The Future of Finance Podcast

Systemic Risk and Investor Engagement on Policy with Richard Roberts

Systemic climate risk is increasingly recognized across capital markets but how should institutional investors engage with the policy drivers shaping that risk?
In this episode of the Future of Finance podcast, host Georges Dyer speaks with Richard Roberts, Inquiry Lead at Volans, about the intersection of systemic risk, fiduciary duty, and investor engagement on real-economy climate policy.
For long-horizon asset owners, disclosure frameworks alone may not address the structural economic forces influencing portfolio outcomes. Energy systems, infrastructure policy, industrial strategy, and trade dynamics ultimately determine emissions pathways and market stability.
Key themes include:
The imbalance between disclosure-focused engagement and real-economy policy
Systemic risk across diversified portfolios
Catastrophic risk and the limits of economic modeling
Coalition-based approaches to policy engagement
Governance structures and long-term stewardship incentives
For CIOs, trustees, and policy leaders, the conversation explores whether policy engagement is becoming a necessary dimension of systemic stewardship.
Resources Mentioned:
Recalibrating Carbon Risk: https://carbontracker.org/reports/recalibrating-climate-risk/
Triple Bottom Line Harvard Business Review: https://hbr.org/2018/06/25-years-ago-i-coined-the-phrase-triple-bottom-line-heres-why-im-giving-up-on-it
Existential Politics - Jessica F. Green: https://share.google/RLMhxwaxpSnWvhqAj
Timestamps:
00:00 Introduction
03:10 Disclosure vs. Real-Economy Policy
08:00 Investor Resource Allocation Findings
14:20 Political Legitimacy and Engagement Constraints
19:40 Coalition Strategies and Collective Action
26:35 Fiduciary Duty and Systemic Risk
32:10 Catastrophic Risk and Tipping Points
47:45 A Long-Term Vision for Finance

Climate Risk, Carbon Pricing, and the Role of Investors

Climate change is not only an environmental issue but a capital markets risk management challenge.
In this episode of the Future of Finance podcast, Georges Dyer speaks with Bob Litterman, former Partner and Head of Risk Management at Goldman Sachs and Chair of the CFTC Climate-Related Market Risk Subcommittee. Bob shares why climate change should be understood through the lens of systemic risk, incentives, and pricing distortions.
This conversation examines what climate risk means for institutional investors, sovereign competitiveness, and long-duration capital allocation.
Key themes include:
Physical vs. transition risk from a portfolio perspective
Why carbon pricing corrects a structural market failure
The role of carbon border adjustment mechanisms
Global fossil fuel subsidies and capital misallocation
Financial regulatory frameworks for climate risk
The evolution of carbon accounting and compliance markets
For CIOs, trustees, asset managers, and policy leaders, this discussion explores how incentive structures shape capital flows and how markets may reprice climate risk faster than expected.
00:00 Introduction and Background
02:47 Climate Risk as a Risk Management Problem
05:41 Physical vs. Transition Risk
09:52 Why Carbon Pricing Is Foundational
14:22 Political Economy of Carbon Taxes
18:17 Investment Gaps in the Low-Carbon Transition
21:30 Carbon Accounting and Embedded Emissions
27:58 CFTC Climate Risk Report and Financial System Implications
35:04 Extreme Weather and Financial Stability
50:51 Vision for the Future of Finance
 
Resources Bob mentions:MANAGING CLIMATE RISK IN THE U.S. FINANCIAL SYSTEM | Report of the Climate-Related Market Risk Subcommittee, Market Risk Advisory Committee of the U.S. Commodity Futures Trading Commission
REPORT TO THE PRESIDENT Extreme Weather Risk in a Changing Climate: Enhancing prediction and protecting communities

