Winter Essay -- Creative Writing Essays

I pressed my face up against the glass window, my moist breath causing it to fog up. I watched the boy's dark silhouette shift positions slightly, as he leaned back against the deteriorating stonewall, and buried his head in his hands. Tendrils of dark bronze hair assisted in the covering of his face, making it even more impossible to see what he might look like. He didn't know I was here, quietly watching him. Hell, he didn't even know I existed. I squinted, straining my vision, hoping I could maybe see his face in order to have a visual picture of him. But I couldn't. The nighttime environment only helped him remain anonymous. Yet, even without being able to clearly see him, I was slowly being overwhelmed by a very strange feeling - that I had to leave. Now. And as if he'd planned it, the boy's head snapped up, and his eyes immediately met mine. They were a shockingly bright turquoise, and in them was an unknown emotion so overpowering that I actually gasped and stumbled backwards. My heart was pounding so loudly that all other noise seemed to fade away. - "What is that, Winter?" Tyler inquired, pointing to the new diamond stud in the side of my nose. "A nose piercing," I replied irritably. I was in a dark mood, and even my best guy friend was bothering me at the moment. I just didn't want to talk to anyone. All I wanted to do was go back to that house - with that boy. His face had been burned in my mind, those aqua eyes haunting my thoughts. The corners of Ty's lips turned down, his eyes showing that he was upset. His angelic face didn't hide his emotions either, he was hurt. "I know. I just want to talk to you." "Sorry," I muttered halfheartedly. "I didn't mean to be so snappish. I'm in a bad m... ...'s your name?" he requested, a small laugh following the statement, and causing my heart to throb uncontrollably. "Because I can't keep calling you 'pretty', as true as it is." I felt lightheaded at his compliment, and reminded myself to breathe. "Winter," I said, my voice sounding stifled and forced. "Winter, eh? The name suits you quite well. Pale skin, gorgeous blue eyes†¦ the beauty and colors of the season." He winked at me, suddenly seeming a bit more human, not to mention all the more seductive. "Thank you," I said nervously. God, I must be so awkward to talk to right now. "I†¦ I almost feel like I have to come," I admitted quietly. "There's something that keeps drawing me back." A small smile formed on his lips, and there was a glint in his eyes that was bordering sinister. "Oh†¦ is there now? Finding the long way home, aren't you?" Winter Essay -- Creative Writing Essays I pressed my face up against the glass window, my moist breath causing it to fog up. I watched the boy's dark silhouette shift positions slightly, as he leaned back against the deteriorating stonewall, and buried his head in his hands. Tendrils of dark bronze hair assisted in the covering of his face, making it even more impossible to see what he might look like. He didn't know I was here, quietly watching him. Hell, he didn't even know I existed. I squinted, straining my vision, hoping I could maybe see his face in order to have a visual picture of him. But I couldn't. The nighttime environment only helped him remain anonymous. Yet, even without being able to clearly see him, I was slowly being overwhelmed by a very strange feeling - that I had to leave. Now. And as if he'd planned it, the boy's head snapped up, and his eyes immediately met mine. They were a shockingly bright turquoise, and in them was an unknown emotion so overpowering that I actually gasped and stumbled backwards. My heart was pounding so loudly that all other noise seemed to fade away. - "What is that, Winter?" Tyler inquired, pointing to the new diamond stud in the side of my nose. "A nose piercing," I replied irritably. I was in a dark mood, and even my best guy friend was bothering me at the moment. I just didn't want to talk to anyone. All I wanted to do was go back to that house - with that boy. His face had been burned in my mind, those aqua eyes haunting my thoughts. The corners of Ty's lips turned down, his eyes showing that he was upset. His angelic face didn't hide his emotions either, he was hurt. "I know. I just want to talk to you." "Sorry," I muttered halfheartedly. "I didn't mean to be so snappish. I'm in a bad m... ...'s your name?" he requested, a small laugh following the statement, and causing my heart to throb uncontrollably. "Because I can't keep calling you 'pretty', as true as it is." I felt lightheaded at his compliment, and reminded myself to breathe. "Winter," I said, my voice sounding stifled and forced. "Winter, eh? The name suits you quite well. Pale skin, gorgeous blue eyes†¦ the beauty and colors of the season." He winked at me, suddenly seeming a bit more human, not to mention all the more seductive. "Thank you," I said nervously. God, I must be so awkward to talk to right now. "I†¦ I almost feel like I have to come," I admitted quietly. "There's something that keeps drawing me back." A small smile formed on his lips, and there was a glint in his eyes that was bordering sinister. "Oh†¦ is there now? Finding the long way home, aren't you?"

