{"title": "Responsible Capitalism | Tiina Landau | Negotiator 52", "titleOriginal": "Vastuullinen kapitalismi | Tiina Landau | Neuvottelija 52", "episodeNumber": "52", "guest": "Tiina Landau", "publishedAt": "2020-12-12", "duration": "44:18", "durationIso": "PT44M18S", "youtube": "https://www.youtube.com/watch?v=78wx0b9L2wY", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/58-vastuullinen-kapitalismi-tiina-landau-neuvottelija-52", "originalLanguage": "fi", "format": "full", "topics": ["investing_markets", "ownership_capital_tax", "leadership_governance"], "description": "Tiina Landau, co-author of a book on earning excess returns through responsibility, unpacks the mechanics of responsible investing from a practitioner's standpoint. The episode opens by correcting Milton Friedman — he never said profit should be made at any cost — and moves on to Maersk's Indian shipbreaking beaches, where Norway's KLP did not sell but stayed to engage. It covers the three letters of ESG and how their order came about, the toolkit of influence from exclusion to activist funds, Stora Enso's Chinese pulp mill as a genuinely contested case, green bonds and the EU taxonomy — and Landau's daily question: is responsibility risk management or impact?", "chapters": [{"t": "00:00", "title": "Highlights: Friedman, and the lesson of Covid", "seconds": 0}, {"t": "00:37", "title": "Tiina Landau, practitioner and author", "seconds": 37}, {"t": "01:35", "title": "Maersk, KLP and shipbreaking in India", "seconds": 95}, {"t": "04:23", "title": "Friedman: does classical economics forbid responsibility", "seconds": 263}, {"t": "05:34", "title": "Which comes first, return or impact", "seconds": 334}, {"t": "07:18", "title": "What E, S and G mean", "seconds": 438}, {"t": "09:23", "title": "The responsible acquisition, and deals that collapsed", "seconds": 563}, {"t": "11:40", "title": "Exclusion, and black lists", "seconds": 700}, {"t": "12:56", "title": "Picking the champion produces excess return", "seconds": 776}, {"t": "13:58", "title": "Activists: Jana Partners, Apple and screen time", "seconds": 838}, {"t": "15:04", "title": "How large institutions exert influence by asking", "seconds": 904}, {"t": "16:50", "title": "FSC, PEFC and the power of environmental organisations", "seconds": 1010}, {"t": "18:57", "title": "Stora Enso and the Chinese pulp mill", "seconds": 1137}, {"t": "20:59", "title": "Risk management, or impact", "seconds": 1259}, {"t": "23:11", "title": "Sparkmind, and measuring impact", "seconds": 1391}, {"t": "26:34", "title": "Green bonds, and impact classifications", "seconds": 1594}, {"t": "29:15", "title": "The EU sustainability taxonomy, and a six-hundred-page report", "seconds": 1755}, {"t": "30:48", "title": "The auditor, and responsibility reporting", "seconds": 1848}, {"t": "31:49", "title": "Are small companies' resources enough", "seconds": 1909}, {"t": "35:59", "title": "Is this greenwashing", "seconds": 2159}, {"t": "37:21", "title": "The private investor's tools: MSCI and Morningstar", "seconds": 2241}, {"t": "39:57", "title": "Covid: responsible funds performed better", "seconds": 2397}, {"t": "42:08", "title": "Black swans and green swans", "seconds": 2528}, {"t": "43:46", "title": "Thanks, and the book in the show notes", "seconds": 2626}], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the publisher's own chapter marks, translated one for one. The marks are genuine: twenty-four of them, with gaps from 37 to nearly 300 seconds, tracking the recording rather than a grid. No transcript is published here — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The guest is a practitioner in responsible investing and is promoting her own book on the subject; the companies criticised by name, including Maersk and Stora Enso, are not represented. Nothing here is investment advice, and the EU taxonomy is described as it stood in December 2020. This episode makes the opposite case to EP91 of the same programme, which is worth reading alongside it.", "coreTheses": ["Selling out of a company ends your influence over it, which is why KLP stayed in Maersk rather than divesting — the episode's clearest practical argument.", "Risk management and impact are different objectives that use the same vocabulary, and a fund cannot serve both without saying which it is doing.", "Exclusion is the weakest instrument in the toolkit and the most visible one, which is why it dominates the public conversation.", "Friedman did not say profit at any cost, and the misquotation has done real work in the argument ever since."], "slug": "ep52-vastuullinen-kapitalismi-tiina-landau", "guestsCanonical": ["Tiina Landau"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/tiina-landau/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep52-vastuullinen-kapitalismi-tiina-landau/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep52-vastuullinen-kapitalismi-tiina-landau/index.md", "captions": null, "transcript": null, "videoId": "78wx0b9L2wY", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep52-vastuullinen-kapitalismi-tiina-landau/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep52-vastuullinen-kapitalismi-tiina-landau/"}