But these same moral motives may also
work to constrain institutional investors’
engagement with CSR issues. All trustees presumably
recognise that their primary responsibility
is to ensure their beneficiaries’ future
financial security, but not all agree with USS
about the persuasiveness of the economic case
for CSR engagement, or the relevance of the
future state of the world to their trust obligations.
So an equally conscientious trustee
might feel compelled to ignore CSR issues in order to comply with his or her legal and moral duty to pursue the beneficiaries’ best interest.