12. Trustee investment

2020 ◽  
pp. 419-452
Author(s):  
Gary Watt
Keyword(s):  
Modern Trend ◽  
Ethical Investment ◽  
Trust Fund ◽  
Freedom Of Choice ◽  
Trust Funds ◽  
Effective Remedy ◽  
Do So

Trustees must invest in a manner that is prudent and fair, and failure to do so may make them personally liable to compensate for any loss. However, it is difficult to prove a breach of trust, and to prove and quantify the loss suffered by the fund. Even if the trustees admit that they invested imprudently and that the trust fund suffered a loss, there seems to be no effective remedy for improper trustee investment. This chapter deals with trustee investment and shows that the modern trend in trustee investment is towards liberalization, freedom of choice, and the free participation of trust funds in investment markets. After discussing the nature of trustee investment, it considers the goals of trustee investment and the trustees’ investment powers. The chapter also analyses types of investment, the trustees’ investment duties, liability for improper investment by trustees, and ethical investment.

12. Trustee investment

2018 ◽  
Author(s):  
Gary Watt
Keyword(s):  
Modern Trend ◽  
Ethical Investment ◽  
Trust Fund ◽  
Freedom Of Choice ◽  
Trust Funds ◽  
Effective Remedy ◽  
Do So

Trustees must invest in a manner that is prudent and fair, and failure to do so may make them personally liable to compensate for any loss. However, it is difficult to prove a breach of trust, and to prove and quantify the loss suffered by the fund. Even if the trustees admit that they invested imprudently and that the trust fund suffered a loss, there seems to be no effective remedy for improper trustee investment. This chapter deals with trustee investment and shows that the modern trend in trustee investment is towards liberalization, freedom of choice, and the free participation of trust funds in investment markets. After discussing the nature of trustee investment, it considers the goals of trustee investment and the trustees' investment powers. The chapter also analyses types of investment, the trustees' investment duties, liability for improper investment by trustees, and ethical investment.

Valuation of Reversions and life Interests for the Purpose of Apportionment of Trust Funds

1955 ◽  
Vol 81 (2) ◽  
pp. 150-185 ◽  
Author(s):  
N. Benz
Keyword(s):  
General Rule ◽  
Trust Fund ◽  
Trust Funds ◽  
Principal Points ◽  
The Subject

…the solutions given…are so various as to excite no little surprise and distrust in the minds of those unacquainted with the subject, under whose notice such solutions are brought.…a great deal of judgment and discretion must always be required from the actuary, and…it is not possible to lay down any general rule which shall altogether obviate such requirement.The quotations above are taken from a paper by Jellicoe (J.I.A.6, 61) which was discussed by this Institute in 1855. It is a salutary thought that there are no subsequent statements recorded in J.I.A. on the subject which seem to express so succinctly the two principal points which should always be borne in mind when the apportionment of a trust fund is under consideration. It must be stated immediately, however, that since 1855 problems of apportionment have been discussed only in 1871 (J.I.A.16, 269), 1873 (J.I.A.18, 77) and 1925 (J.I.A.56, 243); indeed, reversions and life interests have scarcely been mentioned in Institute discussions since 1935, when O. I'A. Thurston presented his paper on Death Duties (J.I.A.66, 369).

Clement of Rome and Moralism

1962 ◽  
Vol 31 (2) ◽  
pp. 131-150 ◽  
Author(s):  
Charles Merritt Nielsen
Keyword(s):  
New Testament ◽  
Second Century ◽  
First Century ◽  
Freedom Of Choice ◽  
The New Testament ◽  
Apostolic Fathers ◽  
Do So

Clement of Rome has often been judged and found wanting by his Protestant interpreters. His letter is frequently presented as “a good illustration of the break between the New Testament faith and the Apostolic Fathers' lapse into moralism.” (And “moralism,” to put it mildly, is not always a pleasant word in Protestant theological circles.) Rudolf Knopf calls attention to the “rationalen Moralismus des Schreibens.” And Johannes Weiss says that “a strong moralism runs through all its expressions from the first page to the last.” When James Mackinnon gives us examples of Christian moralism in the sub-apostolic period, Clement is of course present in a prominent way, as indeed he is also significantly present when H. E. W. Turner mentions the “tradition of ‘sober moralism’ which was so notable a feature of late first-century and early second-century Christianity.” Moreover, A. C. McGiffert stands in the same tradition of interpretation when he says that for Clement “salvation is to be had only by obeying God and doing his will.” One could of course go on and on citing examples of this kind, but it seems unnecessary to do so, especially in view of the fact that a great many more illustrations are readily available in Thomas F. Torrance's The Doctrine of Grace in the Apostolic Fathers. Not only does Professor Torrance mention numerous scholars who stress the moralism of Clement, but also he himself comes to the conclusion that grace in I Clement appears to be an “enabling power granted to those who are worthy.” Clement “may use the language of election and justification, but the essentially Greek idea of the unqualified freedom of choice is a natural axiom in his thought, and entails a doctrine of ‘works,’ as Paul would have said.”

