Governance And Investment Of Public Pension Assets

Author : Sudhir Rajkumar,Mark C. Dorfman
Publisher : World Bank Publications
Page : 364 pages
File Size : 48,7 Mb
Release : 2011
Category : Social Science
ISBN : 9780821384701

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Governance and Investment of Public Pension Assets by Sudhir Rajkumar,Mark C. Dorfman Pdf

And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.

Author : David Hess,Gregorio Impavido
Publisher : World Bank Publications
Page : 40 pages
File Size : 49,5 Mb
Release : 2003
Category : Corporate governance
ISBN : 8210379456XXX

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Governance of Public Pension Funds by David Hess,Gregorio Impavido Pdf

An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit, and proper governing body for public pension funds, thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.

Author : Dimitri Vittas
Publisher : World Bank Publications
Page : 68 pages
File Size : 44,7 Mb
Release : 2008
Category : Alternative asset
ISBN : 8210379456XXX

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Upgrading the Investment Policy Framework of Public Pension Funds by Dimitri Vittas Pdf

Abstract: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.

Author : Gregorio Impavido
Publisher : World Bank Publications
Page : 44 pages
File Size : 53,7 Mb
Release : 2002
Category : Fondo de pensiones
ISBN : 8210379456XXX

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On the Governance of Public Pension Fund Management by Gregorio Impavido Pdf

The author surveys the empirical literature on the relationship between governance of public pension fund management and investment performance. He makes a preliminary attempt to identify good governance practices and distill governance guidelines aimed at reducing the political risk that is associated with central, public pension fund management. The author highlights the need for further work to support the development of a satisfactory set of governance guidelines.

Author : John R. Evans,Michael Orszag,John R. Piggott
Publisher : Edward Elgar Publishing
Page : 296 pages
File Size : 55,8 Mb
Release : 2008
Category : Business & Economics
ISBN : STANFORD:36105131799830

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Pension Fund Governance by John R. Evans,Michael Orszag,John R. Piggott Pdf

The academic literature on pension governance is sparse and this book will fill some important gaps by bringing together original contributions from around the world on subjects related to the area. The book initially lays out the main frameworks for pension fund governance and then goes on to examine global governance practice and experience and country studies on pension funds in the United States and Australia. The final section of this in-depth study discusses the role of government guarantees. The editors and contributors to this book have struck a balance between the various dimensions of the governance problem. Whilst ensuring that the theoretical frameworks are represented, at the same time, they have also recognized that it is vital to report on empirical work. Private pensions are examined closely, while also acknowledging that public pension funds are extremely important actors. Pension Fund Governance will appeal to academics and researchers of financial economics and financial management, as well as those in the fields of public finance and public sector economics. Furthermore the book will also find an audience among those in commercial and policy roles which involve pensions, including pension actuaries.

Author : World Bank
Publisher : World Bank Publications
Page : 332 pages
File Size : 50,5 Mb
Release : 2004
Category : Business & Economics
ISBN : STANFORD:36105115131083

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Public Pension Fund Management by World Bank Pdf

"Proceedings of the second Public Pension Fund Management Conference, May 2003."--T.p.

Author : Michael Orszag, John Evans, John Piggott
Publisher : Edward Elgar Publishing
Page : 284 pages
File Size : 53,7 Mb
Release : 2008-06-30
Category : Business & Economics
ISBN : 9781781007662

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Pension fund governance by Michael Orszag, John Evans, John Piggott Pdf

'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' - Robin Ellison, Pensions

Author : Dimitri Vittas,Gregorio Impavido,Ronan O'Connor
Publisher : Unknown
Page : 128 pages
File Size : 48,7 Mb
Release : 2012
Category : Electronic
ISBN : OCLC:931669121

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Upgrading the Investment Policy Framework of Public Pension Funds by Dimitri Vittas,Gregorio Impavido,Ronan O'Connor Pdf

Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.

Author : Government Finance Research Center
Publisher : Unknown
Page : 66 pages
File Size : 46,5 Mb
Release : 1983
Category : Investments
ISBN : CORNELL:31924000047518

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Public Pension Investment Targeting by Government Finance Research Center Pdf

Author : Gregorio Impavido
Publisher : Unknown
Page : 35 pages
File Size : 42,7 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290703959

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Governance of Public Pension Funds by Gregorio Impavido Pdf

An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit and proper governing body for public pension funds thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to study the effects of contractual savings development on financial markets.

Author : Yu-Wei Hu,Gregorio Impavido,Xiaohong Li
Publisher : International Monetary Fund
Page : 52 pages
File Size : 45,5 Mb
Release : 2009-11-01
Category : Business & Economics
ISBN : 9781451873931

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Governance and Fund Management in the Chinese Pension System by Yu-Wei Hu,Gregorio Impavido,Xiaohong Li Pdf

The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards.

Author : Barbara D. Bovbjerg
Publisher : DIANE Publishing
Page : 48 pages
File Size : 53,9 Mb
Release : 2011-04
Category : Reference
ISBN : 9781437939965

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State and Local Gov't. Pension Plans by Barbara D. Bovbjerg Pdf

Recent market declines have significantly diminished the asset value of state and local pension plans (PP). Reported unfunded liabil. for these plans are estimated in the hundreds of billions of dollars. As a result, in the long term, these governments may need to make significant fiscal adjustments such as modifying employee benefits, or increasing contributions to plans. They may also alter invest. strategies to attempt to maximize returns by assuming increased risk. This report examined: (1) who makes invest. decisions for PP and what guides their decision making; (2) how PP allocate their assets and manage their invest.; and (3) practices that PP are using to meet a range of challenges in governance, invest., or funding. Illus. A print on demand report.

Author : Olivia S. Mitchell,Ping Lung Hsin
Publisher : Unknown
Page : 62 pages
File Size : 53,8 Mb
Release : 1994
Category : Civil service
ISBN : UVA:X002610027

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Public Pension Governance and Performance by Olivia S. Mitchell,Ping Lung Hsin Pdf

Author : Roberta Romano
Publisher : Unknown
Page : 36 pages
File Size : 40,9 Mb
Release : 1994
Category : Civil service
ISBN : IND:30000070213610

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Politics and Public Pension Funds by Roberta Romano Pdf

Author : Olivia S. Mitchell
Publisher : Unknown
Page : 0 pages
File Size : 47,9 Mb
Release : 1994
Category : Electronic
ISBN : OCLC:1194651394

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"Public Sector Pension Governance and Performance" by Olivia S. Mitchell Pdf

This paper investigates the determinants of public sector pension plan investment and funding behavior. Its goal is to draw lessons which may be used to improve the design and governance of public pensions. Plan performance is related to characteristics of the pension systems' governance structure and authority, using a new survey of U.S. state and local public pension plan governance practices and performance outcomes. The study suggests that most large public pension systems funded their plans satisfactorily in 1990, but some did not. Better public pension funding was associated with a pension system having in-house actuaries and when pension Board members were required to carry liability insurance. In contrast, public pension funding was lower when states experienced fiscal stress, and when employees were represented on the pension system Board. Pension funding did not appear sensitive to statutes guaranteeing benefits or funding levels, nor by the ability of states to carry budget deficits from one year to the next. The results also suggest that public pension Boards having more retiree-Trustees experienced lower investment returns, as did public sector pension plans required to devote a portion of their assets to in-state investments. Returns did not differ depending on whether a pension Board had in-house, or external money managers. No single set of pension plan management practices can optimize plan performance for all systems across all time periods. Nevertheless, these results suggest that care must be taken when designing the regulatory and investment environment in which these plans operate.