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The quality of democracy in our economy depends on the governance of capital, but Europeans are still deprived of real voice over their retirement money: the single biggest source of capital in the 21st century. This paper outlines three major problems facing EU pensions: precarious retirement, escalating inequality, and mounting climate damage. These problems start with the places where we work, the institutions that control our retirement savings, and the votes on shares that come with them. The central argument is that pensions will only be sustainable once they are democratically, prudently, and loyally governed. First, member states have wide experience with co-determination in capital funds, which can inform the basis of minimum standards in EU law for ‘pension fund democracy’. Second, a growing number of investment rules draw upon Member States’ fiduciary duties and standards for prudence or care; but, these do not yet codify the requirement that beneficiaries’ environmental, social, and governance preferences are followed. Third, votes on shares - bought with pension fund assets - are still being cast by banks and asset managers who manage ‘other people’s money’. This is a serious problem because banks and asset managers have interests that systematically conflict with the ultimate investors: they vote in companies on other people’s money and, at the same time, sell financial products (e.g., pensions) to those companies. The problems are soluble with careful amendments to existing policy that ensure elected representatives of pension beneficiaries are the sole determinants of voting policies, with prudence and no conflicts of interest. A draft EU Directive, based upon emerging best practice, is proposed.
The quality of democracy in our economy depends on the governance of capital, but Europeans are still deprived of real voice over their retirement money: the single biggest source of capital in the 21st century. This paper outlines three major problems facing EU pensions: precarious retirement, escalating inequality, and mounting climate damage. These problems start with the places where we work, the institutions that control our retirement savings, and the votes on shares that come with them. The central argument is that pensions will only be sustainable once they are democratically, prudently, and loyally governed. First, member states have wide experience with co-determination in capital funds, which can inform the basis of minimum standards in EU law for ‘pension fund democracy’. Second, a growing number of investment rules draw upon Member States’ fiduciary duties and standards for prudence or care; but, these do not yet codify the requirement that beneficiaries’ environmental, social, and governance preferences are followed. Third, votes on shares - bought with pension fund assets - are still being cast by banks and asset managers who manage ‘other people’s money’. This is a serious problem because banks and asset managers have interests that systematically conflict with the ultimate investors: they vote in companies on other people’s money and, at the same time, sell financial products (e.g., pensions) to those companies. The problems are soluble with careful amendments to existing policy that ensure elected representatives of pension beneficiaries are the sole determinants of voting policies, with prudence and no conflicts of interest. A draft EU Directive, based upon emerging best practice, is proposed.
Artificial intelligence-enabled ideological and political education is an inevitable trend in line with the intelligent era, presenting an ecological pattern of ideological and political education that is ubiquitous, intelligent, and digital. In this paper, artificial intelligence is deeply integrated with ideological and political education in social governance through the construction of a trinity of physical space, social space, and cyberspace, with ubiquitous, situated, and immersive as the essential characteristics of the ideological and political education ecology. Through the super-efficiency DEA model, coordination, ideology, openness, sharing, and innovation are used as the value orientation of performance assessment to guide the government’s social governance performance measurement. According to the findings, 60.51% of the 821 samples assessed the content of intelligent ideological and political education with over 80 points, indicating that intelligent ideological and political education can improve the teaching level. Meanwhile, the functional positioning of ideological and political education in community governance, from the aspects of ideological integration, value leadership, relationship coordination, psychological guidance, etc. It provides feasible paths in practice for community governance workers, which helps promote the effective development of community ideological and political education.
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