Meaningful Work

I believe that meaningful work means doing a job that fulfills what you want to achieve. This may be in the form of money or prestige or simply self-satisfaction. It should be the easiest way to get to where you want to be. Most people view their jobs as terrible, hard or boring tasks that need to be done just to survive. I, however, would rather look at work as something to enjoy while making sure I get something I want in return. Hating one’s job seems to be a public consensus. Very few appreciate their work.   Calvin, in the comic series, Calvin and Hobbes, is popular for saying â€Å"It’s only work if somebody makes you do it.† Most people look at their jobs as stressful because of the pressure that goes with it: deadlines, hard-to-please employers and waking up early after sleeping late the night before. If we really think about it, it is not any different from school. At least in a job, you get paid not just a grade. People would rather avoid work because of the pressure. However, stress management is something we all can learn because â€Å"stress is a response to pressure.† (What Is Work) To handle pressure, we must learn how to balance work and life instead of letting it rule our lives. Sir James M. Barrie, the author of Peter Pan, once said â€Å"nothing is really work unless you would rather do something else† but I believe that to achieve great things, we need to change our view of work. In the book, â€Å"The Lazy Way To Success – How To Do Nothing And Accomplish Everything,† the author, Fred Gratzon, believes that the â€Å"basis of success is not hard work. The basis of success is doing less.† (25) What he meant was that by thinking clearly of how to solve our problems (money, most of the time), we can find solutions that do not necessarily take our happiness away. Gratzon believes that if you put the problem in its correct perspective, you can think of easier ways to get what you want less anxiety and effort. Gratzon is right. Work, I believe is important to achieve what I want or need. It may be money or prestige or happiness. Whatever my goals would be in the future will determine my chosen jobs someday. Realistically, I know I can’t always get the job I want but I believe that I can choose the right attitude and do what I need to do to get what I want. Work is not a pain but a means for me to gain. Work is the way to put meaning in my life. Works Cited â€Å"What Is Work Related Stress?† workstress.net. 2006 http://www.workstress.net/whatis.htm. Gratzon, Fred. The Lazy Way To Success – How To Do Nothing And Accomplish Everything. Iowa: Soma Press, 2002.

Anti-Idealism In Shakespeares Hamlet - 1563 Words

In the â€Å"Polemical Introduction† of Mark Edmundson’s book, Self and Soul, he calls William Shakespeare â€Å"our great de-idealizing author.† In his book, Edmundson examines the ideals of the ancient world and how they have been lost in the modern world. In one section of the introduction to his novel he analyzes Shakespeare’s works and how they function as a shift between these two worlds. Specifically, he examines Shakespeare’s rejection of the â€Å"religious ideal [and] the ideal of contempt,† as well as his use of skepticism and â€Å"uncertainties, mysteries, and doubts without driving forward to conclusions.† Furthermore, Edmundson discusses how Shakespeare dismissal of these ideals worked as a reflection of modern societies shift away from the†¦show more content†¦Therefore, we can see that the religious ideals seen in Hamlet are like those of the ideals of the ancient world rather than the modern one. Two scenes i n the play show this theme most clearly: the scene in which Hamlet speaks with the ghost of his dead father and the scene in which Claudius confesses for the murder. When Hamlet first speaks with the ghost, King Hamlet tells Hamlet that he is â€Å"doomed for a certain term to walk the night / and for the day confined to fast in fires / till the foul crimes done in my days of nature / are burnt and purged away† (1.5.15-18). This line invokes the idea of purgatory, a Catholic idea. Furthermore, the ghost asks Hamlet to revenge him for his death. Although Hamlet is unsure of the truth of the ghost’s words, he does not show the skepticism of Horatio. Hamlet’s morality and desire to revenge his father