A conceptual framework for changes in Fund Management and Accountability relative to ESG issues

Major developments in socially responsible investment (SRI) and in environmental, social and governance (ESG) issues for fund managers (FMs) have occurred in the past decade. Much positive change has occurred but problems of disclosure, transparency and accountability remain. This article argues that trustees, FM investors and investee companies all require shared knowledge to overcome, in part, these problems. This involves clear concepts of accountability, and knowledge of fund management and of the associated ‘chain of accountability’ to enhance visibility and transparency. Dealing with the problems also requires development of an analytic framework based on relevant literature and theory. These empirical and analytic constructs combine to form a novel conceptual framework that is used to identify a clear set of areas to change FM investment decision making in a coherent way relative to ESG issues. The constructs and the change strategy are also used together to analyse how one can create favourable conditions for enhanced accountability. Ethical problems and climate change issues will be used as the main examples of ESG issues. The article has policy implications for the UK ‘Stewardship Code’ (2010), the legal responsibilities of key players and for the ‘Carbon Disclosure Project’

Governance: public governance to social innovation?

ArticleThis paper reviews governance and public governance related to an emerging area of policy interest – social innovation. The European Commission’s White Paper on European Governance (2001) focused on openness, participation, accountability, effectiveness and coherence in public policy as characteristics of good governance. The EC has prioritised social innovation to address policy problems. Yet, the extant literature and research on social innovation is sparse. The paper questions whether it is a new mode of governance which contributes to good governance or a continuum of neoliberal reforms of the state which alters the relationship between the state, market and civil society

Contradictions in social enterprise: do they draw in straight lines or circles?

This paper provides a critical perspective on the discourse surrounding the concept of social enterprise. The paper shifts the lens away from numbers to consider how actors see themselves as social enterprises. The authors make sense of the foundations upon which the concept of social enterprise and entrepreneurship is ‘drawn’ – quite literally – by considering linear models and diagrams that analyse social enterprise on a continuum between non-profit (mission) and profit (market) orientation. A great deal has been made of the success and growth of social enterprise. The imagery in the literature reflects an emphasis on growth resulting from ‘the rising tide of commercialisation of non-profit organisations’ (Dees, 1998) with the result that the CBI now includes over 50,000 organisations in a social enterprise sector (SBS, 2005). Despite reports of rapid growth, there is awareness that ‘take-up of social enterprise model … is patchy and fails to reflect the enthusiasm with which it is discussed’ (Stevenson in Westall &amp; Chalkley 2007). We ask why? A methodological approach involving visual drawings by actors reveals stories and sensemaking experiences of social enterprises. Open conversations enabled the researchers to gain deep insights that would not have been as insightful through a quantitative approach. The key findings suggest: Firstly, participants report tensions when pursuing social and economic goals simultaneously. Secondly, whilst some welcome opportunities that are emerging, others perceive substantive threats to the third sector. Thirdly, Social enterprise emerges as a diverse and heterogeneous movement located at the boundaries of public, private and voluntary sectors. At each boundary, different constitutional forms and practices are seen. In conclusion, it is argued that the linear perspective itself gives the impression that there is a ‘patchy’ take up of social enterprise. A heterogeneous perspective reveals that theory and policy development is patchy, rather than social enterprise practices. The unique contribution this research paper offers is within the depth of enquiry and insight into the actual practices provided from those within the field. The critical perspective is taken from the literature and discussed in the settings of the actors in the field which provides practitioners, business support agencies and academics with a different level of empirical investigation that captures an originality and narrative that has barely been explored before.</p

Making space for proactive adaptation of rapidly changing coasts: a windows of opportunity approach