Reflections on the Habré Appeals Decision

2020 ◽  
pp. 161-166
Author(s):  
Judge Ouagadeye Wafi
Keyword(s):  
Political Influence ◽  
Time Limit ◽  
Trust Fund ◽  
Main Challenge ◽  
Appeals Court ◽  
Do So

This chapter offers reflections of EAC Appeals Judge Ouagadeye Wafi, who discusses producing the highly anticipated appeals decision. Specifically, he comments on the challenge of ruling on multiple procedural challenges raised by the defence, as well as the reasoning behind maintaining the conviction in its entirety save for acquitting Hissène Habré of personally raping Khadidja Hassan Zidane. In hindsight, the main challenge presented by the appeal was to satisfactorily deal with the recognition of the civil parties and the question of compensation with only twenty-eight working weeks to do so. Although Judge Wafi did not observe any political influence or pressure, he feels that the time limit, albeit understandable and intrinsically linked to the budget, served to hinder the work of justice, which in itself should not be so strictly regulated. As a result, the Appeals Court was forced to encumber the Trust Fund for Victims with tasks that it could have undertaken itself had it had the necessary human, financial, and time resources. Particularly in terms of eligibility, this would have allowed the victims to definitely be in the know at the time of the verdict was announced, and which would also have prevented new actors from the need to delve into such a sprawling file, saving precious time.

Fighting of Bulls as Symbolic Expression of Divisions in the Hima Camp

Africa ◽  
1974 ◽  
Vol 44 (2) ◽  
pp. 136-150 ◽  
Author(s):  
Yitzchak Elam
Keyword(s):  
East Africa ◽  
Social Aspects ◽  
Type I ◽  
Type Ii ◽  
Freedom Of Choice ◽  
Group Type ◽  
The Social ◽  
Descent Group ◽  
Opening Paragraph ◽  
Do So

Opening ParagraphIn the course of tracing the social aspects of witchcraft and sorcery in East Africa, Middleton and Winter (1963: 11–13) distinguished two types of neighbourhood. In type I neighbours tend to be co-members of a unilineal descent group; type II in terms of descent is heterogeneous.The authors implied that, while tensions existed in both these neighbourhoods, type I was likely to give rise to more acute forms of interpersonal conflict. It is an involuntary association in which relationships are ascribed at birth, being therefore ‘inborn and innate’, i.e. compulsory. By contrast, neighbours of the second type ‘…live together because in the ultimate sense they choose to do so’. This freedom of choice conduces to an easier contact between them as proved by the absence of accusations of withcraft and the prevalence of accusations of sorcery. Accusations of sorcery are viewed by Middeton and Winter as symptoms of milder conflicts.

Putting Trust in the U.S. Budget: Federal Trust Funds and the Politics of Commitment. By Eric M. Patashnik. Cambridge: Cambridge University Press, 2000. 231p. $54.95 cloth, $19.95 paper.

2002 ◽  
Vol 96 (1) ◽  
pp. 213-214
Author(s):  
Daniel J. Palazzolo
Keyword(s):  
Political Process ◽  
Federal Budget ◽  
Budgetary Process ◽  
Trust Fund ◽  
Policy History ◽  
Cambridge University ◽  
Trust Funds ◽  
Budget Policy ◽  
Aaron Wildavsky

Nearly four decades ago, in a path-breaking book, Aaron Wildavsky taught us, among other things, that “in the most integral sense the budget lies at the heart of the political process” (The Politics of the Budgetary Process, 1964, p. 5). Building on Wildavsky's study, many scholars have contributed to our understanding of various aspects of budget policy and politics. Some have discussed the role of trust funds in the federal budget, but none have made them the central focus of their research. Eric Patashnick fills an important void in the literature by explaining why trust funds are created and how they affect deliberation over tax and spending decisions. Using the trust fund mechanism as a point of reference, Patashnik also tests theories of policy history, public choice, and institutionalism.

Put Truth Back Into Budgeting: Take the Transportation Trust Funds Off Budget

1996 ◽  
Vol 1 (1) ◽  
pp. 5-9 ◽  
Author(s):  
Bud Shuster
Keyword(s):  
Executive Branch ◽  
Trust Fund ◽  
Inland Waterways ◽  
General Fund ◽  
Trust Funds ◽  
Deficit Spending ◽  
Take All