is based on religion, because Claudius has committed sin not only by killing his father, but also by marrying his mother, and incestuous act. Therefore, the readers can see that much of Claudius villainous acts are based around sins. Hamlet’s religious morality also makes him different from Shakespeare’s other tragic heroes such as Macbeth or Othello, whose demise is caused by their own evil faults, such as ambition and jealousy. The other major religious scene in the play is Claudius confession after the play Hamlet put on. Hamlet overhears Claudius admit to killing his father, but still doesn’t kill him, because he asks himself,Show MoreRelatedWilliam Shakespeare s Julius Caesar, Hamlet, And Henry V2709 Words   |  11 Pagesthe internal moral struggle that every man goes through, the concept of what is right and what is wrong in a world that is full of gray areas. More specifically he deals with the concept of honor and morality in several of his plays. Julius Caesar, Hamlet, and Henry V, to a lesser extent, deal with how men handle these and can reconcile otherwise heinous acts. Now, being well aware that Shakespeare does not account for all the Renaissance writers, however his are the most prevalent still today andRead More The American Dream Conspiracy in Death of a Salesman Essay1728 Words   |  7 Pagespartners in the American Dream and parties to the conspiracy of silence surrounding the fact that failures must outnumber successes.(Samantaray, 2014) Miller amalgamates the archetypal tragic hero with the mundane American citizen. The result is the anti-hero, Willy Loman. He is a simple salesman who constantly aspires to become great. Nevertheless, Willy has a waning career as a salesman and is an aging man who considers himself to be a failure but is incapable of consciously admitting it. As aRead MoreAmerican Literature11652 Words   |  47 Pagessupport instructive in values American Renaissance/Romanticism period of American Literature - 18001855 Content: ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · writing that can be interpreted 2 ways, on the surface for common folk or in depth for philosophical readers sense of idealism focus on the individual s inner feelings emphasis on the imagination over reason and intuition over facts urbanization versus nostalgia for nature burden of the Puritan past Genre/Style: ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · ï‚ · literary tale character sketch slave narratives

Is It Real to Live Well with Dementia Free Essay Example, 2500 words

Death of young and only son of David Wright - a 65 year old fun-loving and creative visual artist - had given considerable shock and depression to Mr. Wright. Since, then he started experiencing state of depression and sadness all the time, and he behaved in a pessimistic way wanting to stop all his life activities. For one year after death of his son, he did not create any painting and started experiencing some domestic and economical issues (Bourgeois and Hickey 2009). Additionally, he started taking anti-depression pills. He decided to start his own bakery shop, but his wife Allen who helped him a lot in recovering from the grievance of his son's death encouraged him to continue with his artistic job of painting and sketching. Consequently, he quit the idea of starting bakery and went back to his painting and sketching job. In Mr. Wright s case, it has been noticed that he stopped taking food properly and increased his alcohol dose after his son's death, although his wife convinced him a lot to quit drinking and start eating properly, but he did not listen to her about this and kept of loosing weight and stamina day by day (Bourgeois and Hickey 2009). Consequently, he started showing symptoms of medical disorders as his body was suffering from a chemical imbalance due to the increased amount of toxin (drug) and malnutrition. We will write a custom essay sample on Is It Real to Live Well with Dementia or any topic specifically for you Only $17.96 $11.86/page Day by day he was getting weak, and his better half was also suffering badly due to his declining health condition. Unfortunately, after three years his wife Allen also passed away due to a heart attack leaving him with his only eldest daughter, who was practicing law outside London.