The Evolution of Fiduciary Duty in the 21st Century | Caroline Flammer

What role should investors play in addressing systemic risks like climate change, inequality, and biodiversity loss?
In this episode of the Future of Finance podcast, we speak with Caroline Flammer, Director of the Sustainable Investing Research Initiative (SIRI) at Columbia University, about system-level investing, fiduciary duty, and the limits of modern portfolio theory.
What we cover:
Why systemic risks should be treated as endogenous, not exogenous
The evolving interpretation of fiduciary duty
How government inaction shifts responsibility to investors
The role of blended finance in emerging markets
Why risk perception may be limiting capital flows
🎧 Available on YouTube and all major podcast platforms: https://pod.link/1793610181
Links to resources Caroline mentioned:
Scaling Sustainable Investing in Emerging and Developing Economies: Frictions and Opportunities: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6088507
The Moskowitz Prize paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4770779
SIRI’s Blended Finance program: https://siri.sipa.columbia.edu/content/blended-finance
SIRI’s Pathways to Consensus program: https://siri.sipa.columbia.edu/content/pathways-consensus
#systemlevelinvesting #sustainableinvestingresearch #blendedfinance #emergingmarkets #columbiauniversity #impactinvesting #finance #climaterisk #endogenous #futureoffinance #futureoffinancepodcast

What Finance Gets Wrong About Success, Happiness & Legacy | Jenna Nicholas

Modern finance typically optimizes profit, but not human well-being. Investor and author Jenna Nicholas explains why that’s a problem, and how we can fix it.
In this episode of The Future of Finance Podcast, George Dyer sits down with Jenna Nicholas, President of LightPost Capital and author of Enlightened Bottom Line.
They explore:
Why GDP and profit fail to measure human flourishing
How spirituality, purpose, and finance intersect
The HEAL framework: Hope, Empathy, Abundance, and Legacy
Why money is “stored energy” that must circulate
How responsible AI could reshape investing
What today’s students and young professionals need to know about the future of finance
This conversation challenges the idea that maximizing returns alone leads to better outcomes, and offers a more human, long-term vision for capitalism, investing, and leadership.
🎧 Watch on YouTube: https://youtu.be/07v2WO5fTdE
📘 Enlightened Bottom Line by Jenna Nicholas: https://www.jenna-nicholas.com/book
Keywords: spirituality, impact investing, HEAL framework, Baha'i faith, sustainability, abundance, empathy, legacy, conscious capitalism, financial equity

Bending the Arc of the Digital Revolution: The Investor Guide to AI | Mike Kubzansky

In this episode of Future of Finance, Georges Dyer speaks with Mike Kubzansky, CEO of Omidyar Network, about how investors can actively engage with AI risks and opportunities to ensure technology serves broad societal benefit rather than concentrating power and prosperity among a few.
Kubzansky explains how Omidyar Network—founded over 20 years ago by eBay's Pierre Omidyar—uses investments, grants, and advocacy to "bend the arc of the digital revolution" toward broadly shared prosperity. With nearly three-quarters of a billion dollars deployed across early-stage startups, funds, and policy work, the organization focuses on building intentional governance structures around emerging technologies, much like society learned to regulate automobiles and biomedicine.
The conversation centers on practical strategies for investors looking to address AI-related risks in their portfolios. Kubzansky shares concrete guidance on how to work with external managers and portfolio companies to build trust, reduce harm, and create accountability around AI deployment. He emphasizes that technology doesn't govern itself—deliberate societal choices are required to capture benefits while minimizing risks.
Kubzansky also offers career advice for impact-oriented professionals, encouraging them not to bypass traditional finance roles at institutions like Goldman Sachs or CalPERS. Building core technical skills first, he argues, creates more effective impact practitioners later—as long as they maintain their moral compass and view these roles as developmental stops rather than final destinations.
Ultimately, the episode underscores how investors at every level can play a critical role in shaping responsible AI development through thoughtful engagement, governance, and strategic capital allocation.
 
