Ambachtsheer said a “rough estimate” was that such agency problems were lowering long-term returns by 1.5% per annum and questioned how these foregone returns would be captured.“Institutional investors around the globe, led by the pension fund sector, are well-placed to play a ‘lead wagon’ fiduciary role in driving those agency costs down by focusing the capital at their disposal on the long term,” he said.The academic said such an approach would both “foster good citizenship” and boost returns for long-term investors.In a survey conducted for the Rotman Institute, covering 81 pension fund chief executives with assets of CAD4trn (€2.2trn), respondents noted that external managers were “not really aligned with [an investor’s long-term] investing aspirations”.“While our organisation is ‘on board’ with LT investing conceptually, we are struggling to build a new monitoring and guidance framework,” a second respondent added.A third added that “material” regulatory constraints were holding back its attempts to be long-term investors.The view is shared by the Institutional Investors Group on Climate Change, which has called for a stable regulatory framework to foster long-term investment, including capital commitments to the energy market.“The not-so-good news is that the governance functions of pension organisations are generally still not at the quality level they should be, and there is still a material aspiration/implementation gap in the design and management of long-horizon investment programs,” Ambachtsheer said.Referring to the work in his letter and an upcoming academic paper on the topic, he added: “The silver lining is that neither of these challenges can be addressed without their being first clearly defined and understood.” Pension funds must play their part in driving down the costs of deploying long-term capital, a matter that is reducing the return on investment, according to Keith Ambachtsheer.In the latest Ambachtsheer letter, the director emeritus of the Rotman International Centre for Pension Management extolled the virtue of long-term investing, noting that if humanity had been unable to take a long-term view, it “would still be in subsistence societies of hunters and gatherers”.He said that, even now, there was still “better tomorrows” to be had for those investing for the long term.“But now we live in far more complex societies that suffer from ‘principal/agent’ problems in all three of its important functional dimensions: political, commercial and financial,” he said.
Bhubaneswar: India’s fastest woman Dutee Chand said she will take legal shelter against people blackmailing and criticising her over the revelation of being in a “same-sex” relationship. “I will take shelter of the law against persons and organisations,” Dutee told reporters, alleging that some media organisations were on “overdrive” to harm her by intruding into her private life. The Asian Games silver medalist said she had kept the identity of her partner a secret, but still, some channels had dug it out and revealed the name and picture. “One should not poke their nose into the private life of other persons,” said Dutee. Asked whether she will initiate legal action against her sister, whom she accused of “blackmailing” over the relationship, Dutee said, “The person may be my blood relation, but I will not spare anyone intruding into my privacy.”RELATED Dutee, 23, who holds the 100m national record (11.24 seconds), became one of the few athletes in the world to openly admit being in a same-sex relationship. Dutee’s elder sister Saraswati said, “My sister is being misled by some people. She is not saying (the) right things.” Dutee’s mother also did not approve of her relationship. Earlier, Dutee had said, “I am having a relationship with a 19-year-old woman from my village for the past five years. She is studying B.A. second year in a Bhubaneswar college. She is a relative of mine and whenever I come home, I spend time with her. She is a kind of soul-mate for me and I want to settle down with her in future.” Dutee came down heavily on her elder sister, saying, “She (elder sister) has thrown out my elder brother from home because she does not like his wife. She has threatened me that same will happen to me. But I am also an adult who has individual freedom. So, I decided to go ahead with this and make it public.” The landmark judgement of the Supreme Court last year had made a same-sex relationship between consenting adults a non-criminal act though marriage between such individuals is still not legal in India. Dutee Chand holds the national record in the 100m race.Dutee Chand is one of the few athletes in the world to openly admit she is in the same relationship.Supreme Court had struck down Section 377. highlights For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps.