Business Law, Public Responsibility, and Ethics Commons^™

Trusting Harvard: The Cost Of Unprincipled Investing (2014), Marcy Murninghan, Robert A.G. Monks

New England Journal of Public Policy

This article provides a framework for answering two questions: How can Harvard fulfill its fiduciary obligation as an investor in ways that advance its beliefs, values, and commitments? How can Harvard take the lead in creating a curriculum for students, professionals, and the general public about the civic moral obligations of wealth? While aimed at Harvard, the issues covered are relevant to other universities and tax-exempt institutional investors, because they have a special duty to advance the public interest. Commissioned and co-authored by the noted corporate governance and responsible ownership guru Robert A. G. Monks, it calls on Harvard to …

Introduction, Marcy Murninghan

New England Journal of Public Policy

America faces a reckoning, a crucible of what Reinhold Niebuhr observed more than eighty years ago. Our democratic principles and traditions are imperiled by the power of financial oligarchs and unfettered money flows, which have contributed to massive inequality that, in turn, has given rise to political unrest and a sense of cultural unmooring.

The articles presented here are both descriptive and normative, setting forth a complex social problem with seemingly bottomless proportions and then offering a design or set of remedial actions to alleviate them. Drawing on my professional experience going back to the mid-1970s, I wrote these pieces …