Title: Impact Investing Guidelines for Trustees

Abstract: Trustees are increasingly expected to align investment strategies with broader social and environmental objectives. However, they face significant legal constraints when incorporating Environmental, Social, and Governance (ESG) considerations alongside fiduciary duties. This paper examines the legal framework that governs trustees’ ESG investment decisions under the Trustee Act of 2000 and key case law. The analysis explores the tension between the traditional duty to maximize financial returns and the growing pressure to consider ESG factors. Key themes include clarifying trustee responsibilities under the prudent investor rule, distinguishing between private express trusts and charitable trusts when approaching non-financial investment criteria, and managing liability risks for unauthorized investments.

Professor Dr Alexandra Butterstein, LL.M. is a Professor of Law and holds the Chair for Company, Foundation and Trust Law at the University of Liechtenstein. As of 2023, Alexandra Butterstein has served as Dean of the Liechtenstein Business Law School and has been a member of the University of Liechtenstein’s Rectorate since 2022. She is the Academic Director of study programmes in fiduciary law and compliance as well as Program Director (together with Professor Dr Francesco A. Schurr) of the Master of Laws (LL.M.) in Company, Foundation and Trust Law. Moreover, Alexandra Butterstein is admitted to the bar in Germany. In her research, teaching and consulting activities, Alexandra Butterstein has focused on contemporary issues of corporate, company, foundation and trust law with an international perspective.

Title: Current developments in the International Tax Landscape for UHNWI, Family Offices and Philanthropy

Abstract: The international tax landscape for Ultra-High-Net-Worth Individuals (UHNWI), Family Offices and philanthropy is shaped by the dynamic as well as fragmented International Level Playing Field of Taxation including national and international tax laws and standards. Alongside Multinational Enterprises and certain attractive Investment, Wealth and Philanthropy Hubs, UHNWI and their wealth structures are increasingly central to the Global Tax Agenda. While jurisdictions in Asia-Pacific, Europe and the Middle East attract mobile UHNWI with fiscal incentives, high-tax countries counter with lock-in measures, transaction taxes and support for a proposed Global Minimum Wealth Tax (GloWT) of 2% to curb inequality and tax competition. This tension between tax sovereignty and equity risks both a race to the bottom and growing fiscal restrictions for globally mobile UHNWI. Hubs like Singapore may balance attractiveness with international alignment for sustainable UHNWI engagement.

Professor Dr Martin Wenz is a Professor of National and International Tax Law and holds the Chair for Business Taxation and the Laws of International and Liechtenstein Taxation at the University of Liechtenstein. His main research interests are the international tax architecture and the re-design of tax systems, international tax standards and the international level-playing-field on taxation, the international tax treatment of individuals (UHNWI), companies, complex private and charitable wealth structures and the various aspects of Liechtenstein tax law. Professor Wenz gives also comprehensive advice to the Liechtenstein Government on national and international tax law including Double Tax Agreements and on the Implementation of International Tax Standards including Pillar 2 (GloBE).

Title: Artificial Intelligence and Trust Administration – Risks and Opportunities from a Comparative Perspective

Abstract: The integration of Artificial Intelligence (AI) into trust administration is reshaping traditional fiduciary practices. The use of AI offers both unprecedented opportunities and significant challenges. Furthermore, AI can enhance efficiency, accuracy, and transparency in areas such as asset management, compliance monitoring, beneficiary communication, and risk assessment. By automating routine processes, AI enables trustees to focus on higher-value advisory functions while improving service delivery for beneficiaries. It goes without saying that there are various risks linked to the usage of AI, such as data privacy and algorithmic bias. Thus, a careful governance framework seems to be essential. Moreover, the inherently relational and ethical dimensions of trust administration raise questions about the extent to which AI can supplement the human judgment central to fiduciary responsibility.

Professor Dr Francesco A Schurr is a Professor of Law (Chair for Italian Private Law and Comparartive Law) at the School of Law of the University of Innsbruck/Austria. Furthermore he is a Visiting Professor at the School of Law of the University of Padova/Italy as well as Visiting Professor and Co-Director of the Master of Laws (LL.M.) in Company, Foundation and Trust Law at the School of Business Law at the University of Liechtenstein. Francesco’s main research interests are the Law of Trusts and Foundations, Corporate Law as well as Contracts and Consumer Protection. He is admitted to the bar in Italy and Germany. Francesco is also serving as Judge at The Court for Trusts and Fiduciary Relations of the Republic of San Marino.