The Universal Owner — Fiduciary Duty at the Scale of the World

A special edition: what does fiduciary duty mean when you own a slice of the entire economy? The trans-Atlantic fault line — the UK FRC Stewardship Code treating active ownership as part of fiduciary duty, versus 2026 US DOL guidance narrowing ESG latitude for ERISA plans — and the universal-owner case that managing systemic risk you can't diversify away IS the duty. Read the fiduciary briefing: https://www.universalassetowners.com/fiduciary/