Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Corporate governance definition

What does Corporate governance mean? Corporate governance describes the system by which a company is directed and controlled: how the board, management and shareholders exercise authority, make decisions, manage risk and ensure accountability, transparency and long-term success. In practice it covers board composition (including independent non-executive directors), division of responsibilities, audit and internal controls, remuneration, shareholder rights, stakeholder engagement and reporting. The term is descriptive rather than a single statutory concept. In the UK, expectations are set mainly by soft-law codes (notably the UK Corporate Governance Code on a “comply or explain” basis, and the Wates Principles for large private companies) alongside companies legislation (for...

ESG investing by trustees: navigating fiduciary duties, financial interests, greenwashing risks, beneficiary and settlor views, due diligence, and drafting options for ESG-friendly trusts

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Practice notes

What is ESG

Environmental, social and Corporate governance (ESG) sets out benchmarks that socially minded Investors use to evaluate how prospective Investments affect the wider world:

the environmental pillar considers a company’s care and stewardship of the natural environment
the social pillar reviews the organisation’s ties with employees, suppliers, customers and other stakeholders
the corporate governance pillar examines leadership, internal controls and shareholder rights

ESG acts as a catch-all label for various forms of ethical investing. The measures and criteria applied to judge ESG investments differ across this developing area. With the intense attention on ESG, some offerings have faced allegations of ‘greenwashing’—a misleading tactic where marketing overstates an investment’s ESG credentials. This may cause a material fall in value if the company’s reputation is damaged...

Why might trustees choose ESG investments

Trustees may opt for ESG investments for several reasons, including:

financial reasons, eg attractive returns or diversifying the portfolio
moral and/or ethical reasons, eg aligning the beneficiaries’ and/or the settlor’s values with selected investments

Practitioners are...

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Web page updated on 21/05/2026

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