2025 Allen Hope Southey Memorial Lecture: Breaking Trust Law Boundaries for Impact Investing

Presented at the Melbourne Law School 25 March 2025

Businesses across the world face growing pressure to address their social and environmental impacts while remaining competitive and profitable. The traditional approach — separating business activities from charitable efforts — no longer works in the modern world of impact investing, where profit and social good go hand in hand. This same divide is reflected in trust law, with separate rules and enforcement between charitable trusts and private trusts.

This lecture challenges that divide and show there are fundamental similarities between how trusts for individuals and trusts for specific purposes are enforced. By recognising these similarities, we can explore new possibilities, like non-charitable purpose trusts, and rethink how trust law can better support social enterprises. This shift allows us to create governance structures that help businesses stay true to their social missions while also meeting their commercial demands.

Lusina Ho is Harold Hsiao-Wo Lee Professor in Trust and Equity at The University of Hong Kong. She has taught and published widely in trusts, equity, unjust enrichment, comparative trusts (including Chinese trusts), elder and special needs law. She serves on the editorial boards for the Journal of Equity and the Oxford Journal of Legal Studies. Both the governments of the People’s Republic of China and Hong Kong SAR have consulted her on the enactment and reform of trust legislation. She recently succeeded in persuading the Hong Kong SAR Government to establish a public trust service for individuals with special needs.