Types Of Conflict Spiral And Avoidance Spiral - 940 Words

Since conflict is made up of individuals with their own perceptions it only makes sense that there lie different paths that conflict can take. Some of the different paths that are destructive in nature are the â€Å"escalatory spiral† (Hocker Wilmot 29) and â€Å"avoidance spiral† (Hocker Wilmot 32). These spirals are made up of not only speech but physical actions that mean to damage another or seek to lessen the relationship between themselves. It is important to recognize what type of conflict spiral is happening so you may view the situation clearly and see what the next step is to possibly fix this problem before it escalates past the point of repair. Recognizing that you are in an escalatory spiral is simple because it is categorized as a state where both parties involved take action to â€Å"get even† (qtd. in Hocker Wilmot 31) with the other person(s) involved. An escalatory spiral is a destructive means people take when there are â€Å"[misunderstand ings], discord and destruction (Wilmot 1987)† (Hocker Wilmot 30). The interaction between those in conflict during an escalatory spiral becomes less about understanding and fixing the conflict and more about how to emotionally harm the other person involved. In an escalatory spiral, there is only one path for those that are engaging in it and that is â€Å"upward and onward† (Hocker Wilmot 30). For those that find themselves in an escalatory spiral they may find it difficult to get out of it because the original issue becomes buriedShow MoreRelatedCorporate Systems Area Of Humana3650 Words   |  15 Pagesleadership of IT had determined that new leadership was needed within the Corporate Systems space and after working as a project manager on the project I was asked to lead the teams that had been working on the failed project. 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Personal and Professional Development Managing Professional Developme

Question: Discuss about the term for Personal and Professional Development. Answer: Introduction Organisations today are considering their human resources as their most precious assets as they help the company achieve its goals and attain competitive advantage(Blandford, 2012). To meet the dynamic needs of towards marketplace organisations need employees who possess multiple skills and can add value to their knowledge academy(London, 2011). Thus, to be successful in todays dynamic business environment individuals need to evaluate their existing skills and formulate ways of continuously improving them and adding new skills to achieve desired career goals. Leadership skills and time management skills are the two essential skills that play a vital role in personal and professional development of an individual(DuBrin, 2012). Personality traits play an important role in defining an individuals behaviour and being aware of own strengths and weaknesses(Fisher-Yoshida Geller, 2009). Thus, I have undertaken self assessment activities related to leadership, personality traits and time management. Analysing the results of these self assessment activities helped me in identifying areas of professional development and planning towards the development of my Professional Development Plan (PDP). Indulging in different self assessment activities has helped me in identifying the gap between by current skills and desired skills. Leadership Self Assessment Leadership is defined as the process of developing ideas and vision, living by values that support those ideas and vision, influencing others to live by values and making tough decisions when required(Hellriegel John W. Slocum, 2011). Thus, ideas, vision, values, influencing others and decision making are the five key attribute of leadership. Leadership skills are essential for the growth of an individual in personal as well as professional life. Organisations today want employees(DuBrin, 2012) who possess strong leadership skills and can support them in achieving their goals. Undertaking the leadership self assessment helped me in identifying my strengths and weaknesses as a leader. After answering 18 questions related to different aspects of leadership I have achieve a total score of 50 which indicates I am doing just OK as a leader there is good room for improvement. I am emotionally stable but too practical owing to which I have scored low on people-management and empathy aspect of leadership. I am a hard worker and prefer self-managed learning so I expect the same from other which is not always possible owing to individual differences and different learning styles(Throop Castellucci, 2010). As my work experience is comparatively less I often doubt myself and my ability to succeed with is a big drawback as a leader(Jarvis, 2010). I need to work on increasing my self-confidence. Being a perfectionist I sometimes expect people to deliver top-notch results only which presents me as an autocratic leader. I am very imaginative and open to new experiences thus I feel team performs well when they learn new skills and perform challenging tasks. An analysis of the leadership self assessment results shows that I need to work hard on improving my leadership skills and people management skills. Big Five Personality Self Assessment Personality has a direct influence on individual behaviour at work and in other aspects of life (Friedman, 2013). It also has an effect on individuals level of motivation and ability to develop interpersonal relationships(Frey Fisher, 2011). Undertaking the big five personality self assessment helped me in knowing my personality better and identifying areas of improvement (Aspin, 2008). An analysis of the self assessment result shows that I have scored an average in the extroversion section which means I need to work hard on improving my social skills, assertiveness and gregariousness. I comfortable being around different people however owing to low self confidence and weak communication skills I avoid talking much. I have scored well in openness section owing to the fact that I am imaginative, creative and open to new ideas. I like accepting new challenges and learning new skills. I have scored average in conscientiousness section, I am hardworking and quite dependable however I ha ve to become more organised and learn to prioritise my work. I often concentrate on learning so much that I miss some of my tasks and at the end mess up things sometimes. I have scored average in agreeableness section owing to the fact that I prefer being competitive which often lands me into conflicts. I am not manipulative and often speak what is correct and ethical. I have scored. I have scored well in neuroticism section which shows me as an emotionally stable person. I understand and respect others feeling however I feel it is good to be practical to succeed. I experience less mood swings and do not get irritated easily. The results of big five personality self assessment shows that I need to improve my conflict management skills and communication and interpersonal skills Time Management Self Assessment Time management is the act of allocating right time to right activity which not only help an individual succeed in professional life but also maintain a perfect balance in personal life(Burnard, 2013). Undertaking the time management self assessment has helped me in identifying the gap between my existing time management skills and desired time management skills. Analysis of the self assessment shows that I need to really work hard on improving my time management skills as decision making skills as I am unable to prioritise my tasks effectively owing to which I find myself completing tasks at last moment and often asking for extensions. Areas of Professional Development Based on the results of the self assessment activities I need to improve my leadership skills, people management skills, time management skills, communication skills, interpersonal skills, conflict management skills and decision making skills to achieve desired career goals. Professional Development Plan Objectives Priority Activities Resources Target date Evidence of achievements Remarks Leadership Skills High Enrolling in a part time course related to leadership. Talk to different people to improve my self confidence. Develop a positive attitude and outlook Finances and Time April 2016 Continuous Certificate of course completion Feedback from peers People Management Skills High Enrolling in a 3 months part time course on people management Finances and Time August 2016 Certificate of course completion Communication Skills High Enrolling in a 4 weeks part time course on communication skills. Attending seminar on communication skills. Taking part in public speaking events Finances and Time September 2016 Certificate of course completion Feedback from peers Time management skills High Enrolling in a Four day online session on time management Time and availability of course May 2015 Course certificate Interpersonal skills Medium Work on my listening skills, emotional stability, empathy, use of humours and social skills Time Continuous Feedback from peers Conflict Management skills Medium Reading materials on conflict management and negotiation skills. Participating in relevant seminars Time and Finances Continuous Reduced conflicts and improved feedback from peers Decision making skills Medium Reading materials on decision making skills. Participating in relevant seminars Continuous Improved decisions and perceived as a mature person by peers Conclusion A professional developing plan based on the finding of self assessment activities will help me in monitoring, improving and revising my activities on a regular basis and eventually reducing the gap between existing skills and desired skills. As a professional it is essential to keep on upgrading existing skills and adding new skills to achieve desired career goals. References Aspin, D. N., (2008) Philosophical Perspectives on Lifelong Learning. Hamburg: Springer Science Business Media. Blandford, S., (2012) Managing Professional Development in Schools. New Jersey: Routledge. Burnard, P., (2013) Teaching Interpersonal Skills: A handbook of experiential learning for health professionals. Hamberg: Springer. DuBrin, A., (2012) Leadership: Research Findings, Practice, and Skills. New York: Cengage Learning. Fisher-Yoshida, B. Geller, K. D., (2009) Transnational Leadership Development: Preparing the Next Generation for the Borderless Business World. New York: AMACOM Div American Mgmt Assn. Frey, N. Fisher, D., (2011) The Formative Assessment Action Plan: Practical Steps to More Successful Teaching and Learning. New York: ASCD. Friedman, A. L., (2013) Continuing Professional Development: Lifelong Learning of Millions. New Jersey: Routledge. Hellriegel, D. John W. Slocum, J., (2011) Organisational Behaviour. New York: Cengage Learning. Jarvis, P., (2010) Adult Education and Lifelong Learning: Theory and Practice. New Jersey: Routledge. London, M., (2011) The Oxford Handbook of Lifelong Learning. Oxford: Oxford University Press. Throop, R. K. Castellucci, M., (2010) Reaching Your Potential: Personal and Professional Development. New York: Cengage Learning.

