Pension fund engagement as a sustainability driver

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The increasing awareness of critical sustainability risks compels pension funds, as influential institutional investors, to adopt an active role. Common engagement strategies include filing shareholder resolutions, exercising voting rights, and engaging in informal dialogues with firms. Sustainable engagement emphasizes the extra-financial interests of beneficiaries, aligning with the responsibilities of pension funds as trustees and long-term providers of social security. This work holistically examines the normative motives for active pension fund behavior, utilizing a stakeholder-theory-based approach to integrate environmental, social, and governance aspects as relevant interests in both financial and extra-financial terms. The application of normative stakeholder theory represents an innovative theoretical framework for this topic. Employing structured qualitative analysis processes provides solid data input, supports systematic theory-building, and validates core propositions. By evaluating two Swiss case studies and insights from leading experts, the work uncovers valuable perceptions regarding sustainable pension fund engagement. Ultimately, it advances the understanding of sustainable engagement as a cooperative process between pension funds and corporations within an economic investment context.