Interview with Daniel Summerfield, Co-Head of Responsible Investment, USS Investment Management, UK

Highlights include: ESG can be even more relevant in private markets: "The benefits of active stewardship can be much more significant in the unlisted space than in listed markets." In listed markets, engagement may not always be the best strategy. [...] In fact, the benefits of active stewardship can be much more significant in the unlisted space than in listed markets. [...] Whatever the stewardship code may expect from us, the truth is that local pension funds are no longer in the driving seat in UK equity markets. [...] In particular the UK government does appear to want UK pension funds holding more of the country's infrastructure, so they're keen to encourage a focus on that area. [...] In other words, while the EC speaks in favour of long-termism, other parts of the Commission are introducing rules that may discourage it.