Reconfiguring the Future-Fit Fiduciary Using Collective Phronesis and Techné

This paper argues that a reconfiguration of the practice of the fiduciary – widely cited as a barrier to pursuing sustainability investments and initiatives - presents the opportunity for a promising connection between practical wisdom and business ethics practice. The paper introduces three tensions arising from current fiduciary practice which constrain sustainability. A proposed reconfiguration of fiduciary practice to resolve the tensions is then outlined. This reconfiguration pivots on two premises. Firstly, that fiduciary practice should be disaggregated into two ontologically distinct stages – processual and outcome – and secondly, that different types of wisdom and knowledge are required for each stage – namely collective phronesis for the first processual stage and techné for the second outcome stage. This differentiation creates new divisions of labour for trustees and beneficiaries, with the first stage facilitating joint consultation. The extent this inclusive future-fit fiduciary has for positively impacting sustainability and ethical business practice is highlighted.