Podcast: Odd Lots https://www.bloomberg.com/oddlots Podcast: Tech Policy Press https://www.techpolicy.press/podcast/ Substack: Garrison Lovely https://substack.com/@garrisonlovely Substack: Jasmine Sun https://substack.com/@jasmine 
Book: Power and Progress, by Acemoglu and Johnson https://www.goodreads.com/book/show/62315566-power-and-progress?ref=nav_sb_ss_1_27 Book: Carlota Perez: Technological Revolutions and Financial Capital https://www.goodreads.com/book/show/60509.Technological_Revolutions_and_Financial_Capital 
RailPen’s principles: https://www.railpen.com/news/2025/railpen-launches-new-framework-to-help-investors-and-companies-effectively-oversee-ai-related-risks/Edelman Trust Barometer: https://www.edelman.com/trust/2025/trust-barometer/flash-poll-trust-artifical-intelligence AIAT Report on the market and market size for AI Assurance Tech:  https://www.aiat.report/ 
Keywords: Responsible AI, AI governance, Tech policy, Digital revolution, Impact investing, Philanthropy, ESG investing, Technology regulation, Societal governance, Shared prosperity

From Venture Capital to Values: Building AI That Survives, Scales, and Serves Society

In this episode of Future of Finance, Georges Dyer is joined by Gaurab Bansal, Executive Director of Responsible Innovation Labs (RIL), to explore how startups and investors can embed responsible AI practices early—before harmful externalities become costly and difficult to unwind.
Bansal shares how RIL works with early-stage founders to integrate governance, risk awareness, and values into company culture while still prioritizing survival, growth, and commercial success. Rather than treating responsibility as a compliance exercise, he argues that responsible innovation is fundamentally a business strategy—one that leads to better products, stronger trust with customers, and improved long-term performance.
The conversation spans key AI-driven risks and opportunities, including workforce disruption, energy and climate impacts, misinformation, and social cohesion. Bansal also discusses the critical role investors—especially LPs and GPs—can play by incorporating downside risk and responsibility considerations into diligence, governance, and engagement with portfolio companies.
Ultimately, the episode highlights why the greatest leverage point for shaping the future of AI may lie with startups and early-stage capital—and how building good habits, governance, and decision-making frameworks from day one can help ensure technology advances human flourishing rather than undermining it.
This episode was brought to you by Metis Global Partners.
Keywords:
Responsible AI, Responsible Innovation Labs, Startup governance, Venture capital engagement, AI risk management, Workforce disruption, Technology externalities, Sustainable investing, LP–GP stewardship, Human-centered technology

Universal Ownership, Climate Risk, and the Future of Fiduciary Duty

In this episode of The Future of Finance, Georges Dyer is joined by Lucas Schoeppner, Director of Sustainable Investment Strategies at Westpath Benefits and Investments, to explore how a large faith-based asset owner is operationalizing fiduciary duty through system-level investing.
Westpath, the primary benefits and investment agency for the United Methodist Church, manages more than $26 billion on behalf of over 100,000 clergy and employees. Lucas walks through Westpath’s integrated approach to sustainable investing—grounded in social cohesion, long-term prosperity, and environmental health—and explains why these priorities are not only values-driven, but fundamental to long-term investment performance.
The conversation spans climate risk, human rights, biodiversity, and affordable housing, highlighting how Westpath uses a full toolkit that includes divestment, shareholder engagement, positive impact lending, and manager oversight. Lucas also discusses Westpath’s role as a universal owner, its participation in initiatives like Climate Action 100+ and the Net Zero Asset Owner Alliance, and how system-level risks are being embedded into investment policy and manager evaluation.
Throughout the discussion, Lucas emphasizes the importance of asking better questions—of companies, asset managers, and the financial system itself—to move beyond disclosure toward real-world impact. In a shifting political landscape, this episode offers a grounded case study in how fiduciary duty, long-term thinking, and sustainable investing can—and must—work together. 
This episode was brought to you by Metis Global Partners.
Keywords: System-level investing, Fiduciary duty, Universal ownership, Sustainable investing, Shareholder engagement, Net Zero Asset Owner Alliance, Climate Action 100+, Faith-based asset owners, Human rights risk, Long-term value creation

