ABSTRACT
This chapter looks at Universities Superannuation Scheme (USS) as a universal owner. It begins by examining the concept of universal ownership and its implications for responsible investment before presenting an overview of USS and its investment strategy. The chapter considers three projects: USS's activities with the pharmaceutical sector and the public health crisis in developing countries, USS's activities on climate change, in particular the Institutional Investors Group on Climate Change (IIGCC), and The Enhanced Analytics Initiative. In addition to direct engagement by its fund managers, USS has a responsible investment strategy and a team of three responsible investment specialists who support both the internal fund managers and implement the responsible investment strategy. In the late 1990s, USS faced direct questions as to how it responded to the responsible investment challenge. USS's involvement in climate change issues stems from a discussion paper it commissioned on the risks to institutional investors associated with changes in the climate in 2001.
