Focusing on small-scale, Taft-Hartley pension funds (i.e., those jointly managed by union and employer trustees), the study examines the organizational structures and investment strategies of two well-performing California funds, using these case studies as a lens through which to view the larger issue of “economically targeted investments”—those investment decisions based as much on progressive concerns as the maximizing of returns. The authors discuss the various types of progressive investment vehicles available to labor-friendly pension funds, and examine the obstacles to greater investment of this sort.

A manual that explains the permissible and appropriate forms of “capital stewardship” for pension fund trustees. Advice on selecting and evaluating investment managers, “economically targeted investment” options, and pro-active monitoring of the corporate governance and employment practices of firms invested in, among other suggestions.