Risk, Return and Responsibility
Claim This Podcastby Asset Owner Network
Podcast Overview
<p><b>Risk, Return and Responsibility</b><span style="font-weight:400;"> – the monthly podcast from Asset Owner Network - aims to provide </span><b>institutional asset owners</b><span style="font-weight:400;"> with news and views shaping both the sustainable investment landscape and our wider economic, environmental and social systems. In each episode, Asset Owner Network </span><span style="font-weight:400;">will be joined by co-hosts to discuss the </span><b>biggest recent stories</b><span style="font-weight:400;">, and to round up some you might have missed. We will also be conducting </span><b>deeper interviews with influential asset owners</b><span style="font-weight:400;"> 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 </span><span style="font-weight:400;">the market</span><span style="font-weight:400;">, as well as looking forward to the most significant upcoming developments, again with expert input from our co-hosts. </span></p>
Language
🇺🇲
Publishing Since
10/2/2025
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Recent Episodes
June 23, 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.
June 1, 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
April 27, 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
12 total episodes available
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Frequently asked questions
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- What is Risk, Return and Responsibility?
<p><b>Risk, Return and Responsibility</b><span style="font-weight:400;"> – the monthly podcast from Asset Owner Network - aims to provide </span><b>institutional asset owners</b><span style="font-weight:400;"> with news and views shaping both the sustainable investment landscape and our wider economic, environmental and social systems. In each episode, Asset Owner Network </span><span style="font-weight:400;">will be joined by co-hosts to discuss the </span><b>biggest recent stories</b><span style="font-weight:400;">, and to round up some you might have missed. We will also be conducting </span><b>deeper interviews with influential asset owners</b><span style="font-weight:400;"> 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 </span><span style="font-weight:400;">the market</span><span style="font-weight:400;">, as well as looking forward to the most significant upcoming developments, again with expert input from our co-hosts. </span></p> - How often does this podcast release new episodes?
This podcast updates daily.
- Where can I listen to this podcast?
This podcast is available on 4 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
- Does this podcast accept guests?
Yes, this podcast regularly features guests.
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