Pension Fund Fiduciary Duty and Non-Financial Considerations Essay Example

Pension Fund Fiduciary Duty and Non-Financial Considerations Paper The fiduciary duties of loyalty and prudence have often been seen as presenting an impediment to the consideration of so-called non-financial factors, in particular ethical, environmental, social and governance (ESG) factors in investment strategy. In reality, it would be more appropriate to think of these ‘non-financial factors’ as not-yet-financial factors, thus acknowledging that currently non-financial factors may become financial as relevant legislation is introduced and public perception develops. This subsection discusses why so-called non-financial factors have been seen as offlimits for pension fund fiduciaries: briefly, the duty of loyalty has on occasion been interpreted as requiring fiduciaries to focus solely on immediate financial returns from investments; courts have at times interpreted the duty of prudence in such a way as to encourage fiduciaries to adhere to the status quo, discouraging innovation in investment (including looking to factors other than traditional financial considerations). Critics oppose the consideration of non-financial issues on the basis that such consideration may indulge the political motives of trustees at the expense of financial earnings for beneficiaries. Public pension funds, in particular, may be vulnerable to ill-judged, politically motivated investment decisions. This reasoning, if applied to climate change, paints pension funds’ consideration of the risks and opportunities associated with climate change in investment strategy as contrary to fiduciary duty, at least in so far as their inclusion is unconventional compared with industry peers. Part of the reason for the perpetuation of the perception that fiduciaries should not have regard to non-financial factors in their investment approach is the lack of recent case law directly on point. The main cases in both the US and the UK were decided in the 1980s, and in both places, the questions usually had to do with ethical and political questions regarding investment in then-apartheid South Africa. No case has tested the issue of whether specifically environmental factors may be taken into account in pension fund investment decisions. Certainly, no case has yet dealt with the question of whether pension fund investment strategy may have explicit regard to the risks and opportunities assoc iated with climate change. We will write a custom essay sample on Pension Fund Fiduciary Duty and Non-Financial Considerations specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Pension Fund Fiduciary Duty and Non-Financial Considerations specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Pension Fund Fiduciary Duty and Non-Financial Considerations specifically for you FOR ONLY $16.38 $13.9/page Hire Writer There have been recent attempts to clarify the status of non-financial considerations in pension fund investment strategy on both sides of the Atlantic. Unfortunately, neither country has succeeded. In the US, recent Department of Labor Bulletins intended to clarify the Department’s position have in fact confused the issue further. Some commentators from within the institutional investment industry have interpreted the bulletins as requiring strict avoidance of non-financial consideration in investment decision-making; many regard them simply as confused, confusing and contradictory. In the UK, comments from parliamentary debate in 2008 indicated some support for the view that ESG factors may legally be integrated into pension funds’ investment strategies. However, no legislative change was made, and as a result the comments are in no way binding. For these reasons, the uncertainty surrounding the requirements of fiduciary duty with respect to non-financial considerations remains, and creates a perception amongst trustees that it is safest not to test these waters. Without legislative clarification, it is likely that many pension funds will avoid the issue altogether by ignoring the question of climate change. US Case Law and Recent Commentary US cases considering trustees’ regard to non-financial factors in investment decisionmaking have produced mixed outcomes. In Board of Trustees of Employee Retirement System of the City of Baltimore v City of Baltimore, the City of Baltimore had passed ordinances requiring the city’s public pension funds to divest from companies that had business dealings in South Africa. The trustees of the funds sued the City, arguing that the ordinance restricted their ability to properly diversify by reducing their investment universe. This, they argued, unlawfully affected their duty of prudence. The trustees also argued that the ordinances unlawfully affected the common law duty of loyalty by diluting the trustees’ focus on the exclusive benefit of beneficiaries through the inclusion of social considerations. The Court of Appeal found that although the ordinances did reduce somewhat the universe of potential investments for trustees, ‘a diversified, [South Africa Free] portfolio can be managed consistently with the duty of prudence’. Furthermore, the court did ‘not believe that a trustee necessarily violates the duty of loyalty by considering the social consequences of investment decisions.’ Instead, the court stated that ‘a trustee’s duty is not necessarily to maximize the return on investments but rather to secure a â€Å"just† or â€Å"reasonable† return while avoiding undue risk.’ By contrast, in University of Oregon v Oregon Investment Council, the Court of Appeal of Oregon refused standing to the University of Oregon students associations who sought a declaration that the state could not invest endowment funds in companies operating in Namibia, South Africa and Zimbabwe. The students had challenged the Oregon Attorney-General’s view that such divestment amounted to a probable violation of fiduciary duty. The court stated that the students ‘do not allege any legally recognized injury, and neither agreement with plaintiffs’ opposition to apartheid nor the desirability of encouraging students to become concerned with social and moral wrongs and to seek to right them can turn the alleged â€Å"injuries† into legally recognized ones.’ The findings in these two cases (as well as other contemporaneous cases) suggest that whether or not non-financial considerations are permissible depends on the specific facts at hand. Surprisingly, there have been no significant recent US legal decisions to shed further light on these questions. Contradictory views about the status of non-financial considerations also appear in US commentary surrounding the issue of non-financial considerations in pension fund investment. The comments to se ction 5 of UPIA, which applies to public pension funds in almost all states, say that no form of so-called ‘social investing’ is consistent with the duty of loyalty if the investment activity entails sacrificing the interests of trust beneficiaries – for example, by accepting below-market returns – in favour of the interests of the persons supposedly benefited by pursuing the particular social cause. The UPIA comment suggests that there can be no trade-off between financial and non-financial gains in pension fund investment strategies. By contrast, the US Department of Labour’s position vis-à  -vis non-financial considerations by private pension funds is less clear. In 1998, the Department stated that fiduciary duties under ERISA do not preclude consideration of collateral benefits, such as those offered by a ‘socially-responsible’ fund, in a fiduciary’s evaluation of a particular investment opportunity. However, the existence of such collateral benefits may be decisive only if the fiduciary determines that the investment offering the collateral benefits is expected to provide an investment return commensurate to alternative investments having similar risks. Then, on 17 October 2008, the Department released two interpretive bulletins that further muddied its stance on non-financial considerations in institutional investment. The first bulletin provides ‘supplemental guidance relating to fiduciary responsibility in considering economically targeted investments’ (‘the ETI bulletin’). The second bulletin provides clarification on ‘the exercise of shareholder rights and written statements of investment policy, including proxy voting policies or guidelines’ (‘the shareholder rights bulletin’). The bulletins are intended to reiterate and clarify the Department of Labor’s ‘longstanding view that workers’ money must be invested and used solely to provide for retirements and not for political, corporate or other purposes’. The ETI bulletin states that ERISA establishes a clear rule that in the course of discharging their duties, fiduciaries may never subordinate the economic interests of the plan to unrelated objectives, and may not select investment on the basis of any factor outside the economic interest of the plan. However, where t wo or more alternative investments ‘are of equal economic value’, fiduciaries are permitted to ‘choose between the investment alternatives on the basis of a factor other than the economic interest of the plan’. The bulletin highlights the Department of Labor’s belief that fiduciaries who rely on non-economic factors to make investment decisions will find it difficult to prove compliance with ERISA ‘absent a written record demonstrating that a contemporaneous economic analysis showed the investment alternatives were of equal value’. The shareholder rights bulletin states that the fiduciary duties described in ERISA require that in voting proxies, regardless of whether the vote is made pursuant to a statement of investment policy, the responsible fiduciary shall consider only those factors that relate to the economic value of the plan’s investment and shall not subordinate the interests of the participants and beneficiaries in their retirement income to unrelated objectives. The shareholder rights bulletin also reinforces that all proxy voting guidelines in statements of investment policy must comply with fiduciary duty. As such, these ‘may not subordinate the economic interests of the plan participants to unrelated objectives.’ While Department of Labour bulletins are only binding upon pension funds that are governed by ERISA and do not affect general trust law, they are nonetheless likely to influence judicial interpretation. Shortly after the publication of the bulletins, the Social Investment Forum, (‘SIF’), wrote an open letter to the Department criticizing inconsistencies and ambiguities in the bulletins’ language. The bulletins appear to have confused, rather than clarified, the US Department of Labor’s views with respect to the inclusion of non-financial factors in decisionmaking. In short, US legal cases, legislation and Department of Labor commentary present pension funds with unclear guidance about their obligations with respect to the consideration of non-financial issues in investment strategy. UK Case Law and Recent Commentary The case that has had the greatest influence, somewhat undeservedly, on the issue of non-financial considerations in pension fund investment decisions in the UK is Cowan v Scargill. In that case, the five Board-appointed trustees of the Mineworkers’ Pension Scheme sued the other five (union-appointed) trustees over their refusal to agree to an investment plan unless it was amended ‘so as to prohibit any increase in overseas investment, to provide for the withdrawal of existing overseas investments at the most opportune time, and to prohibit inv estment in energies which are in direct competition with coal’. The Court found that the union trustees were in breach of their fiduciary duty in refusing to accept