Corporate Money & Political Risk with Brian Potts

In this episode of The Future of Finance, Georges Dyer is joined by Brian Potts, co-founder of Goods Unite Us, to explore the increasingly consequential role of corporate political spending in markets, democracy, and fiduciary decision-making. Brian explains how Goods Unite Us tracks political contributions from corporate executives and PACs, translating public campaign finance data into tools that help consumers and investors understand how corporate money aligns—or conflicts—with stated values and policy outcomes.
The conversation traces the evolution of Goods Unite Us from a consumer-facing app into an investor-focused platform, including the launch of the DEMZ ETF and the Index Align tool, which maps corporate political spending to voting records across 18 key policy issues such as climate regulation, workers’ rights, healthcare, and gun control. Brian argues that political spending is a critical but missing data point in ESG analysis, noting that companies cannot credibly claim leadership on sustainability or social issues while simultaneously funding politicians who undermine them.
Together, Georges and Brian examine the implications for long-term investors, the performance dynamics of politically aligned portfolios, and the growing power of capital markets to influence corporate behavior. The episode closes with reflections on transparency, governance, and why addressing systemic political risk may be one of the most important frontiers for sustainable finance.
This episode was brought to you by Metis Global Partners.
Corporate political spending, ESG investing, Fiduciary duty, Campaign finance transparency, Systemic risk, Sustainable finance, Shareholder influence, Corporate governance, Political risk, Values-aligned investing

Privacy, Power, and Performance: How Investors Can Evaluate Responsible Tech

In this episode of Future of Finance, host Georges Dyer is joined by Meredith Benton, Founder of Whistlestop Capital and the TechForward Investors Initiative, for a deep dive into what responsible AI and tech accountability really mean for long-term investors.
Meredith unpacks TechForward’s multi-year research effort evaluating governance and privacy practices across 50 major U.S.-domiciled public companies with significant technology exposure. Rather than relying on surface-level ESG scores, the initiative draws on extensive stakeholder input from civil society organizations to identify governance criteria that signal whether companies are prepared to manage the societal impacts of rapidly evolving technologies like artificial intelligence.
The conversation explores why traditional ESG frameworks often fall short in capturing tech-related risks, how privacy can serve as a critical test case for effective governance, and why executive-level expertise in human rights and societal impacts is emerging as one of the strongest indicators of both accountability and financial performance. Meredith also discusses how investors can think about aggregated risk, AI-driven uncertainty, disclosure gaps, and the growing responsibility of universal owners stewarding capital for the long term.
Together, Georges and Meredith examine what this research means for asset managers, asset owners, and analysts navigating an increasingly complex tech landscape — and why governance, not speed or hype, will ultimately determine whether today’s innovation supports long-term prosperity.
This episode is brought to you by Metis Global Partners.
Keywords: Responsible AI, Tech accountability, AI governance, Investor stewardship, Privacy as a human right, ESG and technology, Corporate governance, Long-term investment risk, Universal ownership, Financial performance and governance

Seeing the Risks Others Miss: Building Resilient Portfolios for the Future Economy with Chat Reynders

In this episode of the Future of Finance podcast, George Dyer sits down with Chat Reynders, Chairman and CEO of Reynders, McVeigh Capital Management, for a conversation on what truly long-term, sustainability-driven investing looks like in practice. Chat traces his unconventional path into finance—from producing early IMAX documentaries to building a disciplined investment firm grounded in fundamental research—and explains how that experience shaped his belief that capital, when thoughtfully structured, can drive both impact and strong financial performance.
The conversation explores how incorporating sustainability factors into a rigorous investment process helps investors avoid asymmetric risks, navigate market dislocations, and identify companies positioned for the future economy. Chat and George unpack why many ESG products have fallen short, emphasizing the difference between surface-level data screens and deep, company-specific research grounded in fiduciary responsibility. They also discuss portfolio resilience, long-term compounding, active ownership, and why sustainable investing is not about sacrificing returns—but about avoiding hidden liabilities and managing risk more intelligently.
Throughout the episode, Chat reflects on hiring and mentorship, the importance of curiosity over short-termism, and why Reynders, McVeigh is becoming more vocal about its long-standing commitment to sustainability at a time when many investors are pulling back.
This episode is brought to you by Metis Global Partners.
Keywords: Sustainable investing, long-term investing, fiduciary duty, ESG myths, asymmetric risk, portfolio resilience, fundamental research, market dislocations, active ownership, compounding returns