In 1968, President Johnson placed the Highway Trust Fund within a general unified budget. Today four trust funds—Highway, Aviation, Inland Waterways, and Harbor Maintenance—are shown as part of the General Fund, and today their combined balances have risen to nearly $31 billion. Why are these funds used for offsetting deficit spending instead of improving infrastructure as promised? Congressman Bud Sinister introduced H.R. 842—the Truth in Budgeting Act—in February 1995 with a simple purpose. It would take all four trust funds out of the General Fund budget. With over 200 cosponsors, H.R. 842 was passed by the house 284–143. Yet some members of Congress oppose this effort because they believe off-budget trust funds will eliminate their oversight off these programs. Quite the contrary, Congress and the executive branch would retain all their controls on trust fund expenditures. Another controversy concerns whether off budget funds will lessen the control of overall spending. Yet, if Congress is to be accountable to the contributors of these funds, they will expend the funds for the intended infrastructure needs, restoring the public's faith in their government and ensuring the integrity of these self financed programs.

scholarly journals Towards Capturing Human Well-Being-Nature Relationships in Poverty Assessments in Rural Malawi and Rwanda

2021 ◽  
Vol 5 (1) ◽  
Author(s):  
Marije Schaafsma ◽  
Nicole Gross-Camp
Keyword(s):  
Rural Areas ◽  
Environmental Changes ◽  
Group Discussion ◽  
Well Being ◽  
Poverty Measurement ◽  
Freedom Of Choice ◽  
The People ◽  
Rural Settings ◽  
Context Specific ◽  
Do So

Despite repeated emphasis on the links between the natural environment and human well-being and the disproportionate and direct dependence of the rural poor on natural resources, these links have not been well addressed in poverty assessments. Common poverty profiles neither reflect the contribution of nature to well-being nor the multiple values and meanings that people ascribe to nature. Building on a conceptual grounding for including environmental components in well-being measures, our work aimed to determine for which components it is legitimate to do so according to the people whose well-being is measured. We developed a focus group discussion protocol to elicit perceptions of environment-well-being relationships in rural settings in Rwanda and Malawi. The protocol included a well-being free-listing exercise, a matching exercise linking the listed items to predefined well-being dimensions, and a discussion of environment-well-being connections. We found that severe environmental degradation, hazards, and conflicts over access to land and forests in these diverse rural areas are deeply and directly linked to well-being. Environmental changes such as flooding or extended drought led to losses of income, crops, and assets, as well as prolonged periods of psychological stress, constrained freedom of choice, and in extreme cases, death. Our results suggest that some environmental components are constituent to well-being. We emphasise the importance of validating the precise environmental components that are considered relevant to well-being in different contexts. Extending poverty measurement with relevant environmental components can help in targeting action towards reducing poverty in a more legitimate, context-specific way.

scholarly journals The Role of Pension Funds in Financing US Federal Debt

Upravlenie ◽  
2017 ◽  
Vol 5 (1) ◽  
pp. 93-97 ◽  
Author(s):  
Аксенов ◽  
P. Aksenov ◽  
Емельянов ◽  
S. Emelyanov
Keyword(s):  
Social Security ◽  
Pension Funds ◽  
Trust Fund ◽  
Payroll Tax ◽  
Trust Funds ◽  
The Social ◽  
Federal Debt ◽  
Security Funds ◽  
The Government

The article examines main trends in financing the federal debt, pointing out its structure, with focus on the role of pension funds as a source of financing; because the surplus of Social Security funds is loaned to the rest of the government; interlinks concerning this process and possible problems; the peculiarities of the federal government pension system’s investment in the government bonds. The US public debt as a share of GDP is much less than in many countries, but its volume is near 20 trln. doll. It may be classified by marketable and non-marketable securities, which are mainly owed to certain government trust funds such as the Social Security trust fund. So the Social Security trust fund, in effect is exchanging one type of debt for the other, taking into consideration that the non-marketable securities represent amounts owed to the beneficiaries. The reserves are in effect borrowed for a time by the rest of the government, and then repaid with interest when the trust funds need them back. Looking ahead Social Security will continue to be financed through its own receipts, mainly payroll tax; and Social Security Trust Fund surplus will become diminishing, with less possibilities to finance federal debt.

10. The duties of trustees: with special reference to investment

2018 ◽  
Author(s):  
Richard Clements ◽  
Ademola Abass
Keyword(s):  
Special Reference ◽  
Ethical Investment ◽  
Reasonable Care ◽  
Trust Funds ◽  
Wide Range ◽  
Investment Function ◽  
Complete Series ◽  
Explanatory Text ◽  
Investment Advice ◽  
Primary Materials

Titles in the Complete series combine extracts from a wide range of primary materials with clear explanatory text to provide readers with a complete introductory resource. Trustees have a duty to invest the trust funds to provide an income for the beneficiaries and to maintain or, indeed, increase the value of the trust. This chapter discusses the meaning of investment; the Trustee Act 2000; the duty of reasonable care and skill; investment advice and selection; the acquisition of land; the liability of trustees; exclusion of liability, ethical investment; delegation of the investment function to agents; and information for and the giving of reasons to the beneficiaries.

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