Governance and Investment of PublicPension Assets : Practitioners' Perspectives

Rajkumar, Sudhir ; Dorfman, Mark C.

World Bank

关键词: ACCOUNTING;    ACCOUNTING STANDARDS;    ALTERNATIVE ASSET;    ASSET CLASS;    ASSET CLASSES;   

DOI  :  10.1596/978-0-8213-8470-1
RP-ID  :  61313

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The impact of good governance oninvestment management and performance is immense. Severalkey factors contribute to good governance within pensionfunds, appropriate governance structures; well-definedaccountabilities, policies, and procedures; and suitableprocesses for the selection and operation of governingbodies and managing institutions. Not surprisingly, goodgovernance requires leadership by individuals with theexpertise, professionalism, and integrity to navigate afund's direction and withstand pressures from multipleconstituencies. In the current context of aging populationsin many countries, fiscal burdens on pension funds areincreasing. At the same time, the necessity of delivering onpension commitments in contributory schemes means thatgovernance, transparency, and accountability should be ofutmost importance to pension fund managers. With theseconcerns in mind, part three of this book provides usefulperspectives from senior managers of public pension funds,international pension authorities, and multilateralinstitution representatives on the structures, policies, andprocesses that aim to support good governance. Principallyreflecting on the characteristics that have been conduciveto good governance, including reform measures undertaken,they also consider policy and investment management measurestaken to effectively manage fiscal risks, including thosethat emerged from the financial crisis.