the diversified investment plan. Megarry VC held that: When the purpose of the trust is to provide financial benefits for the beneficiaries, as is usually the case, the best interests of the beneficiaries are normally their best financial interests. He went on to explain that trustees must put aside their social, political and moral views when making investment decisions on behalf of the trustees: In considering what investments to make trustees must put on one side their own personal interests and views. Trustees may have strongly held social or political views. They may be firmly opposed to any investment in South Africa or other countries, or they may object to any form of investment in companies concerned with alcohol, tobacco, armaments or many other things. In the conduct of their own affairs, of course, they are free to abstain from making any such investments. Yet under a trust, if investments of this type would be more beneficial to the beneficiaries than other investments, the trustees must not refrain from making the investments by reason of the views that they hold. Pension funds have often cited this case demonstrating that the ‘best interests’ of beneficiaries coincide with their financial interests and that non-financial considerations are likely to breach fiduciary duty. Therefore, the belief that trustees must seek to maximise profit at the expense of all other considerations has held currency with many institutional investors. However, this interpretation has been challenged. A number of commentators, including Megarry VC himself, have argued that the Cowan v Scargill decision has been overly influential and has been interpreted too widely. Writing in an academic paper in 1989, Megarry expressed surprise at amount of attention his decision had received (that was twenty-two years ago, and the decision is still the primary case on the matter). This view was reinforced in Martin v City of Edinburgh District Council, in which Lord Murray said ‘I cannot conceive that trustees have an unqualified duty †¦ simply to invest trust funds in the most profitable investment available.’ Under the Occupational Pension Schemes (Investment) Regulations (2005), a pension fund’s statement of investment principles must detail ‘the extent (if at all) to which social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments’. On 7 October 2008, the UK legislature debated whether legislation should go further and establish a general rule that certain non-financial issues could inform pension fund investment decisionmaking. In speaking about a proposed amendment to the Pension Bill, Lord McKenzie stated that ‘there is no reason in law why trustees cannot consider social and moral criteria in addition to their usual criteria of financial returns, security and diversification’. Lord McKenzie went on to say that: It follows from this that it may be appropriate for trustees to engage in these considerations with companies in which they invest. This may include disinvesting from such companies if, acting in accordance with their fiduciary duties and the objects of their trust, they consider that this is right and in the best interests of their members. These comments were not, however, followed by any legislative clarification of the issue in the UK. Indeed, they were intended to demonstrate that no legislative sanctioning of socially driven investing was necessary, with Lord McKenzie going on to say: It would not be appropriate for the Government or Parliament to impose any guidelines that might restrict the trustee’s independence in carrying out its overriding duty to members, although governments have a role in engendering a climate which fosters ethical investment and in ensuring that legislation does not act as a barrier to those who are committed to this. In 2005, the United National Environment Program Finance Initiative (UNEP FI) released a report that examined the issue of institutional investors’ tre atment of ESG factors in investment decision-making. The report surveyed the legal landscape in both common law and civil law jurisdictions and came to the conclusion that: It is not a breach of fiduciary duties per se to have regard to ESG considerations while pursuing the purposes of the trust. Rather, in our opinion, it may be a breach of fiduciary duties to fail to take account of ESG considerations that are relevant and to give them appropriate weight, bearing in mind that some important economic analysts and leading financial institutions are satisfied that a strong link between good ESG performance and good financial performance exists. Despite the sanguine views of UNEP FI, neither recent case law nor legislation has appeared to confirm or deny either their assertions or those of Lord McKenzie. Nor has the US Department of Labor’s recent commentary been tested. With the recent entrance of the Obama administration, it is possible that the commentary will undergo further change before there is an opportunity for it to be tested. Therefore, the legal position with respect to pension funds’ consideration of non-financial factors in investment strategy remains unclear in both the US and the UK. As the law currently stands, the inclusion of the risks and opportunities associated with climate change as a factor in investment decision-making may be perfectly acceptable. On the other hand, it may put pension funds at risk of violating their fiduciary obligations: until legislation or case law clarifies the point, funds will not know. And, until the advent of such a case or of relevant legislation, pension funds will be wary of amending their investment strategies. It is this uncertainty, rather than fiduciary duty itself, that acts as an impediment to the consideration of non-financial factors at present. Next Page – Fiduciary Duty’s Paradox: Incrementally Flexible Previous Page – Fiduciary Duty as a Perceived Barrier to Change