Coastlines are very often places where the impacts of global change are felt most keenly, and they are also often sites of high values and intense use for industry, human habitation, nature conservation and recreation. In many countries, coastlines are a key contested territory for planning for climate change, and also locations where development and conservation conflicts play out. As a “test bed” for climate change adaptation, coastal regions provide valuable, but highly diverse experiences and lessons. This paper sets out to explore the lessons of coastal planning and development for the implementation of proactive adaptation, and the possibility to move from adaptation visions to actual adaptation governance and planning. Using qualitative analysis of interviews and workshops, we first examine what the barriers are to proactive adaptation at the coast, and how current policy and practice frames are leading to avoidable lock-ins and other maladaptive decisions that are narrowing our adaptation options. Using examples from UK, we then identify adaptation windows that can be opened, reframed or transformed to set the course for proactive adaptation which links high level top-down legislative requirements with local bottom-up actions. We explore how these windows can be harnessed so that space for proactive adaptation increases and maladaptive decisions are reduced

Can medium-sized cities become Creative Cities? Discussing the cases of three Central and Western European cities

This paper aims to explore the concept of Creative City from the points of view of three medium-sized cities in Central and Western Europe: Birmingham (UK), Leipzig (Germany) and Poznań (Poland). The concept of Creative City has risen in popularity in the last 15 years but its meanings and its policy application display important variations. In an attempt to clarify conceptual issues and policy approaches around the term of Creative City, Scott (2006) states that policy makers should focus on specific key variables when attempting to build viable Creative Cities: the presence of inter-firm networks of producers combined with a flexible local labour market. Infrastructural facilities and social capital are also crucial in this process. Even though these variables may be mostly found in largescale metropolitan areas such as New York, Los Angeles etc., Scott (2006, p. 9) argues that “there are also many small and specialised creative agglomerations all over the world” due to the process of increased differentiation. In addition, Hall (2004) argues that building a truly Creative City is possible but is a long-term process, and historical favourable preconditions are important

Policy networks: conceptual developments and their European applications

Discussions on policy networks are becoming increasingly common in the analysis of public policy. However nowhere is to be found a common understanding of what policy networks are and how they operate. Little agreement exists even on whether policy networks are to be considered as a metaphor, a method or a proper theory with explanatory power. The paper will explore how the policy network approach has been developed to describe and explain the complexity of new forms of decision-making and policy implementation and their implications for democracy and effectiveness of the political system. The focus is on conceptual frames developed in the context of policy and public administration studies seen here as specific sector of organisational studies. It will then move forward to review how this concepts have been incorporated in studies on emerging forms of spatial governance, namely multilevel and transnational governance with particular reference to the European context. Methodological perspectives and quantitative analytical approaches such as those developed within Social Network Analysis studies or in the more traditional fields of quantitative modelling of political behaviours and power distributions are not investigated in this literature review. Discussions on policy networks are becoming increasingly common in the analysis of public policy. However nowhere is to be found a common understanding of what policy networks are and how they operate. Little agreement exists even on whether policy networks are to be considered as a metaphor, a method or a proper theory with explanatory power. The paper will explore how the policy network approach has been developed to describe and explain the complexity of new forms of decision-making and policy implementation and their implications for democracy and effectiveness of the political system. The focus is on conceptual frames developed in the context of policy and public administration studies seen here as specific sector of organisational studies. It will then move forward to review how this concepts have been incorporated in studies on emerging forms of spatial governance, namely multilevel and transnational governance with particular reference to the European context. Methodological perspectives and quantitative analytical approaches such as those developed within Social Network Analysis studies or in the more traditional fields of quantitative modelling of political behaviours and power distributions are not investigated in this literature review

How Dutch Institutions Enhance the Adaptive Capacity of Society

This report examines the adaptive capacity of the institutional framework of the Netherlands to cope with the impacts of climate change. Historically, institutions have evolved incrementally to deal with existing social problems. They provide norms and rules for collective action and create continuity rather than change. However, the nature of societal problems is changing as a result of the processes of globalization and development. With the progress made in the natural sciences, we are able to predict in advance, to a certain extent, the potential environmental impacts of various human actions on society, for example, climate change. This raises some key questions: Are our institutions capable of dealing with this new knowledge about future impacts and, more importantly, with the impacts themselves? Are our institutions capable of dealing with the inherent uncertainty of the predictions