate and nature exposures of reforms to the Sustainable Finance Disclosure Regulation and developments at COP30; also looking forward to the next steps for natural capital accounting and universal ownership.

11. 

    13 Nov 2025

    Australia’s ‘Super’-charged Renewables Transition

    In this ‘interview-only’ episode, we explore the role of Australia’s superannuation funds in the country’s embrace of clean energy, with Jeremy Cooper and David Bell of the Conexus Institute.

12. 

    30 Oct 2025

    Can the Transition Stay on Track with the Omnibus Blown off Course

    In this episode, we ask when will investors get the information they need to invest confidently in the net zero transition, following turmoil in Brussels and the banking sector; we also underline Sustainable Investor’s October focus on transition finance by exploring the status of corporate transition planning and the merits of making it mandatory. Co-hosts: Guy Opperman, the UK’s longest-serving Pensions Minister & Chair of Sustainable Investor's editorial board; and Richard Gardiner, Interim Head of EU Policy at environmental charity ShareAction. News Round-up: Following MEPs’ surprise rejection of a compromise deal on the European Commission’s Sustainability Omnibus, Richard outlines the uncertainties for corporates and knock-on delays facing asset owners and managers, including over the SFDR Review. Guy warns of trouble ahead for UK pensions reforms after minister Torsten Bell dismissed concerns over mandation at the Pensions UK annual conference. Both have global implications, as do the other key topics analysed: the demise of the Net Zero Banking Alliance, the withdrawal of US climate risk guidance for financial institutions, and failure to agree a deal on shipping emissions. The Three Rs Interview: David Russell, Chair of the Transition Pathway Initiative, discusses the current value to sustainable investors of corporate transition plans, the information they should include to be more decision-useful, and the role of asset managers in supporting investor scrutiny of firms’ decarbonisation strategies. Review / Preview: To wrap up this week’s discussion, Richard looks forward to COP30, expressing hope that governments will reveal climate plans that deliver for people and planet, following the call made by Allianz Board Member Günther Thallinger in his recent interview with Sustainable Investor that nationally determined contributions should serve as blueprints for economic competitiveness. And Guy comments on the UK’s net zero ambitions in light of the release of its ‘carbon budget delivery plan’ - as required by the High Court - and tensions over North Sea oil and gas revenues ahead of the Budget in late November. Thanks for joining us: If you like what you hear, you can also subscribe to Sustainable Investor, subscribe to this podcast and find further information in the show notes, where you can also find our contact details.  We'd love to hear your ideas as we plan future episodes. Links to news items discussed: EU Lawmakers Reject Deal to Simplify Sustainability Rules https://www.euractiv.com/news/eu-lawmakers-reject-deal-to-simplify-sustainability-rules-in-major-upset/ Omnibus Vote Throws SFDR Review into Doubt https://sustainableinvestor.online/live/omnibus-vote-throws-sfdr-review-into-doubt/ Socialists Cave to Centre-right Demands to Slash EU Green Rules https://www.politico.eu/article/socialists-liberals-epp-eu-green-rules/ UK Minister Brushes off Fiduciary Duty Concerns https://sustainableinvestor.online/live/uk-minister-brushes-off-fiduciary-duty-concerns/ Britain’s Biggest Pension Funds Back Regional Growth Drive https://www.gov.uk/government/news/britains-biggest-pension-funds-back-regional-growth-drive Mp Tables ‘System-Level’ Investment Duty Amendment to Pensions Bill https://www.ipe.com/news/mp-tables-system-level-investment-duty-amendment-to-pensions-bill/10133274.article Climate Alliance NZBA Disbands as Banks Vote For Guidance-Only Role https://www.thebanker.com/content/e2f79306-a596-4375-a33c-e1390cb64c17 GFANZ Transition Role in Question as NZBA Folds https://sustainableinvestor.online/live/gfanz-transition-role-in-question-as-nzba-folds/ Global Banks Stall on Climate Action Despite Net Zero Promises, Report Finds https://www.transitionpathwayinitiative.org/publications/141/show_news_article US Federal Agencies Announce Withdrawal of Principles for Climate-Related Financial Risk Management https://www.federalreserve.gov/newsevents/pressreleases/bcreg20251016a.htm Lan

13. 

    2 Oct 2025

    High Seas, Higher Stakes, and a Race to the Bottom

    In this episode, we examine the implications for asset owners of the heavy political weather for sustainable investment in New York and Washington, and look beyond to practical challenges - from Europe’s defence boom to delayed deforestation legislation to nature-related reporting. Co-hosts: Guy Opperman, the UK’s longest-serving Pensions Minister & Chair of Sustainable Investor’s editorial board; and Gemma James, Head of Biodiversity and Nature at specialist consultancy Chronos Sustainability.

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